Record (write out in proper journal entry format) each of the adjusting entries. Post each of these adjusting entries to the correct T-accounts. Adjusting & other entries: A) December 31: The company has not recorded bad debt expense for 2025. Sinfully uses the Aging of Receivables approach and estimates that the ending balance in the Allowance for Bad Debts should be $9,300. B) December 31: The long term note payable was recorded on August 1, 2025. The interest and the note are due on July 31, 2030. Interest rate is 9.5%. Record 2025 interest expense.
Record (write out in proper journal entry format) each of the adjusting entries. Post each of these adjusting entries to the correct T-accounts. Adjusting & other entries: A) December 31: The company has not recorded bad debt expense for 2025. Sinfully uses the Aging of Receivables approach and estimates that the ending balance in the Allowance for Bad Debts should be $9,300. B) December 31: The long term note payable was recorded on August 1, 2025. The interest and the note are due on July 31, 2030. Interest rate is 9.5%. Record 2025 interest expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Record (write out in proper
Adjusting & other entries:
A) December 31: The company has not recorded bad debt expense for 2025. Sinfully uses the Aging of Receivables approach and estimates that the ending balance in the Allowance for
B) December 31: The long term note payable was recorded on August 1, 2025. The interest and the note are due on July 31, 2030. Interest rate is 9.5%. Record 2025 interest expense.
Transcribed Image Text:Sinfully Sweet Desserts
Startmg value Unadjusted Trial Balance
December 31, 2025
Accounts
Debit
Credit
Cash
Accounts Receivable
Allowance for Bad Debts
105,800
14,600
1,900
Inventory
Prepaid Advertising
Supplies
Accounts Payable
Unearned Revenue
10,000
1,200
4,200
14,200
12,000
7,000
72,900
28,800
74,200
Long-Term Note Payable
Common Stock
Retained Earnings
Sales Revenue
Cost of Goods Sold
Wages Expense
Utility Expense
Advertising Expense
40,200
10,700
3,400
20,900
211,000
Totals
211,000
Adjusting & Other Entries:
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