The trial balance prepared at December 31 for Kim Yong San Inc., did not balance. Debit total was P1,592,500 and credit total was P1,532,000. In determining the cause of the difference, you discovered the following errors: a credit to Cash of P6,500 was not posted; a P20,000 credit to be made to Sales account was credited to the Accounts Receivable account instead; the wages payable account balance of P93,000 was listed in the trial balance as P39,000. What is the correct trial balance total? A. P1,592,500 B. P1,606,000

The trial balance prepared at December 31 for Kim Yong San Inc., did not balance. Debit total was P1,592,500 and credit total was P1,532,000. In determining the cause of the difference, you discovered the following errors: a credit to Cash of P6,500 was not posted; a P20,000 credit to be made to Sales account was credited to the Accounts Receivable account instead; the wages payable account balance of P93,000 was listed in the trial balance as P39,000. What is the correct trial balance total? A. P1,592,500 B. P1,606,000

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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The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $ 14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 830,000 Not yet due 1.25 % 254,000 1 to 30 days past due 2.00 86,000 31 to 60 days past due 6.50 38,000 61 to 90 days past due 32.75 12,000 Over 90 days past due 68.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Record the estimated ba debts. Required information 1 Record the estimated bad debts. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal
Bidiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 1,200 debit balance, the company should record a: Select one: O a. None of the answers are correct O b. debit to Bad Debt Expense for RO 5,300. O c credit to Allowance for Doubtful Accounts for RO 6,500. Od. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.
Required information. [The following information applies to the questions displayed below] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.15% 1.90 6.40 View transaction list View journal entry worksheet 32.25 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
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