The bookkeeper for Blossom Company asks you to prepare the following accrued adjusting entries at December 31.1.Interest on notes payable of $560 is accrued.2.Services performed but not recorded total $2,240.3.Salaries earned by employees of $710 have not been recorded.Use the following account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and WagesExpense, and Salaries and Wages Payable. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually.)No.DateAccount Titles and ExplanationDebitCredit1.Dec. 31Dec. 313.Dec. 312.

Journal Entries: In an organization's accounting system, a journal entry is used to document a…

Answered: The bookkeeper for Blossom Company asks…

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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Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $6,400. Of the $6,400 of receivables, $1,700 are within a 3% discount period, meaning that it expects buyers to take $51 in future-period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $6 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
The following account balances are those of Music Land Supply Company as of December 31, the end of the fiscal year, before adjustments. Accounts Receivable $ 43,600 Allowance for Doubtful Accounts 180 cr. Credit Sales 470,000 Required: Prepare the necessary adjusting entry to record Bad Debt Expense in each of the following independent cases. a. Uncollectible accounts are estimated at 1.5% of credit sales. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 Dec. 31 Bad Debt Expense fill in the blank 56a9ce08f033003_2 fill in the blank 56a9ce08f033003_3 1 2 Allowance for Doubtful Accounts fill in the blank 56a9ce08f033003_5 fill in the blank 56a9ce08f033003_6 2 b. An aging of the accounts receivable indicates that $6,850 will not be collected. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT…
Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
Current Attempt in Progress The bookkeeper for Sandhill Company asks you to prepare the following accrual adjusting entries at December 31. Use these account titles: Service Revenue, Accounts Receivable, Interest Expense, Interest Payable, Salaries and Wages Expense, and Salaries and Wages Payable. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) a. b.. C No. a. b. C. D Interest on notes payable of $420 should be accrued. Services performed but unbilled totals $1,780. Salaries of $750 earned by employees have not been recorded or paid. Date Account Titles and Explanation Dec. 31 Dec. 31 Dec. 31 Debit Credit www
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.
The ledger of Larkspur Company at the end of the current year shows Accounts Receivable $92,000, Credit Sales $850,000, and Sales Returns and Allowances $37,000. (a) (b) (c) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the entry if on July 7 Larkspur determines that Matisse company's $900 balance is uncollectible. Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful…
T.J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118,000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar. 2018 13 Accounts PR Dr. Cocom Cr. More info 2018 Mar. Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800, 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $300. 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Done
Before any adjustments, Snow Company had an end of the year accounts receivable balance of $225,000 and the allowance for uncollectible accounts had a $800 credit balance. An analysis of accounts receivable determines that the allowance for uncollectible accounts should be 4% of accounts receivable. The adjusting entry would include a credit to Allowance for Uncollectible Accounts of: O A. $8,000. O B. $9,800. OC. $9,000. $8,200. OD.
Jeter Company uses the allowance method to account for uncollectible receivables. On April 2, Jeter Company wrote off a $820 account receivable from customer J. Maters. On May 12, Jeter Company unexpectedly received full payment from Maters on the previously written off account. Jeter Company records an adjusting entry for bad debts expense of $14,100 on May 31. 9. Journalize Jeter Company's write-off of the uncollectible receivable. 10. Journalize Jeter Company's collection of the previously written off receivable. 11. Journalize Jeter Company's adjustment for bad debts expense. 9. Journalize Jeter Company's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Apr. 2 Accounts and Explanation Debit Credit
3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of act titles.
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.
The Allowance balance is a $200 credit before adjustment. Uncollectible accounts are estimated to be $2,000. The adjusting entry to record uncollectible accounts is: GENERAL JOURNAL 1 2 1 2 Date Chapter 8-Receivables Now, the adjusting entry to record uncollectible accounts is: GENERAL JOURNAL Description a. Description If the Allowance balance started with a $200 DEBIT balance and uncollectible accounts are estimated to be $2,000. Date с. Post ref Debit Post ref Note: Bad Debt Expense estimate in the prior year was wrong, it was not an error. It was still a good faith estimate and the apparent violation of the matching principle is allowed under GAAP. Age Interval Not Past Due 1-30 days past due Debit At the end of the current year, the accounts receivable account has a debit balance of $1,400,000 and sales for the year total $15,350,000. Determine the amount of the adjustment needed. Page Credit The allowance account before adjustment has a debit balance of $23,000. Bad debt expense…

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