### Stockton Company#### Adjusted Trial Balance#### December 31| **Account No.** | **Account Name** | **Debit Balances** | **Credit Balances** ||-----------------|--------------------------|--------------------|---------------------|| 11 | Cash | 6,613 | || 12 | Accounts Receivable | 2,138 | || 13 | Prepaid Expenses | 636 | || 18 | Equipment | 13,736 | || 19 | Accumulated Depreciation | | 1,396 || 21 | Accounts Payable | | 1,743 || 22 | Notes Payable | | 5,881 || 31 | Bob Steely, Capital | | 9,983 || 32 | Bob Steely, Drawing | 753 | || 41 | Fees Earned | | 8,576 || 51 | Wages Expense | 2,069 | || 52 | Rent Expense | 818 | || 53 | Utilities Expense | 478 | || 54 | Depreciation Expense | 266 | || 59 | Miscellaneous Expense | 72 | || | **Totals** | **27,579** | **27,579** |### Explanation of Chart and Each Component:- **Account No.**: This column lists the unique number associated with each account.- **Account Name**: This column provides the name of each financial account.- **Debit Balances**: This column shows the amounts debited to each account.- **Credit Balances**: This column shows the amounts credited to each account.### Description:The table presented is an Adjusted Trial Balance for Stockton Company as of December 31. The adjusted trial balance includes accounts for assets, liabilities, owner's equity, revenues, and expenses.- **Assets**: Listed in the debit balance column, including cash, accounts receivable, prepaid expenses, and equipment.- **Liabilities**: Listed in the credit balance column, including accounts payable and notes payable.- **Owner's Equity ### Financial Statements - Balance and Expense Report#### Detailed Account Information**Accounts:**- **Equipment:** 13,736- **Accumulated Depreciation:** 1,396- **Accounts Payable:** 1,743- **Notes Payable:** 5,881- **Bob Steely, Capital:** 9,983- **Bob Steely, Drawing:** 753- **Fees Earned:** 8,576- **Wages Expense:** 2,069- **Rent Expense:** 818- **Utilities Expense:** 478- **Depreciation Expense:** 266- **Miscellaneous Expense:** 72#### Total Amounts- **Debits Total:** 27,579- **Credits Total:** 27,579#### Quiz: Determine the Current Assets- **Options:** - a. $27,579 - b. $8,751 - c. $21,727 - d. $9,387**Explanation of Diagrams and Graphs:**- The image contains a list of financial account entries along with their respective amounts.- At the bottom, there is a section called "Totals," showing that both the debits and credits balance out equally at $27,579.- Directly below the totals, there is a question prompting users to determine the current assets from the given options. Please use this information to understand how different financial accounts are balanced within a company’s financial report.

Current assets are assets owned by company which can be realised or sold or consumed or converted…

Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Debit Credit Balances Balances 6,613 2,138 636 13,736 1,396 1,743 5,881 9,983 8,576 753 2,069 818 478 266 72 27,579 27,579

Stockton Company Adjusted Trial Balance December 31 Account No. 11 12 13 18 19 21 22 31 32 41 51 52 53 54 59 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Bob Steely, Capital Bob Steely, Drawing Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals Debit Credit Balances Balances 6,613 2,138 636 13,736 1,396 1,743 5,881 9,983 8,576 753 2,069 818 478 266 72 27,579 27,579

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.4C

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NOWV2 | Online teachin x + EAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator%=&inprogress=false eBook Show Me How July 31 Not 1-30 31-60 61-90 Over 90 Past Days Days Days Days Customer Balance Due Past Due Past Due Past Due Past Due Subtotals 1,050,000 600,000 220,000 115,000 ৪5,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank. 88 July 31 Next Check My Work Email Instructor Save and Exit Submit Assignment for Gradin
om te x O Indian X Conten X O My App X Reset F X Cengag x O Mail -E X Indian m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro.. Q < * * eBook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at % of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000. c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at % of 1% of sales. d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.…
Instructions to chapter 10 exercises - Word eview View Help Y Tell me what you want to do AaBbCcDc AaBbCcDc AaBbC AABBCCD AaB AaBbCcD 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Paragraph Styles Exer 10-4 Entries for notes payable Obj. 1 A business issued a 120-day,5% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Exer 10-6
8:46 ☑ ← Contin...ent-1 g. .i| 98% READ ONLY - This is an older file format. To ma... Question 1 Accounts Trial Balance Smalls Bakery For the month ending Sept 30th 2023 Folio Debit $ Credit $ Cash 43,300.00 Equipment Accounts Payable 25,000.00 15,200.00 Capital Drawings 50,000.00 700.00 Sales 6,200.00 Rent Expense 1,000.00 Accident Insurance Expense 1,200.00 Advertising Expense 200.00 Total 71,400.00 71,400.00 Above is the Trial Balance of Smalls Bakery Instructions Prepare the Business' Statement of Financial Position (Balance Sheet) as at 30th September 2023 (25 marks) A Print Layout Headings Edit Share Read Aloud |||
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m - Aug 28 X + nd.vst.idref%3DP7001016677000000000000000003B8F]!/4/2[P700101667700000000000... 2 ☆ S4-2 At December 31, 2020, before any year-end adjustments are made, White Corporation had a $50 balance in Accounts Receivable and a $0.6 debit balance in the Allowance for Uncollectible Accounts. Requirements O 1. What is the normal balance in the Allowance for Uncollectible Accounts? What would cause this account to have a debit balance? 2. How does management determine the amount of uncollectible accounts? 3. The aging of receivables indicates that White Corporation will not collect $1.5 million of its accounts receivables. Prepare the journal entry to record the bad debt expense for 2020. PUCE a 209
#9 O Item Prior year Current year Accounts payable 8,113.00 7,909.00 Accounts receivable 6,029.00 6,555.00 Accruals 999.00 1,352.00 Cash ??? ??? Common Stock 11,096.00 12,144.00 COGS 12,698.00 18,074.00 Current portion long-term 4,971.00 4,959.00 debt Depreciation expense 2,500 2,836.00 Interest expense 733 417 Inventories 4,232.00 4,816.00 Long-term debt 14,899.00 14,036.00 Net fixed assets 50,114.00 54,819.00 Notes payable 4,323.00 9,810.00 Operating expenses (excl. 13,977 18,172 depr.) Retained earnings 28,849.00 29,434.00 Sales 35,119 46,806.00 Таxes 2,084 2,775 What is the firm's cash flow from investing? Submit Answer format: Number: Round to: 0 decimal places. unanswered not_submitted Attempts Remaining: Infinity
Chap 11
Question Ex 8-8
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