The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Line Item Description Amount Accounts Payable $30,700 Accounts Receivable 61,400 Cash ? Common Stock 113,400 Dividends 33,000 Fees Earned 511,800 Insurance Expense 9,700 Land 140,250 Miscellaneous Expense 14,350 Notes Payable 67,000 Prepaid Insurance 4,600 Rent Expense 97,200 Retained Earnings 29,900 Supplies 3,050 Supplies Expense 12,800 Unearned Rent 14,800 Utilities Expense 68,600 Wages Expense 286,600 Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders’ equity, Revenues, and Expenses. Place the amounts in the proper columns. If an entry is not required in an amount box, leave it blank. what are the totals?
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.
| Line Item Description | Amount |
|---|---|
| Accounts Payable | $30,700 |
| 61,400 | |
| Cash | ? |
| Common Stock | 113,400 |
| Dividends | 33,000 |
| Fees Earned | 511,800 |
| Insurance Expense | 9,700 |
| Land | 140,250 |
| Miscellaneous Expense | 14,350 |
| Notes Payable | 67,000 |
| Prepaid Insurance | 4,600 |
| Rent Expense | 97,200 |
| 29,900 | |
| Supplies | 3,050 |
| Supplies Expense | 12,800 |
| Unearned Rent | 14,800 |
| Utilities Expense | 68,600 |
| Wages Expense | 286,600 |
Prepare an unadjusted
what are the totals?
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