Preparing a trial balance Using the following balances, create a trial balance in proper form. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment $8,000 3,500 2,500 1,500 1,000 4,000 Accounts payable Notes payable Unearned revenue Common stock. Dividends Consulting revenue $ 1,300 2,400 300 11,600 2,000 12,000 Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 500 3,000 2,000 400 200

Preparing a trial balance Using the following balances, create a trial balance in proper form. Cash Accounts receivable Notes receivable Office supplies Prepaid insurance Equipment $8,000 3,500 2,500 1,500 1,000 4,000 Accounts payable Notes payable Unearned revenue Common stock. Dividends Consulting revenue $ 1,300 2,400 300 11,600 2,000 12,000 Rental revenue Salaries expense Rent expense Advertising expense Utilities expense $ 500 3,000 2,000 400 200

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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The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
1a. Journalize the entries to record the 201 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.
Required information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Direct Write Off Method Allowance Method Bad debt expense $500 Allowance for doubtful accounts $500 Accounts Receivable $500 Accounts Receivable $500