Posting a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to the incorrect entry and a second entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account ti CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals automatically indent a credit entry when a credit amount is entered.

Posting a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to the incorrect entry and a second entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account ti CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals automatically indent a credit entry when a credit amount is entered.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 7E: The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account...

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After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the 36,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).
Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
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 >>>>
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Credit
The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…
Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.
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13. On September 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on September I to record the write-off assuming the company uses the allowance method? a. Debit Bad Debts Expense $2.300; credit Accounts Receivable S2,300. b. Debit Allowance for Doubtful Accounts S2.300; credit Bad Debts Expense $2,300. c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300. d. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. 14. The direct write-off method a. Complies with the matching principle b. Is acceptable from a theoretical point of view c. Is only acceptable if bad debts are small, insignificant amounts d. Is the primary method used to recognize Bad Debt Expense 15. When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would a. Increase net income b. Increase Allowance for Bad Debts c.…
On February 1, a customer's account balance of $2,600 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? Multiple Choice Debit Allowance for Doubtful Accounts $2,600; credit Bad Debts Expense $2,600. O Debit Accounts Receivable $2,600; credit Allowance for Doubtful Accounts $2,600. O Debit Bad Debts Expense $2,600; credit Accounts Receivable $2,600. O Debit Allowance for Doubtful Accounts $2,600; credit Accounts Receivable $2,600. O Debit Bad Debts Expense $2,600; credit Allowance for Doubtful Accounts $2,600.
Please help. I can't figure out the answer. Thanks Questions needed answer: a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Note: The general journal in the picture are the parts I attempted to answer as you can see there are green check marks that represent a correct answer and red x for a wrong answer. The parts that has the red X are what I needed answers. Thanks
Instructions 1. Determine the number of days past due for each of the preceding accounts. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 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 $3,600 before adjustment on December 31, 20Y6. Journalize the adjusting entry for uncollectible accounts. 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?
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