Need help with this question The balance in the office supplies account on June 1 was $5,200, suppliespurchased during June were $2,500, and the supplies on hand at June 30 were$1,500. The amount to be used for the appropriate adjusting entry is:a. $6,700.b. $2,500.c. $9,200.d. $6,200.

Step 1: Define Adjusting EntriesPrepayments require adjustments when the expense for the period has…

Answered: The balance in the office supplies…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

See similar textbooks

Similar questions

On December 1, the Notes Receivable account had a normal balance of $130,000. During December, the account was debited for a total of $20,000 and credited for a total of $10,000. What was the balance of the account on December 31?
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
What is the amount of the April collections?
A. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…
Please need help
Yates Company's records provide the following information concerning certain account balances and changes in these account balances during the current year. Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, uncollectible accounts written off during the year, $6,000; accounts receivable collected during the year, $159,000. Compute Sales revenue for the year.
mn
At 1 July 20X2 the receivables allowance of Q was $18,000. During the year ended 30 June 20X3 debts totalling $14,600 were written off. The receivables allowance required was to be $16,000 as at 30 June 20X3. What amount should appear in Q's statement of profit or loss for receivables expense for the year ended 30 June 20X3
On October 1st, the accounts receivable account balance was $51,400. During october, 447,200 was collected the customer's on account assuming that the October 31st balance was $59,100, determine the fees Bill to customers on account during October.
Brickman’s ending balance of Accounts Receivable is $19,500. Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end. $16,800 $19,500 $17,400 $17,900
General accounting
A company has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, and the company expects buyers to take $78 in future discounts arising from this period's sales. Required: 1. Prepare the December 31 year-end adjusting journal entry for future sales discounts.

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

The balance in the office supplies account on June 1 was $5,200, supplies purchased during June were $2,500, and the supplies on hand at June 30 were $1,500. The amount to be used for the appropriate adjusting entry is: a. $6,700. b. $2,500. c. $9,200. d. $6,200.