The account balances for Bill Bradley and Associates at December 31, 2020 are shown by the following alphabetical list:$ 12,00020,000126,00014,00039,00042,000160,00080,00013,0004,000Accounts PayableAccounts ReceivableBuildingsCashEquipmentLandOwner's EquityNotes PayableNotes ReceivableSuppliesCalculate the amount of total debits in the trial balance.

Trial balance is a statement which is prepared to check if the debits in the accounts are equal to…

Answered: The account balances for Bill Bradley…

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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Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account title Chart of Accounts: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Shawn McNeely 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable…
! Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April. Additional Information Direct materials used Direct labor used Overhead applied Status on April 30 Req 5A Gross profit Job 306 Req 5B Compute gross profit for April. $ 25,000 24,000 12,000 137,000 105,000
Below are the alphabetized list of adjusted account balances. Account Balance* Accounts receivable $ 116,000 Accumulated depreciation, building 30,800 Allowance for doubtful accounts 2,470 Bad debt expense 2, 220 Building 398,000 Cash 20, 150 Merchandise inventory 88,000 Notes receivable, due May 1, 2025 67,000 Notes receivable, due Nov. 30, 2023 15,500 Supplies 5,680 *Assume all balances are normal. Prepare the current asset section of LisTel's March 31, 2023, balance sheet. (List assets in the order of liquidity.)
Below are the alphabetized list of adjusted account balances. Account Balance Accounts receivable 110,800 29,000 2,350 2,100 375,000 19,000 Accumulated depreciation, building Allowance for doubtful accounts Bad debt expense Building Cash Merchandise inventory 82,000 Notes receivable, due May 1, 2022 Notes receivable, due Nov. 30, 2020 Supplies 61,000 14,300 5,260 *Assume all balances are normal. Prepare the current asset section of LIsTel's March 31, 2020, balance sheet. (List assets In the order of liquidity.) LisTel Partial Balance Sheet March 31, 2020 Assets Current assets:
Journalize the transactions. Assume 360 days for interest calculations and record two entries for transactions on January 5th, April 1st and June 20th. Record one entry on December 1. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. June 1 Received a $1,700, 120-day, 8% note from Heidi Kruczkiewicz to settle an account receivable. July 1 Heidi Kruczkiewicz’s note (see June 1) is discounted at Marshall Bank at a discount rate of 12%. 29 Received notification from Marshall Bank that Heidi Kruczkiewicz’s note was dishonored. (See June 1 and July 1.) A check is issued to cover the maturity value plus a $50 bank fee that must be paid to the bank.
Presented below are several receivables transactions. For each transaction, indicate whether the receivables should be reported as accounts receivable, notes receivable, or other receivables on a statement of financial position. (a) Received a promissory note of $12,200 for services performed. Notes Receivable (b) Sold merchandise on account to a customer for $9,30. Other Receivables Accounts Receivable (c) Advanced $5,000 to an employee. (d) Estimated $5,000 of income tax to be refunded. (e) Extended a customer's account for six months by accepting a note in exchange for the amount owed on the account. (f) Sales tax (HST) of $2,500 is recoverable at the end of the quarter.
The following financial information pertains to SPACE Limited: Accounts receivable at December 31, 2018 $ 900,000 Credit sales for 2019 6,800,000 Cash collection on credit sales during 2019 6,540,000 Allowance for Impairment at December 31, 2018 45,000 Accounts receivable written off on August 31, 2019 60,000 Previously written off accounts receivable was received on September 25, 2019 10,000 An aging analysis estimates uncollectible receivables at December 31, 2019 to be $80,000. Required: (Explanation for each journal entry is NOT required) a. Prepare the journal entry for the accounts receivable written off during 2019. b. Prepare the journal entry for the event occurring on September 25, 2019 c. Prepare the year-end adjusting entry required to record the impairment loss of receivable. Assume the statement of financial position approach is used. d. Explain how the transaction in (c) affects the accounting equation. e. What is the net realizable value of accounts receivable to be…
How to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!
Mar. 17 Received $810 from Shawn McNeely and wrote off the remainder owed of $4,820 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $4,820 cash in full payment. Journalize the above transactions, using the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles
Water Closet Co. wholesales bathroom fixtures. During the current year ending December 31, Water Closet received the following notes: Required: 1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number. Assume a 360-day year. 2. Journalize the entry to record the dishonor of Note (3) on its due date. Refer to the Chart of Accounts for exact wording of account titles. 3. Journalize the adjusting entry to record the accrued interest on Notes (5) and (6) on December 31. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. 4. Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January and February. Refer to the Chart of Accounts for exact wording of account titles.
Maxwell Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $300,000 1% 31-60 days past due 54,000 3% 61-120 days past due 60,000 6% 121-180 days past due 21,000 10% Over 180 days past due 6,000 20% $441,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $2,520 on December 31, before any adjustments. a. Determine the amount of the adjustment for estimated credit losses on December 31. b. Determine the financial statement effect of a write off of Porter Company's account on the following May 12, in the amount of $1,440. Use negative signs with answers, when appropriate. If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in…
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000

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