RequiredRecord these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)View transaction listJournal entry worksheetAв сEF>Provided $65,800 of services on account.Note: Enter debits before credits.EventGeneral JournalDebitCredit1Record entryClear entryView general journal !Required information[The following information applies to the questions displayed below.]At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts.AccountBalanceCashAccounts receivableAccounts payableCommon stockRetained earnings$29,90023,80012,50029,40011,800The following events apply to Oak Consulting for Year 2:1. Provided $65,800 of services on account.2. Incurred $2,800 of operating expenses on account.3. Collected $48,900 of accounts receivable.4. Paid $30,300 cash for salaries expense.5. Paid $13,770 cash as a partial payment on accounts payable.6. Paid a $10,000 cash dividend to the stockholders.RequiredRecord these transactions in a general journal. (If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.)View transaction listJournal entry worksheetABC DEF>Provided $65,800 of services on account.Note: Enter debits before credits.

The journal entries are prepared to keep the record of day to day transactions of the business.

Answered: Required information [The following…

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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Given the ledger accounts of Bastoni Company as of January 31, 2020: Cash $40,500 Accounts Payable $11,000 Supplies 5,200 Rent Expense 4,100 Share Capital-Ordinary 33,200 Accounts 8,700 Receivable Notes Payable 3,500 Service Revenue 10,800 Required: Compute the total of the debit side of the trial balance. (show your computation). 1. Compute the total of the credit side of the trial balance. (show your computation). 2.
The following data relates to the assets due within one year for Simons Co. Cash $56,000 Accounts receivable 325,000 Allowance for doubtful accounts 25,000 Interest receivable 3,000 Supplies 4,000 Inventory 45,000 Other current assets 10,000 Based on the data above, prepare a partial balance sheet in good form at December 31. Show total current assets. Simons Co. Balance Sheet December 31 Assets Current assets: Total current assets
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash 60,500 Accounts Receivable 28,600 Allowance for Uncollectible Accounts 4,000 Inventory 38,100 Notes Receivable (5%, due in 2 years) 33,600 Land 173,000 Accounts Payable 16,600 Common Stock 238,000 Retained Earnings 75,200 Totals 333,800 333,800 During January Year 1, the following transactions occur: January 1 Purchase equipment for $21,300. The company estimates a residual value of $3,300 and a six-year service life. January 4 Pay cash on accounts payable, $11,300. January 8 Purchase additional inventory on account, $100,900. January 15 Receive cash on accounts receivable, $23,800. January 19 Pay cash for salaries, $31,600. January 28 Pay cash for January utilities, $18,300. January 30 Sales for January total $238,000. All of these sales are on account. The cost of the units…
At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts: Account Balance Cash $ 27,800 Accounts receivable 18,400 Accounts payable 14,700 Common stock 16,900 Retained earnings 14,600 The following events apply to Oak Consulting for Year 2: Provided $72,900 of services on account. Incurred $2,900 of operating expenses on account. Collected $50,900 of accounts receivable. Paid $39,700 cash for salaries expense. Paid $15,840 cash as a partial payment on accounts payable. Paid a $9,000 cash dividend to the stockholders. c. Show the beginning balances and the transactions in a horizontal statements model.
Ritter Corporation's accountants prepared the following financial statements for year-end. RITTER CORPORATION Income Statement Revenue Expenses Depreciation. EBT Taxes Net income Dividends 2823 Assets Cash Other current assets Net fixed assets Total assets $ 1,050 720 78 $268 104 $ 156 $ 21 RITTER CORPORATION Balance Sheets December 31 Liabilities and Equity Accounts payable Long-term debt Stockholders' equity Total liabilities and equity a. Change in cash b. Change in net working capital c. Cash flow from assets 2022 $69 217 675 $ 961 $ 269 8 692 $ 961 2023 $90 270 820 $ 1,180 $ 283 78 827 $ 1,180 a. What is the change in cash during the year 2023. Note: Do not round Intermediate calculations. b. Determine the change in net working capital in 2023. Note: Do not round Intermediate calculations. c. Determine the cash flow generated by the firm's assets during the year 2023. Note: A negative answer should be Indicated by a minus sign. Do not round Intermediate calculations.
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Year 2: 1. Wrote off an uncollectible account for $650. 2. Provided $88,000 of services on account. 3. Provided $32,000 of services and collected cash. 4. Collected $81,000 cash from accounts receivable. 5. Paid $65,000 of salaries expense fer the year. 6. Adjusted the accounts to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the endi ng…
The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $372,400 $285,500 Marketable securities 425,900 326,400 Accounts and notes receivable (net) 531,700 408,100 Inventories 343,200 210,600 Prepaid expenses 146,800 89,400 Total current assets $1,820,000 $1,320,000 Current liabilities: Accounts and notes payable (short-term) $404,000 $352,000 Accrued liabilities 296,000 248,000 Total current liabilities $700,000 $600,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital 2. Current ratio 3. Quick ratio b. The liquidity of Albertini has from the preceding year to the current year. The working capital, current ratio, and quick ratio have all Most of these changes are the result of an in current assets relative to current liabilities.
3. The following data are taken from the financial statements of Sigmon Inc. Terms of all are 2/10, n/45. Accounts Receivable, end of year Sales on account of Required: 20Y3 $725,000 $5,637,000 a. For 20Y2 and 20Y3, determine: 1. Accounts Receivable Turnover 2. The number of Days' Sales in Receivables 20Y2 $650,000 $4,687,000 20Y1 $600,000 b. What conclusions can you draw from these data concerning Sigmon's accounts receivable and credit policies?
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years: Line Item Description Current Year Previous Year Current assets: Cash $417,200 $318,000 Marketable securities 483,100 357,800 Accounts and notes receivable (net) 197,700 119,200 Inventories 1,167,500 905,200 Prepaid expenses 601,500 578,800 Total current assets $2,867,000 $2,279,000 Current liabilities: Accounts and notes payable (short-term) $353,800 $371,000 Accrued liabilities 256,200 159,000 Total current liabilities $610,000 $530,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Line Item Description Current Year Previous Year 1. Working capital ? ? 2. Current ratio ? ? 3. Quick ratio ? ? from the preceding year to the current year. The working capital, current ratio, and quick…
48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 3,000,000 Cash Sale Sales on account Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? а. 2,700,000 b. 2,200,000 с. 3,500,000 d. 3,320,000
The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…

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