Gray Corporation controls its cash by depositing receipts on a daily basis and making all disbursements by cheque.After all the posting for the month of August 2020 was completed, the cash balance in the general ledger accountat the end of the month was $10,475. The bank statement for the month end received from the First National Bankshowed the balance to be $18,000. The following data are available for the purpose of reconciling these balances:a. Cash receipts collected on August 31 amounting to $3,000 have been placed in the night depository anddo not appear on the bank statement.b. Bank memos previously not available to the company are included with the bank statement. A memo foran NSF cheque, originally received as payment for an account receivable of $3,000, is included. A memofor bank charges of $75 for the NSF cheque is also included. Another memo advises the company that$2,000 Note Receivable has been collected by the bank, ($1,950 deposit and a bank charge of $50). Thisrepresents the net proceeds of a collection the bank had made on behalf of the company on a $2,000note receivable.Cheques written during the month but not included with the bank statement are no. 1200, $1,500; no.1223, $2,000; no. 1260, $950; no. 1294, $3,500.d. Cheque no. 1222 is returned with the bank statement. The cheque was made for $6,500, the correctamount owing for office expense. The cheque was recorded in the company records in the amount of$5,600.Cheques outstanding at the end of July included cheques no. 1114 for $1,600 and no. 1116 for $1,250.Cheque no. 1116 cleared the August bank statement; cheque no. 1114 did not.C.е.Required:1. Prepare a bank reconciliation at August 31.Prepare the necessary adjusting journal entries required to make the cash account in the general ledgeragree with the adjusted cash balance on the July bank reconciliation.2.The Gray Corporation. has estimated its bad debts at 0.5 per cent of net credit sales. During 2018, Acme decided tocalculate the required balance for the allowance for doubtful accounts at year-end, December 31, by aging itsaccounts receivable and determined that 5% of accounts receivable is estimated not to be collected. The followingdata, which already have been recorded in the company's general ledger, are also available:20172018Accounts written offOn March 14, 2017 (Tosca)$1,500On March 30, 2018 (Capital)$6001 The Gray Corporation. has estimated its bad debts at 0.5 per cent of net credit sales. During 2018, Acme decided tocalculate the required balance for the allowance for doubtful accounts at year-end, December 31, by aging itsaccounts receivable and determined that 5% of accounts receivable is estimated not to be collected. The followingdata, which already have been recorded in the company's general ledger, are also available:20172018Accounts written offOn March 14, 2017 (Tosca)$1,500On March 30, 2018 (Capital)$600Recoveries of accounts written offOn June 5, 2018 (Tosca)200The Allowance for Doubtful Accounts general ledger account reported the January 1, 2017 to be $5,000 credit.Net credit sales for 2017 was $400,000. 2018 year-end balance for accounts receivable is $160,000Required: Prepare journal entries to record:1.The amount of bad debt expense for the year 2017i. 1(a) Show the calculation for bad debt expenseii. 1(b) Journal entry2.The bad debt expense on December 31, 2018i. 2(a) Show the calculation for bad debt expenseii. 2(b) Journal entry23.The collection from Tosca on June 5, 2018.

Introduction: Since as per BNED requirements, each question is answered to the maximum of 3…

Required: Prepare journal entries to record: 1. The amount of bad debt expense for the year 2017 i. 1(a) Show the calculation for bad debt expense ii. 1(b) Journal entry 2. The bad debt expense on December 31, 2018 i. 2(a) Show the calculation for bad debt expense ii. 2(b) Journal entry 3. The collection from Tosca on June 5, 2018.

Required: Prepare journal entries to record: 1. The amount of bad debt expense for the year 2017 i. 1(a) Show the calculation for bad debt expense ii. 1(b) Journal entry 2. The bad debt expense on December 31, 2018 i. 2(a) Show the calculation for bad debt expense ii. 2(b) Journal entry 3. The collection from Tosca on June 5, 2018.

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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I need the balance sheets completed for section 2. Thank you!
Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
I need help with 2. b. 3. and 4.
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
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Prior to recording the following. E. Perry Electronics, Incorporated, had a credit balance of $2.600 in its Allowance for Doubtful Accounts 1. On August 31, 2017, a customer balance for $540 from a prior year was determined to be uncollectable and was written off 2. On December 15, 2017, the customer balance for $540 written off on August 31, 2017, was collected in full Required: Using the following categories, indicate the accounts affected and the amounts (Enter any decreases to accounts with a minus sign.) Transaction 2a (Reversal of write-off) 2b (Collection from customer) Assets Liabilities Shareholders Equity Che
Please to do the Journal and the balance sheet and the allowance for uncollectable
a) Prepare all journal entries to record the activity for the items above for 2020 b) Prepare any journal entries required at December 31, 2020 to record bad debt expense for the year
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
FOR YOU AND THE CLASS: What is the journal entry to record Bad debts expense under the allowance method. In other words ....what account would be debited and what account would be credited? Reply