What did Cerner Company show as totalcredits on its trial balance? *Cerner Company showed the following balances at the end of its first year:CashP 5,000Prepaid insuranceAccounts receivableAccounts payableNotes payableCerner, CapitalCerner, Drawing5002,5002,0003,0001,000500Revenues15,00012,500ExpensesO P21,500O P21,000P20,500P22,000

Particulars Debit Credit Cash 5000 Prepaid insurance 500 Accounts receivable 2500…

Answered: What did Cerner Company show as total…

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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Suppose you want to estimate your transportation expenses for the year.Explain how you could use this one-month statement to make an estimate for one year of transportation expenses.
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
Calculate the missing information on the revolving credit account. Interest is calculated on the unpaid or previous month's balance. PreviousBalance AnnualPercentageRate (APR) MonthlyPeriodicRate(as a %) FinanceCharge(in $) Purchasesand CashAdvances PaymentsandCredits NewBalance(in $) $45.00 12% % $ $176.20 $55.00 $
On January 1, Year 1, the Accounts Receivable balance was $29,000 and the balance in the Allowance for Doubtful Accounts was $3,400. On January 15, Year 1, an $980 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice O O $28,020 $26,580 $25,600 $24,620
Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $120 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 $26.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $
At what amount will accounts receivable for Anderson Company be reported on the balance sheet if the gross receivable balance is $52,000 and the allowance for doubtful accounts is estimated at 4% of gross receivables? Select one: A. $28,200 B. $49,920 C. $52,960 D. $47,000
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 $27.59 October 16 Credit $20.00 October 25 Purchase $124.60 average daily balance = $
Provide the answer is correct option
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 = $ ___
Company I had the following balances at the end of the year: Accounts receivable: $50,000 Allowance for doubtful accounts: $2,000 (credit balance) The company estimates that 2% of accounts receivable will be uncollectible. Record the journal entry to adjust the allowance for doubtful accounts.
At the end of the fiscal year, Accounts Receivable has a balance of R100 000 and allowance for doubtful accounts has a balance of R7 000. The expected net realizable value of the accounts receivable is________. Select one: a. R107 000 b. R7 000 c. R93 000 d. R100 000
The balance sheet of Omni, Inc., at the end of last year included the following EXERCISE 8-5 Write-Offs and Recoverles items: Notes receivable from cusfomers Accrued Interest on notes receivable. .. . . A .... . $ 540,000 10,600 Accounts recelvable Less: Allowance for dɔubtful accountS .... ... . .. . c 2,268,000 54,000 uSTRUCTIONS You are to record the following events of the current year in general journal en- tries: a Accounts receivable of $51,840 are vritten off as uncollectible. b A customner's note for $14,850, on which interest of $810 has been accrued in the accounts, is deemed uncollectible, and both balances are written off against the Allowance for Doubtful Acçounts. c An account receivable for $7,020 previously written off is collected. d Aging of accounts receivable at the end of the current year indicates a need for an $81,000 allowance to cover possible £ailure to collect accounts currently out- standing. (Consider the effect of entries for a, b, and e on the amount of…

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