Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.34BE
(Learning Objective 5: Construct and use a
| Account | Balance | Account | Balance |
| Dividends.......................... | $ 3,100 | Common stock.................. | $ 16,200 |
| Utilities expense................ | 2,300 | Accounts payable.............. | 4,300 |
| 5,300 | Service revenue.................. | 20,500 | |
| Delivery expense............... | 700 | Equipment......................... | 30,800 |
| 7,800 | Note payable..................... | 21,000 | |
| Salary expense................... | 8,400 | Cash.................................. | 19,200 |
Requirements
- 1. Prepare the company’s trial balance at April 30, 2018, listing accounts in proper sequence as illustrated in the chapter. For example, Accounts Receivable comes before Equipment. List the expense with the largest balance first, the expense with the next largest balance second, and so on.
- 2. Prepare the financial statement for the month ended April 30, 2018, which will show the company the results of operations for the month.
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Mosaic’s Company balance sheet at December 31, 2018, reported thefollowing:Accounts receivable...........................................$2,500,000Allowance for uncollectible accounts...................$66,600The following are the transactions to be taken into consideration for 2019:a. Total credit sales for 2019 were $3,600,000.b. 2% of sales were estimated to be uncollectible.c. The company received cash payments on account during 2019 for $1,000,000d. Accounts receivable identified to be uncollectible totaled $94,000.e. December 31, 2019, aging of receivables indicates that $75,000 of the receivablesis uncollectible.Requirements:1. Prepare a Balance Sheet extract clearly showing the net realizable value of thereceivables as at December 31, 2018?2. Prepare the journal entries for the company’s 2019 transactions.3. Prepare the Accounts receivable and the Allowance for uncollectible Accounts T-accounts based on the information presented above. (Note: The opening balancesand the…
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000If uncollectible accounts are determined by the aging-of-receivables method to be $1,260,the uncollectible-account expense for 2018 would bea. $2,160.b. $1,260.c. $360.d. $900.
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0009. Uncollectible account expense for 2018 is $1,615. What is the adjusted balance in theAllowance account at year-end for 2018?a. $650b. $2,515c. $1,615d. $900
Chapter 2 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 2 - All of the following events at a sandwich shop are...Ch. 2 - Identify the asset from the following list of...Ch. 2 - Amounts owed to a company by its customers would...Ch. 2 - Thorpe Corporation purchases a new delivery truck...Ch. 2 - Adam Corporation issues stock to Cara Riley in...Ch. 2 - Blake Company completed a consulting job and...Ch. 2 - Prob. 7QCCh. 2 - Accounts Payable had a normal beginning balance of...Ch. 2 - Which of the following debit and credit rules is...Ch. 2 - A companys beginning Cash balance was 8,000. At...
Ch. 2 - Prob. 11QCCh. 2 - Prob. 12QCCh. 2 - Prob. 13QCCh. 2 - In a double-entry accounting system, a. a debit...Ch. 2 - Prob. 15QCCh. 2 - Prob. 16QCCh. 2 - Prob. 2.1ECCh. 2 - LO 1 (Learning Objective 1: Identify transactions)...Ch. 2 - (Learning Objective 1: Differentiate between...Ch. 2 - (Learning Objective 1: Differentiate between...Ch. 2 - (Learning Objective 2: Show the impact of...Ch. 2 - (Learning Objective 2: Show the impact of...Ch. 2 - LO 3 (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 4: Journalize transactions)...Ch. 2 - (Learning Objective 4: Journalize and post...Ch. 2 - (Learning Objective 4: Journalize and post...Ch. 2 - (Learning Objective 4: Journalize transactions)...Ch. 2 - Prob. 2.13SCh. 2 - (Learning Objective 5: Use a trial balance)...Ch. 2 - Prob. 2.15SCh. 2 - (Learning Objectives 1, 2, 3, 4, 5: Define...Ch. 2 - Group A LO 1, 2, 4 (Learning Objectives 1, 2, 4:...Ch. 2 - LO 3 (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 2: Show the impact of business...Ch. 2 - (Learning Objective 4: Journalize transactions in...Ch. 2 - (Learning Objectives 4, 5: Post journal entries...Ch. 2 - Prob. 2.23AECh. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - (Learning Objective 5: Solve for cash and...Ch. 2 - (Learning Objectives 1, 2, 4: Identify...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 3: Analyze the impact of...Ch. 2 - (Learning Objective 2: Show the impact of business...Ch. 2 - LO 4 (Learning Objective 4: Journalize...Ch. 2 - Prob. 2.32BECh. 2 - (Learning Objective 4: Journalize entries and...Ch. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - Prob. 2.35BECh. 2 - LO 5 (Learning Objective 5: Solve for cash and...Ch. 2 - (Learning Objectives 4, 5; Journalize and poet...Ch. 2 - Which of the following is an asset? a. Common...Ch. 2 - Prob. 2.39QCh. 2 - The journal entry to record the acquisition of...Ch. 2 - The journal entry to record the purchase of...Ch. 2 - If the credit to record the purchase of supplies...Ch. 2 - The journal entry to record a payment on account...Ch. 2 - If the credit to record the payment of an account...Ch. 2 - Which statement is false? a. A trial balance lists...Ch. 2 - If a corporation purchases a delivery van for...Ch. 2 - Prob. 2.47QCh. 2 - Prob. 2.48QCh. 2 - Prob. 2.49QCh. 2 - Prob. 2.50QCh. 2 - Receiving cash from a customer on account will a....Ch. 2 - Prob. 2.52QCh. 2 - Purchasing a building for 115,000 by paying cash...Ch. 2 - Prob. 2.54QCh. 2 - Prob. 2.55QCh. 2 - Prob. 2.56QCh. 2 - Prob. 2.57QCh. 2 - (Learning Objective 5: Construct and use a trial...Ch. 2 - LO 2,3 (Learning Objectives 2, 3: Analyze the...Ch. 2 - (Learning Objective 4: Journalize transactions and...Ch. 2 - LO 4,5 (Learning Objectives 4, 5: Journalize and...Ch. 2 - Prob. 2.62APCh. 2 - Prob. 2.63BPCh. 2 - Prob. 2.64BPCh. 2 - Prob. 2.65BPCh. 2 - (Learning Objectives 4, 5: Journalize and post...Ch. 2 - (Learning Objectives 3, 5: Analyze the impact of...Ch. 2 - (Learning Objective 5: Analyzing accounts) The...Ch. 2 - Prob. 2.69CEPCh. 2 - Prob. 2.70CEPCh. 2 - (Learning Objectives 2, 3, 4: Analyze the impact...Ch. 2 - Prob. 2.72SCCh. 2 - Prob. 2.73DCCh. 2 - Prob. 2.74DCCh. 2 - Prob. 2.75EICCh. 2 - Prob. 2.76EICCh. 2 - Prob. 1FFCh. 2 - Prob. 1FA
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