Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000 Accounts Receivable 18,000 Utilities Expense 8,000 Dividends 22,000 Rent Expense 16,000 Retained Earnings 75,000 Prepare the closing journal entries.

Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000 Accounts Receivable 18,000 Utilities Expense 8,000 Dividends 22,000 Rent Expense 16,000 Retained Earnings 75,000 Prepare the closing journal entries.

Name: Supplies$ 32,000Service Revenue$ 110,000Supplies Expense9,000Salaries
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Description: Supplies$ 32,000Service Revenue$ 110,000Supplies Expense9,000Salaries and Wages Expense38,000Accounts Receivable18,000Utilities Expense8,000Dividends22,000Rent Expense16,000Retained Earnings75,000Prepare the closing journal entries.

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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Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 debit. Estimated balance of allowance for uncollectibles 4%
11. The following aging of Accounts Receivable is for Cook Company at the end of its first year of business: Leticia James Sarah Green Jay Krishnan Luis Hernandez Preeti Shroff Yu Gao Total Overall $ 30,000 Age of Account Less than 30 days 31 to 60 days 61 to 90 days Over 90 days 120,000 36,000 180,000 48,000 75,000 Aging of Accounts Receivable December 31, 20X1 31 days to 60 days 2 Less than 30 days $24,000 93,000 9,000 12 35 80 150,000 30,000 60,000 Percent Ultimately Uncollectible $366,000 12,000 12,000 $489.000 $24,000 Cook Company has collected the following bad debt information from a consultant familiar with Cook's industry: 30,000 18,000 61 days to 90 days $3,000 6,000 $72,000 15,000 Over 90 days $3,000 15,000 9,000 $27,000 Required a. Compute the appropriate allowance for bad debts as of December 31, 20X1. b. What is Cook's NET Accounts Receivable balance as of December 31, 20X1? c. Assume the balance in the Allowance for Doubtful Accounts before any adjusting entries was a…
Jonha's Company had the following accounts receivable (AR) aging schedule. 1-30 31-60 61-90 91+ Company days days days days A $400 $200 $0 $0 B. $500 $100 $0 $0 $400 $400 $0 What % of AR invoices does Jonha's expect to collect in 61-90 days?
The balance in Accounts Receivable at the beginning of the year was $520,000. The balance in Accounts Receivable at the end of the year was $780,000. Customer accounts of $420,000 were written off. The company collected $4,060,000 from credit customers and $1,010,000 from cash customers. What are credit sales for the year? A) $4,740,000 B) $4,480,000 C) $4,060,000 D) $4,220,000
Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco
Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 575,000 $ 397,000 $ 91,000 $ 37,000 $ 19,000 $ 31,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,100 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from…
The following totals for the month of June were taken from the payroll register of Arcon Company: Salaries expense $14,000 Social security and Medicare taxes withheld 1,050 Income taxes withheld 2,600 Retirement savings 1,000 The entry to record the payment of net pay would include a a. credit to salaries expense for $9,350 b. debit to salaries payable for $9,350 c. debit to salaries payable for $14,000 d. credit to salaries payable for $9,350
The following information about the payroll for the week ended December 30 was obtained from the records of Pharrell Co.: Salaries: Sales salaries $325,000 Warehouse salaries 196,000 Office salaries 131,000 $652,000 Deductions: Income tax withheld $119,000 Social security tax withheld 39,120 Medicare tax withheld 9,780 Retirement savings 14,344 Group insurance 11,736 $193,980 Tax rates assumed: Social security 6% Medicare 1.5% State unemployment (employer only) 5.4% Federal unemployment (employer only) 0.6% Required: 1. Assuming that the payroll for the last week of the year is to be paid on December 31, journalize the following entries (refer to the Chart of Accounts for exact wording of account titles): A. December 30, to record the payroll. B. December 30, to record the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year,…
Required information Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 645,000 $ 411,000 $ 105,000 $ 51,000 $ 33,000 $ 45,000 Percent uncollectible 1% 2% 5% 7% 10% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,100 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,600 debit.
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 48,000 Accounts receivable Percent uncollectible Total $ 630,000 0 $ 408,000 Req A 1% Req B and C 1 to 30 $ 102,000 Complete this question by entering your answers in the tabs below. 2% 5% 61 to 90 $ 30,000 7% a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,200 credit. Over 90 $ 42,000 c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,200 debit. 10% Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts…
A company had beginning accounts receivable of $175,000. All sales were on account and totaled $550,000. Cash collected from customers totaled $650,000. Calculate the ending accounts receivable balance.