Security Services Co. Post-Closing Trial Balance July 31, 2018 Debit Balances Credit Balances Cash 13,200 Accounts Receivable 29,300 Supplies 1,850 Equipment 130,550 Accumulated Depreciation - Equipment 43,560 Accounts Payable 15,840 Salaries Payable 1,450
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| Security Services Co. Post-Closing July 31, 2018 |
||||
| Debit Balances | Credit Balances | |||
| Cash | 13,200 | |||
| 29,300 | ||||
| Supplies | 1,850 | |||
| Equipment | 130,550 | |||
| 43,560 | ||||
| Accounts Payable | 15,840 | |||
| Salaries Payable | 1,450 | |||
| Unearned Rent | 5,940 | |||
| Common Stock | 13,500 | |||
| 94,610 | ||||
| 215,950 | 133,850 |
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- Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $ 27,300 Accounts Receivable 15,300 Allowance for Uncollectible Accounts $ 4,200 Supplies 4,200 Notes Receivable (6%, due in 2 years) 21,000 Land 80,600 Accounts Payable 9,100 Common Stock 101,000 Retained Earnings 34,100 Totals $ 148,400 $ 148,400 During January 2021, the following transactions occur: January 2 Provide services to customers for cash, $52,100. January 6 Provide services to customers on account, $89,400. January 15 Write off accounts receivable as uncollectible, $3,900. January 20 Pay cash for salaries, $33,100. January 22 Receive cash on accounts receivable,…What is the amount of write offs during Year 2 based on the following financial information? Balance Sheet Excerpts As At Year Year 2 Year 1 End(000s) Gross Accts Receivable Allowance for Doubtful Accounts Net Accts Receivable Provision for Bad Debt O $15 $20 $37 $52 $456 $20 $437 $25 $321 $32 $294 $40Current Attempt in Progress The current assets and current liabilities sections of the balance sheet of TealCompany appear as follows. TEAL COMPANYBALANCE SHEET (PARTIAL)DECEMBER 31, 2020 Cash $ 41,700 Accounts payable $ 65,040 Accounts receivable $96,400 Notes payable 70,200 Less: Allowance for doubtful accounts 7,080 89,320 $135,240 Inventory 177,510 Prepaid expenses 8,980 $317,510 The following errors in the corporation’s accounting have been discovered: 1. January 2021 cash disbursements entered as of December 2020 included payments of accounts payable in the amount of $43,500, on which a cash discount of 2% was taken. 2. The inventory included $31,970 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $10,290 had been received on consignment; the remainder was purchased f.o.b.…
- A portion of the current assets section of the December 31, 2019, balance sheet for Gibbs Co. is presented here: Accounts receivable $ 23,700 Less: Allowance for bad debts (3,500 ) $ 20,200 The company’s accounting records revealed the following information for the year ended December 31, 2020: Sales (all on account) $ 154,500 Cash collections from customers 147,000 Accounts written off 2,900 Bad debts expense (accrued at 12/31/20) 5,800 Required:Calculate the net realizable value of accounts receivable at December 31, 2020, and prepare the appropriate balance sheet presentation for Gibbs Co. as of that point in time. (Hint: Use T-accounts to analyze the Accounts Receivable and Allowance for Bad Debts accounts.)PROBLEM SOLVING: 2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…Problem 6 Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding % Uncollectible Estimated Amount 1,200,000 0-60 1% 2% 61-120 900,000 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
- F. The records of Stedman Corp. included the following accounts, all of which are normal balances: $1,200,000 900,000 180,000 200,000 3,000 5,000 Cash sales Credit sales Balance in accounts receivable, 12/31/20 Balance in accounts receivable, 12/31/21 Balance in allowance for doubtful accounts, 12/31/20 Accounts written off as uncollectible during 2021 Stedman estimates bad debts as 2% of receivables at year end to be uncollectible. Write any necessary adjusting entry.The accounts of Long Company provided the following 20X5 information at 31 December 20X5 (end of the annual period): Accounts receivable balance, 1 January 20X5 $51,000 Allowance for doubtful accounts balance, 1 January 20X5 3,000 Uncollectible account to be written off during 20X5 (ex-customer Slo) 1,000 Cash collected on accounts receivable during 20X5 170,000 Estimates for bad debt losses: Based on ending balance of accounts receivable, 8%. Based on aging schedule (excludes Slo’s account): Age Accounts Receivable Probability of Noncollection Less than 30 days $28,000 2% 31–90 days 7,000 10 91–120 days 3,000 30 More than 120 days 2,000 60 Required: Give the entry to write off customer Slo’s long-overdue account. Give all entries related to accounts receivable and the allowance account for the following two cases: Case A—Bad debt expense is based on the ending balance of accounts receivable Case B—Bad debt expense is based on aging Show how the results of applying each case above…"A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…
- Analysis of Loss Allowance Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2021, the credit balance in Loss Allowance was $130,000. During 2022, credit sales totaled $10,000,000, $90,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $15,000. An aging of accounts receivable at December 31, 2022, showed the following Classification of Receivable Current 1-30 days past due 31-60 days past due. Over 60 days past due Accounts Receivable Balance Percentage Estimated As of December 31, 2022 $1,140,000 600,000 400,000 120,000 $2,260,000 Uncollectible 2% 10 23 75 Required: 1. Prepare the journal entry to record expected credit loss for 2022, assuming that the aging of the receivable method is applied. 2. Record journal entries to account for the write-off of $90,000 uncollectible accounts receivable and the collection of $15,000 in receivables that had…Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items has been recorded as purchases. The prepaid insurance included cash surrender value of life insurance of P50,000. What is the adjusted inventory? a. P2,200,000…eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
