The general journal for Allie's Bakery is shown below. DATE DESCRIPTION DEBIT CREDIT 20X1 Aug.10 Accounts Receivable/K. Bourges Sales Tax Payable 4,370.00 360.53 Sales 4,009.47 Sales slip 711 15 Accounts Receivable/T. Sanders 569.00 Sales Tax Payable 46.94 Sales
Q: Sherwin Company uses straight line depreciation for its property, plant, and equipment, which,…
A: Depreciation is an expense, charged against the value of fixed assets. It can be calculated using…
Q: How much is the loss on excess freight to be recognized in 2023? How much is the inventory to be…
A: On December 31, 2022, the home office of ABC Company sent a shipment of merchandise to its Manila…
Q: The amortization of prior service costs will affect the pension expense for the period along with…
A: solution of above requirement are as follows
Q: the amount that should be reported by Lucas Corporation as the lease liability on its December 31,…
A: Computation of Lease Liability at the commencement of the lease: Year ending Lease…
Q: Question 1 Recently, Mewah Designs expanded its market by becoming an original equipment supplier to…
A: The equivalent units for production can be computed using various methods as FIFO and weighted…
Q: on
A: Yes, cultural influences are likely to have an impact on accounting measurement or disclosure…
Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in…
A: Introduction: AGI, or adjusted gross income, is your gross income less certain adjustments. This…
Q: Blossom Company reported the following information for November and December 2022. November December…
A: Gross profit rate (%) = [Gross profit/Sales]×100 Gross profit = Sales - cost of goods sold
Q: dware store to compete against Home Depot, when Home Depot can
A: Home depot : World's largest home improvement retailer having a huge customer base across US and…
Q: Mark Company quarries limestone, crushes it and sells it to be used in road building. Mark paid…
A: Depletion is a non-cash expense which is recorded in the books to reduce the cost value of assets.
Q: the storeroom only upon written or oral authorization of one of the production supervisors. There…
A: It is the primary responsibility of the management to ensure internal controls within an…
Q: aeRo Yi is an employee of Danbam Corp. with a taxable income of P220,000. At the same time, he has a…
A: Preferential taxation is an optional taxation scheme in Philippines to tax the total of gross sales…
Q: Tic Ling sold 1,000 shares directly to the stock market for P 1,000,000. How much is the percentage…
A: Solution Provision applicable Percentage tax When the share is sold /disposed through…
Q: e $3,000 due to paid
A: The Interest amount is shown as, = (face Value - amount received = 3000 - 2869.11 = $130.89
Q: Loren Company uses many kinds of machines in operations. The entity acquires some machines from…
A: Note: Insurance costs incurred on the machine for the transit to the destination are only…
Q: YOU ARE REQUIRED TO: 1. Prepare the entries in the General journal to record the events described…
A: Robert and Donald are partners sharing partnership profits and losses in the ratio of 3:2. They…
Q: Questions 20 to 23 are based on the following information: On January 1, 2016, Telespace Inc. grants…
A: The stockholder’s equity represents the net worth. it also represents the amount that is returned to…
Q: September with a customer. was uncompieted ember 2017. This is a performance obligation satisfied…
A: The term income statement (P & L) refers to financial statements that summarize income,…
Q: n additional shares of common stock. shares of common stock after July 1, 202 harket price of…
A: Earnings per share are the earnings of the company that is held in hands of the each shareholder of…
Q: If husband and wife are both employed, which is correct regarding their income tax exemption in the…
A: As per our protocol we provide solution to the one question only and you have asked more than one…
Q: Which of the following R&D costs can be capitalized by an SME? Group of answer choices Conceptual…
A: Research and development cost refers to the cost incurred by the SME for the development of new…
Q: Discuss how a deferred tax provision can arise under IAS 12, Income Taxes, and the available methods…
A: the above requirement are discussed below
Q: On January 1, 2021, Gringo Company had capitalized cost of P5,000,000 for a new computer software…
A: Amortization of Intangible Assets: The practice of deducting the cost of an intangible asset over…
Q: , taxes OMR ('000) 3,250 Share Capital 17,750 Statutory Reserves 38,750 Profit (previous year) 2,400…
A: Financial Statements: The treatments of all the transactions are done in journal records and then…
Q: Sales (8,400 units) $ 764,400 Variable expenses 445, 200 Contribution margin 319, 200 Fixed expenses…
A: Contribution margin per unit = Total contribution/Number of units sold
Q: 9 Explain how the effectiveness of general control affects the auditor's test of automated…
A:
Q: PROBLEMS Problem 20-1 (IFRS)
A: These are the accounting transactions that are having a monetary impact on the financial statement…
Q: Quoted interest rates are rates stated in the tenor or contract of a particular security. All of the…
A: Solution Concept Quoted interest rate is the coupon rate It is mentioned in the bond indenture and…
Q: AA and BB are partners engaged in a manufacturing business. Transactions affecting the partners’…
A: A partnership capital account is a distinct account that shows the equity in a partnership that is…
Q: 5. Compute the following financial ratios for 2015 and 2016 and interpreting the results in the…
A: as per the guidelines we can provide the answer for 3 sub part ( first 3) of any question . answer…
Q: What amount should be
A: Shareholders also invest money in the company and in return they become the owners in proportion to…
Q: Please prepare a consolidated budget pivot table in Excel by budget class and year. Please upload…
A: As required Excel has been shown here with all the required working
Q: Determine the unadjusted BOOK balance using the following data provided by Ilustre Company: Balance…
A: q = Balance per bank statement + Deposit in transit - Amount erroneously credited by bank -…
Q: Question 3 Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to…
A: Journaling is the process of recording business transactions in accounting records. This activity…
Q: Ramos, Inc. began work in 2017 on contract #3814. The contract price is $7,200,000. The contract is…
A: when there is percentage of completions is applied in order to calculate the profit till date. the…
Q: In the consolidated statement of comprehensive income to be prepared by the parent corporation,…
A: A business combination is defined as an entity obtaining control of one or more businesses. The most…
Q: Benoit Company produces three products—A, B, and C. Data concerning the three products follow (per…
A: The contribution margin is calculated by deducting the variable cost from the sales revenues of the…
Q: For the current year ending October 31, Papadakis Company expects fixed costs of $536,300, a unit…
A: The break-even point is a level where the company incur neither gain nor loss. It is calculated by…
Q: Investments in equity securities are adjusted to fair value at the end of the period. This…
A: As per the guidelines, only one question is allowed to be solved. Please resubmit the question…
Q: A U Ltd manufactures and sells a single product, the company's sales and expenses for the month of…
A: Break even point means a situation where the is neither profit nor loss. Sales revenue is sufficient…
Q: Luther Manufacturing uses an activity-based cost system. The company produces Model 0 and Model J.…
A: The activity rate is calculated as estimated overhead cost for the activity divided by estimated…
Q: Nyhiraba Limited purchased an asset on 1st January 2015 for an amount of R5 million. The asset has…
A: As per IAS 36 Impairment of Assets, An asset is said to be impairment if it's carrying amount is…
Q: X owns 99% of the capital stock of AAA Corporation. X also owns 99% of BBB Corporation. AAA…
A: The Correct Option is "A" i.e.AAA Corporation and BBB Corporation, although both are owned by X, are…
Q: 17. Most lease agreements between landlords and tenants are classified as an estate for years. True…
A: Lease is a contract made between party who transfer land, property, and services to the another…
Q: Sammie reported the following for the taxable year 2022. Vatable ending inventory for March is…
A: In Philippines generate Vat tax rate is 12% on goods and services provided in the domestic territory…
Q: Boxes-and-Stuff, a box-packing and mailing company in a small town along the Gulf Coast, lost a key…
A: Accounting financial statements provide a snapshot of a company's operations, financial status, and…
Q: inventory that should appear in the December 31, 2013 consolidated balance sheet should amount to:
A: IAS 27 defines consolidated financial statements as ‘the financial statements of a group in which…
Q: what is financial market? Explain its functions.
A: Financial markets are the marketplaces where financial instruments, securities, and derivatives are…
Q: Calculate the unit product cost for the month under absorption costing method
A: Solution: Unit product cost under absorption costing consist of variable manufacturing cost per unit…
Q: n, what is the gross profit for the month?
A: 1. As units are sold on the basis of FIFO . So, closing inventory will be out of Last purchased…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The sales journal for Carothers Company is shown below. SALES JOURNAL Date Sales Slip No. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 3,212 312 2,900 7 825 Tom Tome 645 45 600 22 826 Sue Wasco 666 66 600 31 Totals 4,523 423 4,100 Show how the amounts would be posted to the general ledger accounts.Journalize entries for recognizing accounts receivable. E8.3 (LO 1), AP The following are two independent situations. Instructions a. On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Brumbaugh's bo to record the sale and related collection. (Omit cost of goods sold entries.) b. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $9,000. On February 10, Farley is billed for the amount due of $9,000. On Februa 12, Farley pays $5,000 on the balance due. On March 10, Farley is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.'s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) Journalize receivables transactions.During the year, Blossom Enterprises made an entry to write off an $8100 uncollectible account. Before this entry was made, the balance in accounts receivable was $100100 and the balance in the allowance account was $9100 (credit balance). The net realizable value of accounts receivable before and after the write-off entry was O$100100. Ⓒ$99100. O $82900 O $91000
- Using the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts: REVENUE JOURNAL Invoice Post. Accounts Rec. Dr. Date No. Account Debited Ref. Fees Earned Cr. 20Υ3 May 1 Hazmat Safety Co. (a) $2,050 112 113 Masco Co. (b) 10 980 Alpha GenCorp (c) 20 114 2,800 Tillman Inc. (d) 27 115 1,240 $7,070 31 (e)Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.
- Sales taxes collected from customers are sent to the state at the end of each month. What journal entry is prepared? A. debit Sales Taxes Payable and credit Cash OB. debit Sales Tax Payable and credit Sales OC. debit Accounts Receivable and credit Sales O D. debit Accounts Payable and credit Cash1 Self-Show... The following information relates to Hanover Foods, Inc. for the year 20X1: A,B LMO," Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers dur 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts (this balance is given after writing-off uncollectible accounts and has a credit balance) 1,700 13,200 Estimated uncollectible accounts based on aging analysis What is the balance of the Accounts Receivable account at December 31, 20X1? $334,000 850,000 725,000 12,000 (Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, $680 plus $54.40 sales tax (invoice no. D446). Bauer returned $105.50 of the merchandise. Issued credit memo no. 114 for $113.94 ($105.50 for the amount of the sale plus $8.44 for the amount of the sales tax.
- Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,220 from Paula Spitler and wrote off the remainder owed of $1,930 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash fill in the blank 035d8afee01bfea_2 fill in the blank 035d8afee01bfea_3 Allowance for Doubtful Accounts fill in the blank 035d8afee01bfea_5 fill in the blank 035d8afee01bfea_6 Accounts Receivable-Paula Spitler fill in the blank 035d8afee01bfea_8 fill in the blank 035d8afee01bfea_9 July 29: Reinstated the account of Paula Spitler and received $1,930 cash in full payment. July 29 fill in the blank e6591afdffdafad_2 fill in the blank e6591afdffdafad_3 fill in the blank e6591afdffdafad_5 fill in the blank e6591afdffdafad_6 July 29 fill in the blank e6591afdffdafad_8 fill in the blank e6591afdffdafad_9 fill in the blank e6591afdffdafad_11 fill in the…4. If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? a. Uncollectible Accounts Expense b. Accounts Receivable c. Allowance for Doubtful Accounts d. Interest Expense 5. On August 1, Kim Company accepted a 90-day note receivable as payment for services provided to Hsu Company. The terms of the note were $20,000 face value and 6% interest. On October 30, the journal entry to - record the collection of the note should include a a. credit to Notes Receivable for $20,300 b. debit to Interest Receivable for $300 c. credit to Interest Revenue for $300 d. debit to Notes Receivable for $20,000 6. The receivable that is usually evidenced by a formal, written instrument of credit is a(n) a. trade receivable b. note receivable c. accounts receivable d. income tax receivableJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12