LO 1,2,3PROBLEM 54A The account balances of Bryan Company as of June 30, the end of thecurrent fiscal year, are as follows:TRIAL BALANCEDEBITCLGLACCOUNT NAMECashAccourts ReceivableCREDIT5.491.00Supplies10624.0030z001,280.00Prepaid insuranceEquipment12116.49700Accumulated Depreciation, EquipmentVan2,672.0010,989.0013Accumulated Depreciation, VanAccourts Payable16144,368 001,036.0018.583.0015B. Bryan, Capital17B. Bryan, Drawing18.000.0018Fees Earned1938,4170018.600.001,88700462.00G85.00164.0065.076.00Salaries ExpenseAdvertising ExpenseVan Operating Expense202122UNlities ExpenseMiscellaneous Expanse232425HEH65,076 00SheettSheet2 Sheet3Required1. Data for the adjustments are as followsa. Expired or used up insurance, $495b. Depreciation expense on equipment, $670.c. Depreciation expense on the van, $1,190.d. Salary accrued (earned) since the last payday, $s40 (owed and to be paid on thenext payday).e. Supplies used during the period, $97.Your instructor may want you to use a work sheet for these adjustments.2. Journalize the adjusting entries.3. Prepare an income statement.4. Prepare a statement of owner's equity. Assume that there was an additionalinvestment of S2,000 on June 10.5. Prepare a balance sheet.6. Journalize the closing entries using the four steps in the correct sequence.Check FigureNet Income, $13,027*f you are uning CLGI, use the year 2020 when recording transactions and preparing repaorts.Cg Cgr ng g edye et iwhte wON a

PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CREDIT CLGL ACCOUNT NAME Cash Accourts Receivable 5.491.00 624.00 307.00 1,280.00 6,497.00 Supples 10 Prepaid insurance 11 Equipment 12 Accumlated Depreciation, Equpment Van 2,472.00 10,980.00 13 14 Accumulated Depreciation, Van Accourts Payable 15 16 B. Bryan, Capital 17 4,368.00 1,000.00 18.583.00 B. Bryan, Drawing 10 18.000.00 Fees Earned 19 Salaries Expense Advertising Expense 38,41700 18.00.00 1.Z00 20 Van Operating Expense 462.00 G86.00 164.00 21 UNes Expense 23 22 Mincellaneous Espanse 24 25 65.0M.00 .00 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows Check Figure Net Income, $13,027

PROBLEM 54A The account balances of Bryan Company as of June 30, the end of the current fiscal year, are as follows: TRIAL BALANCE DEBIT CREDIT CLGL ACCOUNT NAME Cash Accourts Receivable 5.491.00 624.00 307.00 1,280.00 6,497.00 Supples 10 Prepaid insurance 11 Equipment 12 Accumlated Depreciation, Equpment Van 2,472.00 10,980.00 13 14 Accumulated Depreciation, Van Accourts Payable 15 16 B. Bryan, Capital 17 4,368.00 1,000.00 18.583.00 B. Bryan, Drawing 10 18.000.00 Fees Earned 19 Salaries Expense Advertising Expense 38,41700 18.00.00 1.Z00 20 Van Operating Expense 462.00 G86.00 164.00 21 UNes Expense 23 22 Mincellaneous Espanse 24 25 65.0M.00 .00 00 Sheett Sheet2 Sheet3 Required 1. Data for the adjustments are as follows Check Figure Net Income, $13,027

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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A5
%24 %24 %24 Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $605,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,720,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $28,600. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
%24 %24 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.