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- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.Interval Answer: A. B. C. Monthly D. on day 1st of every 1 O An unscheduled journal entry O Recording uncollectable receivables O Logging the usage of a prepaid service O Setup of a recurring transfer month(s) Start date 01/01/2026 End After 12 occurrencesFrancisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1, the following accounts and balances exist in its general ledger. a. FICA-Social Security Taxes Payable, $3,472; FICA-Medicare Taxes Payable, $812. (The balances of these accounts represent total liabilities for both the employer's and employees' FICA taxes for the February payroll only.) b. Employees' Federal Income Taxes Payable, $7,000 (llability for February only). c. Federal Unemployment Taxes Payable, $336 (liability for January and February together). d. State Unemployment Taxes Payable, $3,024 (lability for January and February together). The company had the following payroll transactions. March 15 Issued check payable to Swift Bank, a federal depository bank authorized to accept employers' payments of FICA taxes and employee income tax withholdings. The $11,284 check is in payment of…
- On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…rd / My courses/ BAMA1101 / Worksheets Home PraiWotkst äö pio Moving Forward An invoice for OMR 600 dated March 10th with the terms 5/15 EOM is recerved. The bill is paid on April Sth. Find the net payment. ut of Select one: O a. 570 O b. 30 Oc 510 O d. 90 Clear my choice inus nane Type here to searchMacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following regarding its $0.00000625 par common stock: Employee Stock Purchase Plan-We have an ESPP for all eligible employees. Shares of our common stock may be purchased by employees at three-month intervals at 85% of the fair market value on the last trading day of each three-month period. Employees may purchase shares having a value not exceeding 15% of their gross compensation during an offering period. Employees purchased the following shares during the periods presented: (Shares in millions) Year Ended June 30, Shares purchased 2019 11.9 13.9 Average price per share $ 144.20 $ 106.83 $78.38 As of June 30, 2020, 96 million shares of our common stock were reserved for future issuance through the ESPP. 2020 9.9 2018 Required: Prepare the journal entry that summarizes MacroApps's employee share purchases for the year ending June 30, 2020. Note: If no entry is required for a transaction/event,…
- Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the journal entry to recognize payment of the short-term note on December 4.ll Register, Employee Earnings Record, a... Required information [The following information applies to the questions displayed below.] Alanis Morgan owns White Mountain Assessments in Laconia, New Hampshire. The standard workweek is 40 hours. Use the wage bracket method in the federal tax table from Appendix C. No employee has exceeded the Social Security tax wage base. All employees submitted a 2021 Form W-4, and no box was checked in Step 2. (Round your intermediate calculations and final answers to 2 decimal places.) View transaction list Saved lournal entry worksheet Required: Using the employee payroll entry from Problem 7-3A, complete the General Journal entry for the issuance of the pay for the September 10 payroll end date. The date of the checks is September 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Help 3 P O Save &Fia Tell me what you want to do Online Link Bookmark Cross- Videos reference Media H Links -- Document! - Word Comment CA Comments IN Header Footer Page Number Header & Footer HORA3.14.56 A A Text Quick WordArt Dro Box Parts Cap Text During the fiscal year ended 31 December, Black Crows Ltd carried out the following transactions involving notes payable: Aug. 6 Borrowed $11,200 from The Doors Ltd issuing to them a 45-day, 5% note payable. Sep. 16 Purchased office equipment from Sofa Ltd. The invoice amount was $16,800 and Sofa Ltd agreed to accept as full payment a 5%, 3-month note for the invoice amount. Sep. 20 Paid the note payable due to The Doors Ltd plus accrued interest. Nov. 1 Borrowed $235,000 from Bank of Cyprus at an interest rate of 5% per annum; signed a 90-day note payable. Dec. 1 Purchased merchandise in the amount of $3,000 from Helios Ltd. Gave in settlement a 90-day interest-bearing note at 6%. Dec. 16 The $16,900 note payable to Sofa Ltd matured. The company paid the…
- Guardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…image for question addtionally complete a journal entry worksheet for Record the adjusting entry at the end of December for prepaid insurance. Record the adjusting entry at the end of December for prepaid insurance. Record the adjusting entry at the end of December for deferred rent.My Monroe Z View Assessment > Bb Collaborate - 20FL-LA122-18 x M Daily Notifications - rblack8930 x 命 A https://elearn.monroecollege.edu/ultra/courses/ 40124 1/grades/assessment/_2440908 1/overview/attempt/ The following is Green Co.'s Pre-Closing Trial Balance as of December 31, 2017. Green's accounting period is a month, the month of December 2017. (Note that the accounts are not thus the balances in the temporary accounts are for listed in their normal sequence -- rather they are listed in alphabetical sequence.) Account Name _Debit_ Credit_ Gradin Accounts Payable 26,000 Accounts Receivable 28,850 Cash 10,000 Common Stock 12,500 Cost of Goods Sold 68,000 Equipment 73,000 150 Interest Expense Interest Payable 500 Inventory 45,000 Note Payable 21,000 Retained Earnings 53,000 Sales Revenue 179,000 Supplies Expense 7,000 Wages Expense 60,000 Total 292,000 292,000 Place the accounts in the correct order. Use the editor to formor your onswer A Past due This attempt will be submitted…
