Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, areindicated in the following T accounts:Cash(1) 40,000 (2) 4,000(7) 13,100 (3) 5,000(4) 6,175(6) 6,000(9) 1,500Equipment(3) 15,000Dividends(9) 1,500Accounts ReceivableAccounts PayableService Revenue(5) 20,500 (7) 13,100(6) 6,000 (3) 10,000(5) 20,500Supplies(2) 4,000 (8) 2,200Common Stock(1) 40,000Operating Expenses(4) 6,175(8) 2,200a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place theamounts in the proper columns. If an entry is not required in an amount box, leave it blank. b. Based upon the unadjusted trial balance, determine the net income or net loss.Net income✓ $

Step 1:Rocky Mountain Tours Co: The given problem involves calculating the net income or net loss of…

Answered: Rocky Mountain Tours Co. is a travel…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 4CE: On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton...

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On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900 help
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
On April 30, Holden Company had an Accounts Receivable balance of $18,000. During the month of May. total credits to Accounts Receivable were $52,000 from customer payments. The May 31 Accounts Receivable balance was $13.000. What was the amount of credit sales during May? O $52,000. O $32,000. O $47,000. $57,000. O 55,000.
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…
On July 31, Harrison Company had an Accounts Receivable balance of $25,400. During the month of August, total credits to Accounts Receivable were $68,000 from customer payments. The August 31 Accounts Receivable balance was $18,500. What was the amount of credit sales during August? A) $68,000 B) $39,100 C) $61,100 D) $75,900 E) $7,900
Crane Company has a balance in its Accounts Receivable control account of $11,400 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,900; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales $9,000 6,500 8,100 Collections $7,700 2,500 8,700 Returns $0 2,700 0
What was the September 30 balance in the control account?
Haresh
Crane Company has a balance in its Accounts Receivable control account of $11,400 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,900; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales Collections $9,000 6,500 8,100 $7,700 2,500 8,700 Returns What is the January 31 balance in the control account? Balance in the control account $ Balance in the Freeze Company subsidiary account $ $0 2,700 What is the January 1 balance in the Freeze Company subsidiary account? 0

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