DIlIl for December's electricity usage of $230 that wi.View transaction listJournal entry worksheet1234The Supplies account shows a balance of $540, but a count of supplies revealsonly $210 on hand at year-end.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal< Prev38 of 40Next >20F&F9000F5F6F7F2F3F4@$&345678.92WERYU Prepare adjusting journal entries, as needed, for the following items. (If no entry is required for a transaction/event, select "Noournal entry required" in the first account field.)a. The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year-end.b. The company initially records the payments of all insurance premiums as prepaid insurance. The unadjusted trial balance at yearend shows a balance of $580 in Prepaid Insurance. A review of insurance policies reveals that $160 of insurance is unexpired.c. Employees work Monday through Friday, and salaries of $2,700 per week are paid each Friday. The company's year-end falls onTuesday.d. At year-end, the company received a utility bill för December's electricity usage of $230 that will be paid in early January.View transaction listJournal entry worksheet23 4へThe Supplies account shows a balance of $540, but a count of supplies revealsonly $210 on hand at year-end.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditく Prey38 of 40Next >トトジトIF7F9F4FI@#2$%&234671QWEYKSFく>CValtaltcommandoptionoptioncommand.. .*つ

Journal entry is a primary entry that records the financial transactions initially.

Answered: The Supplies account shows a balance of…

Business

Accounting

The Supplies account shows a balance of $540, but a count of supplies reveals only $210 on hand at year-end.

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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The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
AB Co made a credit sale to DE Co for $200,000 on July 19x9. It is known that at the end of 19x9 there was an outstanding receivable of $47,000. Managementestimates that $25,000 will be uncollectible.In July 19x9 the collections department stated that a receivable of $5,000 was written off frombookkeeping because it is impossible to receive payment from DE Co. Unexpectedly monthOctober 19x9 DE Co pays its outstanding debt. Requested:Prepare the adjusting entries and the journals needed to record the above transactions properlythe backup method as well as the direct deletion method!
At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $190,800 and in Allowance for Doubtful Accounts of $9,670 (credit). During the period, it had net credit sales of $730,800 and collections of $749,620. It wrote off as uncollectible accounts receivable of $7,511. However, a $3,339 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,000 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented when…
The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,300. During Year 2, $2,300 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $190 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $218,000, and cash collections from receivables were $220,000. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required Record the transactions in general journal form and post to T-accounts. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. What amount of uncollectible accounts expense will Renue…
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.
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At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheet
At the end of the current year, Accounts Receivable has a balance of $138,000; the opening balance of the Allowance for Doubtful Accounts was $1,450 and credit sales for the current year is $1,100,000, If estimated amount of uncollectible receivable was estimated at 1.5% of total sales, Calculate the estimated uncollectible value using the % of sales method.
Abbott Company uses the allowance method of accounting for uncollectible receivables. Abbott estimates that 1% of credit sales will be uncollectible. On January 1, Ailowance for Doubtful Accounts had a credit balance of $3,000. During the year, Abbott wrote off accounts receivable totaling $2,500 and made credit sales of $106,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be Ca. $1.060 Ob. $1.500 Oc. $4.060 Od. $1.560