a. Prepare an unadjusted trial balance. List all the accounts in the order of Assets, Liabilities, Stockholders' equity, Revenues, and Expenses. Place theamounts in the proper columns. If an entry is not required in an amount box, leave it blank.Rocky Mountain Tours Co.Unadjusted Trial BalanceJune 30, 20Y2Debit Balances Credit BalancesCashAccounts ReceivableSuppliesEquipmentAccounts PayableCommon StockDividendsService RevenueOperating Expenses Trial BalanceRocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, areindicated in the following T accounts:Cash(1) 40,000 (2) 4,000(7) 13,100 (3) 5,000(4) 6,175(6) 6,000(9) 1,500Equipment(3) 15,000Dividends(9) 1,500Accounts ReceivableAccounts PayableService Revenue(5) 20,500 (7) 13,100(6) 6,000 (3) 10,000(5) 20,500Supplies(2) 4,000 (8) 2,200Common StockOperating Expenses(1) 40,000(4) 6,175(8) 2,200

Cash:Debits: $40,000 (1) + $13,100 (7) = $53,100Credits: $4,000 (2) + $5,000 (3) + $6,175 (4) +…

Answered: a. Prepare an unadjusted trial balance.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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For each of the transactions below, create a journal? The assignment of accounts receivable journal entries are based on the following information: Accounts receivable 50,000 on 45 days terms Assignment fee of 1% (500) Initial advance of 80% (40,000) Cash received from customers 6,000 Interest on advances at 9%, outstanding on average for 40 days (40,000 x 9% x 40 / 365 = 395)
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The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…
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When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. Give the journal entry to eliminate the above account and to set up the appropriateaccounts to replace it.
When examining the accounts of Palma Company, you ascertain that balance relating to bothreceivables and payables are included in a single controlling account (called receivables),which has a P23,050 debit balance. An analysis of the details of this account revealed thefollowing: Items Debit Credit Accounts Receivable - customers P 40,000 Accounts receivable - officers (Current collection expected) 2,500 Debit balances - creditors 450 Expense advances to salespersons 1,000 Share capital subscriptions receivable 4,600 Accounts payable for merchandise P 19,250 Unpaid salaries 3,300 Credit balance in customer accounts 2,000 Cash received in advance from customers for goods not yet shipped 450 Expected bad debts, cumulative 500 Required:1. How should each item be reported on Palma Company’s statement of financial position?
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Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $130 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $28.59 October 16 Credit $20.00 October 25 Purchase $122.60 average daily balance = $ ___
On March 4, Micro Sales makes $10,500 in sales on bank credit cards that charge a 2% service charge and deposits the funds into Micro Sales' bank accounts at the end of the business day. Required: Journalize the sales and recognition of expense as a single journal entry. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places.
Jones, a company, prepares monthly Receivables and Payables ledger control accounts. At 1 June 20X5 the following balances existed in the company's records. Receivables ledger balances Dr $ 54,000 Payables ledger balances CR $ 43,000 During the month of June, the transactions of Jones included the $ Credit sales • 251,000 Cash sales -34,000 Credit sales returns 11,000 Amounts received from credit customers • 242,000 Dishonoured cheques • 500 Cash discounts allowed Irrecoverable debts written off 3,000 Increase in allowance for receivables 1,000 Interest charged to customers 1,200 - 1,400 Contras between receivables and payables -800 You are required to prepare the receivables ledger control account for the month of June, showing the balance as at 30 June 20X5.
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Oswego Clay Pipe Company provides services of $50,000 to Southeast Water District #45 on April 12 of the current year with terms 1/15, n/60. What would Oswego record on April 12? A. Accounts Receivable 49,500 Sales Revenue 49,500 B. Accounts Receivable 50,000 Sales Revenue 49,500 Sales Discounts 500 C. Accounts Receivable 50,000 Sales Revenue 50,000 D. Accounts Receivable 50,000 Sales Discounts 500 Sales Revenue 50,500

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