The trial balance of SamSan Tech. shown below does not balance. Your review of the ledger reveals the following: (a) Each Account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by P100. (c) A transposition error was made in Accounts Receivable; the correct balances for Accounts receivable and Service revenue are P2,750 and P6,690, respectively. (d) A debit posting to Advertising Expense for P300 was omitted. (e) A P1,500 cash drawing by the owner was debited to Ozawa Capital and credited to Cash. Trial Balance Cash P4,800 Accounts Receivable 2,750 Prepaid Insurance 700 Equipment P8,000 Accounts Payable 4,500 Property Tax Payable 560 Samsan, Capital 11,200 Service Revenue 6,960 Salaries Expense 4,200 Advertising Expense 1,100 Property Tax Expense 800 P20,890 P24,500 The corrected trial balance of the company should show total debits of B. P23,070 C. P22,850 D. P21,570 A. P24,350

The trial balance of SamSan Tech. shown below does not balance. Your review of the ledger reveals the following: (a) Each Account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by P100. (c) A transposition error was made in Accounts Receivable; the correct balances for Accounts receivable and Service revenue are P2,750 and P6,690, respectively. (d) A debit posting to Advertising Expense for P300 was omitted. (e) A P1,500 cash drawing by the owner was debited to Ozawa Capital and credited to Cash. Trial Balance Cash P4,800 Accounts Receivable 2,750 Prepaid Insurance 700 Equipment P8,000 Accounts Payable 4,500 Property Tax Payable 560 Samsan, Capital 11,200 Service Revenue 6,960 Salaries Expense 4,200 Advertising Expense 1,100 Property Tax Expense 800 P20,890 P24,500 The corrected trial balance of the company should show total debits of B. P23,070 C. P22,850 D. P21,570 A. P24,350

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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What is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: X
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.
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST.During June, the following transactions occurred:1. Revenue earned on credit, $1,195,000.2. Sales returns, $24,100.3. Accounts receivable collected, $1,400,000.4. Accounts written off as uncollectable, $15,851.Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST. On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection.
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,200 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $320 written off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (+for increase, - for decrease) of effects on the financial statement accounts and on the overall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then record the collection of cash. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) Assets Liabilities Stockholders' Equity b(2)
Flora Co. uses the allowance method of accounting for uncollectible accounts receivable. The entry to write off an account that has been determined to be uncollectible would be to debit a. Allowance for Doubtful Accounts and credit Accounts Receivable. Ob. Sales Returns and Allowances and credit Accounts Receivable. c. Accounts Receivable and credit Bad Debt Expense. Od. Bad Debt Expense and credit Allowance for Doubtful Accounts.
2.Which of the following statements is valid? a. Net accounts receivable is not affected by a recovery of an account previously written off. b. A three year, non-interest bearing promissory note is initially recorded in the accounts at its face value. c. When individual customers' accounts have credit balances of material amounts, these amounts must be deducted from the debit balance in other customers' accounts in the statement of financial position. d. When the rate stated on a note is greater than the prevailing market rate of interest for similar obligations, the present value of the note at initial recognition is greater than its face value.
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If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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The initial journal entry used to record the estimate for bad debt expense includes a (Select all answers that apply): O credit to Allowance for Uncollectible Accounts. O debit to Accounts Payable O debit to Allowance for Uncollectible Accounts. O debit to Bad Debt Expense. O credit to Accounts Receivable. O credit to Bad Debt Expense. O credit to Accounts Payable O debit to Accounts Receivable. ASUS f4 f5 E3 f6 f7 f8 f9 f10 f11 团 4. 8. T 因 6 近 86 图 %24