The net income reported on the income statement is $86,560. However, adjusting entries have not been made yet at the end of the month for supplies expense of $5,720 and accrued wages of $8,440. Net income, as corrected, is $
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- The totals from the first payroll of the year are shown below. TotalEarnings FICAOASDI FICAHI FITW/H StateTax UnionDues NetPay $36,195.10 $2,244.10 $524.83 $6,515.00 $361.95 $500.00 $26,049.22 Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.At the end of the year a company has the following accounts receivable and estimates of uncollectible accounts: 1 Accounts not yet due = $72,000; estimated uncollectible = 3%. 2. Accounts 1-30 days past due $37,000; estimated uncollectible = 20%. 3. Accounts more than 30 days past due = $8,000; estimated uncollectible = 45%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1100 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the bad debt expense. Note: Enter debits before credits. Event General Journal Debit Credit 1 Bad Debt Expense Allowance for Uncollectible Accounts Record entry Clear entry View general journalAt the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $74,000; estimated uncollectible = 6%. Accounts 1-30 days past due = $40,000; estimated uncollectible = 30%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 40%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,100 (debit).
- At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $81,000; estimated uncollectible = 5%. Accounts 1-30 days past due = $27,000; estimated uncollectible = 25%. Accounts more than 30 days past due = $7,000; estimated uncollectible = 50%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $830 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.Refer to Exhibit 6-1. Journalize the adjustment for accrued wages for the following Monday, which is the end of the accounting period. The gross payroll for that day is $7,475.
- Ruiz Company's Accounts Receivable balance at December 31 was $150,000 and there was a balance of $700 in the Allowance for Uncollectible Accounts. Sales for the year were $900,000. The firm estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year-end? Select one: a. $150,000 b. $135,800 c. $162,700 d. $138,700 e. None of the aboveAt the end of October, Santa Fe Company’s management estimates the uncollectible accounts expense to be 1 percent of net sales of $1,385,000. Prepare the journal entry to record the uncollectible accounts expense, assuming the Allowance for Uncollectible Accounts has a debit balance of $7,000.Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).
- At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: Accounts not yet due = $72,000; estimated uncollectible = 7%. Accounts 1 to 30 days past due = $32,000; estimated uncollectible = 20%. Accounts more than 30 days past due = $8,000; estimated uncollectible = 50%. Required: Record the year-end adjusting entry for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)At December 31, 2021, Wonder of the World Travel has an Accounts Receivable balance of $89,000. Allowance for Uncollectible Accounts has a credit balance of $830 before the year-end adjustment. Service revenue (all on account) for 2021 was $700,000. Wonder of the World estimates that its uncollectible-account expense for the year is 2% of service revenue. Read the requirement. Make the year-end entry to record uncollectible-account expense. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Dec 31 Journal Entry Accounts Debit Credit Show how Accounts Receivable and the Allowance for Uncollectible Accounts are reported on the balance sheet at December 31, 2021. BALANCE SHEET (Partial) Current assets: Less:Need Answer
