ACTIVITY/Workshop VIWorksheets/ adjustments(trial balance, adjustments and adjusted trial balance)WORKSHOP NO. 6ADJUSTMENTPARTICULARQUANTITYAMOUNTLIFE SPANDEPRECIATION DEPRECIATIONPER YEARPER MONTHOFFICE EQUIPMENT124,000.00S YEARS4,800.00400JOURNAL ENTRY2015PARTICULARPRDEBITCREDITJAN. 31DEPRECIATION EXPENSEACCUMULATED DEPRECIATIONTrial balanceDEBITadjusted trial balanceDEBITadjustmentDEBITACCTNO.101ACCOUNT NAMECREDITCREDITCREDITCash on Hand97,430.0054COOP 30193PUP, CSSD Department of Cooperatives and Social DevelopmentDr. A. S. Villaruel, 2021Loan ReceivableOffice equipmentOffice supplies-prepaidSavings depositLoan payableAccounts payableEC/SSS/PayableWithholding tax payableShare capitalInterest incomeService feeSalaries and wages10210391,340.0024,000.00700.00104201202203204205301401402501502503504101,500.00100,000.00900.001,100.003,500.0016,810.002,010.0011,000.0050.00300.00500.00900.00Office supplies expenseMeetings and conferencesTravel and transportationPower, light and waterMembership feeTotalDepreciation expenseAccumulated DepreciationTotal505403400.00226,220.00 226,220.00506103 a

Adjusted trial balance is the statement which is prepared after considering the year end…

WORKSHOP NO. 6 ADJUSTMENT LIFE SPAN DEPRECIATION DEPRECIATION PER MONTH PARTICULAR QUANTITY AMOUNT PER YEAR OFFICE EQUIPMENT 24,000.00 S YEARS 4,800.00 400 JOURNAL ENTRY 2015 PARTICULAR PR DEBIT CREDIT JAN. 31 DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION Trial balance DEBIT adjustment DEBIT CREDIT adjusted trial balance DEBIT ACCT NO. ACCOUNT NAME CREDIT CREDIT 01 Cash on Hand 97.430.00 54

WORKSHOP NO. 6 ADJUSTMENT LIFE SPAN DEPRECIATION DEPRECIATION PER MONTH PARTICULAR QUANTITY AMOUNT PER YEAR OFFICE EQUIPMENT 24,000.00 S YEARS 4,800.00 400 JOURNAL ENTRY 2015 PARTICULAR PR DEBIT CREDIT JAN. 31 DEPRECIATION EXPENSE ACCUMULATED DEPRECIATION Trial balance DEBIT adjustment DEBIT CREDIT adjusted trial balance DEBIT ACCT NO. ACCOUNT NAME CREDIT CREDIT 01 Cash on Hand 97.430.00 54

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 net income?
b Preview File ♥ Edit View Go Tools Window Help mgt120h-a17.pdf Page 3 of 10 C. 5.55 years d. None of the above a. 0.8 times b. 1.25 times c. 3.33 times d. 4.17 times Cost-Volume-Profit Analysis 40 8. A company's average total assets is $200,000, depreciation expense is $10,000, and accumulated depreciation is $60,000. Net sales total $250,000. The asset turnover ratio is The Effect Of Prepaid Taxes On Assets And Liabili... O Debenture Valuation CC 7 D ↑ V Search (Cª Ơ Sat Apr 15 3:05 PM b. $40,000 loss on disposal c. $40,000 gain on disposal d. $25,000 loss on disposal is $200,000, depreciation exis $10 000 tyroperty and 0,000. The average of the company's property and equipment is a. 20 years b. 6 years Thereciation is 3.33 years d. None of the above 8. A company's average total assets is $200,000, depreciation expense is $10,000, and accumulated depreciation is $60,000. Net sales total $250,000. The asset turnover ratio in 400 // _R—
Post the folowing using T-Accounts
Test2 Intermediate Accounting - Word (Product Activation Failed) NSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS REVIEW VIEW Times New Ro - -A A Aa - AaBbCcl AaBt AaBbC AaBbCel AaBbCcl AaBbCc) AaBbCc IU-abe x, x A - *- A- ====- Emphasis THeading 1 THeading 3 THeading 6 1 Normal Strong Subtitle Font Paragraph December 31 Styles Assets 2010 2009 Cash Accounts receivable $73,000 85,000 170,000 75,000 260,000 (66,000) $ 22,000 76,000 189,000 100,000 200,000 (32,000) Inventories Land Equipment Accumulated depreciation Total $597,000 $555,000 Liabilities and Stockholders' Equity $ 39,000 Accounts payable Bonds payable Common stock ($1 par) Retained earnings $ 47,000 150,000 216,000 192,000 $597,000 200,000 174,000 134,000 $555,000 Total Additional information: 1. Net income for 2010 was $103,000. 2. Cash dividends of $45,000 were declared and paid 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during…
CHPT#8_4 Journal Entries for Credit Losses At the beginning of the year, Portal Company had the following accounts on its books: Accounts Receivable $140,000 Debit Allowance for Doubtful Accounts $8,000 Credit During the year, credit sales were: $1,173,000 and collections on account were: $1,175,000 The following transactions, among others, occurred during the year: Feb.17 Wrote off R. Lowell’s account, $4,000 May.28 Wrote off G. Boyd’s account, $3,400 Oct.13 Received $600 from G. Boyd, who is in bankruptcy proceedings, in final settlement of the account written off on May 28. This amount is not included in the $1,175,000 collections. Dec.15 Wrote off K. Marshall’s account. $1,600 Dec.31 In an adjusting entry, recorded the allowance for doubtful accounts at 0.9% of credit sales for the year. a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment.b. Show how…
AutoSave OFF Home Insert Draw Paste Page 47 of 95 Calibri B I U 20 Design V v 16916 words 50 ab X 2 V Layout X Α Α΄ A References Aa ▾ A Αν English (United States) Mailings = Review V V W= Packet Lecture-4 View 12/31 싫 V Accessibility: Investigate Tell me 30,000 V Estimating Uncollectible Accounts An estimate of bad debts is made at the end of the accounting period to match the cost of credit sales (bad debt expense) with the revenue credit sales allowed the company to record during the period. The estimate is incorporated in the company's books through an ADJUSTING ENTRY and the entry increases the allowance for uncollectible accounts and bad debt expense. Saved to my Mac ✓ Percent of Receivables Method (an allowance method) management estimates a percent of ending accounts receivable they expect to be uncollectible the ending balance of the Allowance for Uncollectible Accounts (AUA) is determined based on the estimate (% of uncollectible accounts x ending balance of A/R, "% of A/R").…
it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
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QUESTION 1 The schedule of aging accounts for a Company, at the end of the year 2020, appears below: Accounts Receivable $40,000 10,000 5,500 1,800 57,300 Estimate % of Bad Debts Current 1% 1-30 days overdue 31-60 days overdue More than 60 days overdue 5% 10% 20% Total The allowance was estimated by using the schedule of ageing accounts. The allowance account had a debit balance of $600, before the estimate was made. Required: Prepare the adjusting entry to record bad debts expense for 2020.
Journalize Bad Debts estimated to be $1,100. Edit View Insert Format Tools Table 12pt v Paragraph v BIUA O words
Cornerstone Exercise 5-28 Aging Method On December 31, 2021, Khalid Inc. has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) During 2022, Khalid had $18,500,000 of credit sales, collected $17.945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end. Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022. $1,280,000 44,000 2. Calculate Khalid's preadjustment balance in allowance for doubtful accounts on December 31, 2022. 3. Prepare the necessary adjusting entry for 2022. Dec. 31 (Record adjusting entry for bad debt expense estimate)
Subject : Accounting