Pick-it-out Custom Services ("PIO") provides the following alphabetic list of selected account balances on the dates indicated, all account balances are normal: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Equipment Interest Payable Notes Payable Prepaid Advertising Expense Supplies Unearned Revenue Wages Payable 12/31/20X1 10,000 15,000 40,000 5,000 115,000 5,000 70,000 15,000 5,000 12,000 5,000 12/31/20X2 8,000 20,000 55,000 8,000 115,000 4,000 50,000 12,000 3,000 8,000 7,000 Assume PIO declared and paid dividends during the twelve months ended 12/31/20X2 of $15,000 and collected new owner contributions of capital during this same time period in the amount of $10,000. Select the answer below that shows PIO's net income the twelve months ended 12/31/20X2. A. $13,000 B. $25,000 C. $18,000 D. $8,000 E. NOTA

Pick-it-out Custom Services ("PIO") provides the following alphabetic list of selected account balances on the dates indicated, all account balances are normal: Accounts Payable Accounts Receivable Accumulated Depreciation Cash Equipment Interest Payable Notes Payable Prepaid Advertising Expense Supplies Unearned Revenue Wages Payable 12/31/20X1 10,000 15,000 40,000 5,000 115,000 5,000 70,000 15,000 5,000 12,000 5,000 12/31/20X2 8,000 20,000 55,000 8,000 115,000 4,000 50,000 12,000 3,000 8,000 7,000 Assume PIO declared and paid dividends during the twelve months ended 12/31/20X2 of $15,000 and collected new owner contributions of capital during this same time period in the amount of $10,000. Select the answer below that shows PIO's net income the twelve months ended 12/31/20X2. A. $13,000 B. $25,000 C. $18,000 D. $8,000 E. NOTA

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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Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
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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 -
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Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,710 from Shawn McNeely and wrote off the remainder owed of $3,630 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Shawn McNeely and received $3,630 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 July 29
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