Type the correct answer in the box. Spell all words correctly. Edgar is closing out accounts for his company. He sees that the cost of goods sold has a $19,000 credit balance, supplies has a $1,500 credit balance, interest expense has a $1,250 credit balance, and utilities expense has a $1,300 debit balance. Edgar knows he needs to use an income summary account to close out these temporary accounts. What amount should he put down? Edgar needs to debit the income summary account by $

Type the correct answer in the box. Spell all words correctly. Edgar is closing out accounts for his company. He sees that the cost of goods sold has a $19,000 credit balance, supplies has a $1,500 credit balance, interest expense has a $1,250 credit balance, and utilities expense has a $1,300 debit balance. Edgar knows he needs to use an income summary account to close out these temporary accounts. What amount should he put down? Edgar needs to debit the income summary account by $

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1CP

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Shamar invoices a company for $6,000. When he looks at the Customer Balance Summary, he sees an amount of $13,000 that includes unpaid invoices. How can he find detail on the open invoices? Select an answer: Select Open Invoices. Select the $7,000 amount. Select the $13,000 amount.
I have to do my accounting problems on excel and I have to record the transactions, but have a total for each column. If someone bought a computer from wardens office outfitters, $1,636, paying $750 in cash and placing the balance on account what does that mean exactly? I have other questions to but I'm not sure how this works.
Creative Solutions Company, a computer consulting firm, has decided to write off the $15,220 balance of an account owed by a customer, Wil Treadwell. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Account Debit Credit Bad Debt Expense Accounts Receivable-Wil Treadwell Feedback Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. Account Debit Credit Allowance for Doubtful Accounts Accounts Receivable-Wil Treadwell
F SUM of Outstanding balance Status Customer C1003 C1004 C1006 C1010 C1012 C1013 C1026 C1028 C1029 C1036 C1037 C1045 C1048 C1051 G C1055 C1057 C1058 C1061 C1066 C1069 C1075 C1076 C1082 C1085 Grand Total H 0-Not Yet Due 30831 30831 I 1-30 Days 25579 3156 2353 31088 J 11791 26748 31-60 Days 61-90 Days 90+ Days 9367 10460 29297 K 25315 103611 25245 24713 L 49958 4115 1659 18793 12116 22957 20307 7791 30907 12102 12235 22997 25366 200712 M Grand Total 9367 25245 30831 24713 11791 26748 4115 1659 18793 10460 12116 22957 20307 25579 7791 3156 30907 12102 12235 2353 22997 29297 25366 25315 416200 N
The accounts receivable account has a debit balance of $214,000 and the allowance for uncollectible accounts has a credit balance of $8,000. What is the "net accounts receivable (net realizable value)" that will be shown on the balance sheet? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f7 f8 f6 [X f9 f10 f11 4. 6 7 8 9. Y U 5 图 %24
Depending on whether an account is an accounts payable or accounts receivable, a debit can mean adding or removing money from an account; the same can be true of a credit. Reha needs to record a transaction for an order of peanuts, which Cristina will use to make her famous PB&J Cafe peanut butter. Identify which type of account this transaction would be recorded in (accounts receivable or payable), and whether it's a debit or a credit. Explain why Reha should enter the peanut transaction that way. Your answer should be at least 100 words.
As the accountant for Clean Air Controls, you attend a meeting with the sales managers to discuss credit policies. At the meeting, you report that bad debts expense for the year is estimated to be $85,000 and account receivables at year end is $1,500,000 less a $57,000 allowance for doubtful accounts. Arthur Levitt, a sales manager, asks why bad debts expense and the allowance are not the same amount. Required 1. Write a professional email explaining this concept to Arthur. The company estimates bad debts expense as 3% of sales.
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On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with cash and a note. When journalizing this transaction, he will a .make a compound entry. b make a simple entry. c use two journal entries. d list the credit entries first, which is proper form for this type of transaction.