The following are the transactions of Kookie Company for the year ended December 31, 2019: Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting Dec 1 to 200,000 Dec 3 Paid for advertising expense worth 45,000 Purchased office supplies by cash, 20,000 Purchased machineries costing 100,000. Paid 50% and promised to pay the Dec 6 Dec 8 balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85,000 worth of services on account Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually Dec 26 Withdraw cash for personal use 20,000 Dec 31 Paid for the salaries of staff 170,000 nowolA Dec 31 Rendered services and collected cash 105,000

The following are the transactions of Kookie Company for the year ended December 31, 2019: Owner invested cash of 530,000 and land of 1,200,000 and equipment amounting Dec 1 to 200,000 Dec 3 Paid for advertising expense worth 45,000 Purchased office supplies by cash, 20,000 Purchased machineries costing 100,000. Paid 50% and promised to pay the Dec 6 Dec 8 balance after 20 days Dec 11 Purchased some machinery worth 115,000 on account Dec 15 Rendered services to clients worth 200,000 on account Dec 18 Make 50% payment on the balance owed on Dec 8 Dec 19 Rendered 510,000 worth of services and collected cash Dec 20 Rendered 85,000 worth of services on account Dec 21 Borrowed a loan amounting to 5,000,000 with 12% interest annually Dec 26 Withdraw cash for personal use 20,000 Dec 31 Paid for the salaries of staff 170,000 nowolA Dec 31 Rendered services and collected cash 105,000

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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Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
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