Pharoah Company's trial balance at December 31 shows Supplies $8,760 and Supplies Expense $0. On December 31, there are $2,140 of supplies on hand.Prepare the adjusting entry at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter 0 for the amounts.)Date Account Titles and ExplanationDebitCreditDec. 31SHOW LIST OF ACCOUNTSLINK TO TEXTINTERACTIVE TUTORIALUsing T-accounts, enter the balances in the accounts, post the adjusting entry, and indicate the adjusted balance in each account. (Post entries in the order of journal entries presented in theprevious part.)SuppliesSupplies Expense

Adjustment entries: Adjusting entries are those entries which are made at the end of the year to…

Answered: Pharoah Company's trial balance at…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entry for uncollectible accounts
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
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3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of act titles.
An aging-of-accounts-receivable indicates that the amount of uncollectible accounts is $3,910. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $600. The Accounts Receivable balance is $44,620. The amount of the adjusting entry for uncollectible accounts should be for: A) $600. B) $3,310. C) $3,910. D) $4,510.
The Allowance balance is a $200 credit before adjustment. Uncollectible accounts are estimated to be $2,000. The adjusting entry to record uncollectible accounts is: GENERAL JOURNAL 1 2 1 2 Date Chapter 8-Receivables Now, the adjusting entry to record uncollectible accounts is: GENERAL JOURNAL Description a. Description If the Allowance balance started with a $200 DEBIT balance and uncollectible accounts are estimated to be $2,000. Date с. Post ref Debit Post ref Note: Bad Debt Expense estimate in the prior year was wrong, it was not an error. It was still a good faith estimate and the apparent violation of the matching principle is allowed under GAAP. Age Interval Not Past Due 1-30 days past due Debit At the end of the current year, the accounts receivable account has a debit balance of $1,400,000 and sales for the year total $15,350,000. Determine the amount of the adjustment needed. Page Credit The allowance account before adjustment has a debit balance of $23,000. Bad debt expense…
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TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K
Adjustment for Uncollectible Accounts Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $79,873. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $16,775 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. If an amount box does not require an entry, leave it blank. Aug. 31 - Select - - Select - - Select - - Select -

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