Swifty Surveillance Services had the following adjustments as of the end of the year. View the adjustments. 7. Journalize the adjusting entries needed. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) Accounts and Explanation Date (a) b. $2,600 of rent revenue was earned but not recorded or received. Accounts and Explanation Date (b) c. Salaries owed to employees but not yet paid, $4,700. Date Accounts and Explanation (c) Debit Debit Credit Credit Debit 11 Credit Adjustments a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) b. $2,600 of rent revenue was earned but not recorded or received. c. Salaries owed to employees but not yet paid, $4,700. Print Done - X

Swifty Surveillance Services had the following adjustments as of the end of the year. View the adjustments. 7. Journalize the adjusting entries needed. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) Accounts and Explanation Date (a) b. $2,600 of rent revenue was earned but not recorded or received. Accounts and Explanation Date (b) c. Salaries owed to employees but not yet paid, $4,700. Date Accounts and Explanation (c) Debit Debit Credit Credit Debit 11 Credit Adjustments a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) b. $2,600 of rent revenue was earned but not recorded or received. c. Salaries owed to employees but not yet paid, $4,700. Print Done - X

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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Allen Bikes Ltd. has a year-end of December 31, 20x9. During the year, the company wrote off accounts receivable in the amount of $ 2,140. Allen's December 31, 20x9 general ledger account balances, prior to making any year-end adjusting journal entries, were as follows: Account Debit Credit Accounts Receivable 125,477 Allowance for Doubtful Accounts 614 Net Credit Sales 2,059,391 Allen Bikes Ltd. has estimated that bad debts will equal 2 of 1% of sales. What will be the dollar amount of the bad debt expense when making the adjusting journal entry for the year-ended December 31, 20x9 (round to the nearest whole dollar)?
On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18,000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450
Sheffield Corp. received a check for $19080 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was credited for the full $19080. Financial statements will be prepared on July 31. Sheffield's should make the following adjusting entry on July 31: debit Unearned Rent Revenue, $19080; credit Rent Revenue, $19080. debit Cash, $19080; credit Rent Revenue, $19080. debit Rent Revenue, $3180; credit Unearned Rent Revenue, $3180. debit Unearned Rent Revenue, $3180; credit Rent Revenue, $3180.
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,200 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $320 written off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (+for increase, - for decrease) of effects on the financial statement accounts and on the overall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then record the collection of cash. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Liabilities Stockholders' Equity b(2)
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The ledger of Pina Colada Corp. at the end of the current year shows Accounts Receivable $108,000; Sales Revenue $832,000; and Sales Returns and Allowances $18,100. If Pina Colada uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at (a) December 31, assuming Pina Colada determines that L. Dole's $1,000 balance is uncollectible. If Allowance for Doubtful Accounts has a credit balance of $2,000 in the trial balance, journalize the adjusting entry at (b) December 31, assuming bad debts are expected to be 11% of accounts receivable. If Allowance for Doubtful Accounts has a debit balance of $199 in the trial balance, journalize the adjusting entry (c) December 31, assuming bad debts are expected to be 8% of accounts receivable.
An aging-of-accounts-receivable indicates that the amount of uncollectible accounts is $3,910. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $600. The Accounts Receivable balance is $44,620. The amount of the adjusting entry for uncollectible accounts should be for: A) $600. B) $3,310. C) $3,910. D) $4,510.
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Allowance for Doubtful Accounts has a credit balance of $23000 at the end of the year, before adjustments. Sales for the year amounted to $1190000, and sales returns and allowances amounted to $112000. If uncollectible accounts expense is estimated at 1% of net sales, the amount of the appropriate adjusting entry will be (nearest whole dollar): Add your answer