ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end
adjustment. The balance of ACcounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be
collected over the next year.
Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
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Record the adjustment for uncollectible accounts.
Note: Enter debits before credits.
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At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end
adjustment. The balance of Accounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be
collected over the next year.
Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry
Required" in the first account field.)
View transaction list
Journal entry worksheet
1
Record the adjustment for uncollectible accounts.
Note: Enter debits before credits.
Event
General Journal
Debit
Credit
30 F3
888
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The information necessary for preparing the 2021 year-end adjusting entries for Winter Storage appears below. Winter's fiscal year-end is December 31.Depreciation on the equipment for the year is $7,000.Salaries earned by employees (but not paid to them) from December 16 through December 31, 2021, are $3,400.On March 1, 2021, Winter lends an employee $12,000 and a note is signed requiring principal and interest at 6% to be paid on February 28, 2022.On April 1, 2021, Winter pays an insurance company $15,000 for a one-year fire insurance policy. The entire $15,000 is debited to prepaid insurance at the time of the purchase.$1,500 of supplies are used in 2021.A customer pays Winter $4,200 on October 31, 2021, for six months of storage to begin November 1, 2021. Winter credits deferred revenue at the time of cash receipt.On December 1, 2021, $4,000 rent is paid to a local storage facility. The payment represents storage for December 2021 through March 2022, at $1,000 per month. Prepaid…
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- Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $15,600, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $6,500 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $3,400. Demello billed the customer on January 7, 2022, and collected the full amount on 3. January 18, 2022. 4. Demello received the $480 December utility bill on January 10, 2022.…arrow_forwardAtty. Namjoonie began business on January 1, 2020. The unadjusted trial balance for the first year of operation is found below. The following data were collected for adjustments: 1. The balance in the Notes Receivable is for a single P60,000 note from a customer dated December 16, 2020. The note, due February 14, 2021, carries an interest rate of 20%. 2. A count of office supplies showed P12,000 still on hand as at December 31. 3. Bad accounts should be established amounting to P7,000 which seems to be uncollectible. 4. Atty. Namjoonie invested P35,000 of the furniture and fixtures when the clinic was opened on January 1. It is estimated to have a useful life of five years, no scrap value. 5. The office equipment was purchased on February 28 for P280,000. It has as estimated useful life of five years and a residual value of P40,000. 6. The salary of a newly hired secretary, Miss Queenie, amounting to P9,000 for the month of December, has not been paid and recorded. 7. Only P7,000 shown…arrow_forwardatty. namjoonie began business on january 1, 2020. the unadjusted trial balance for the first year of operation is found below. the following data were collected for adjustments: 1. the balance in the notes receivable is for a single p60,000 note from a customer dated december 16, 2020. the note, due february 14, 2021, carries an interest rate of 20%. 2. a count of office supplies showed p12,000 still on hand as at december 31. 3. bad accounts should be established amounting to p7,000 which seems to be uncollectible. 4. atty. namjoonie invested p35,000 of the furniture and fixtures when the clinic was opened on january 1. it is estimated to have a useful life of five years, no scrap value. 5. the office equipment was purchased on february 28 for p280,000. it has as estimated useful life of five years and a residual value of p40,000. 6. the salary of a newly hired secretary, miss queenie, amounting to p9,000 for the month of december, has not been paid and recorded. 7. only p7,000 shown…arrow_forward
- Demello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4. Demello received the $ 495 December utility…arrow_forwardDemello & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December 31, 2021: 1. Demello has a $ 14,400, 8% note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month. 2. Demello pays its employees a total of $ 6,900 every second Wednesday. Employees work a five-day week, Monday to Friday, and are paid for all statutory holidays. December 31, 2021, is a Friday. Employees were paid on Wednesday, December 29, 2021, up to the Friday of the prior week. 3. Demello has a contract with a customer where it provides services prior to billing the customer. On December 31, 2021, this customer owed Demello $ 3,490. Demello billed the customer on January 7, 2022, and collected the full amount on January 18, 2022. 4. Demello received the $ 495 December utility…arrow_forwardDuring the year ended 30 September 20X9, H recorded the following cash transactions: (1) A payment of an annual insurance premium of $6,000. This covered the period to 31 December 20X9. (2) Receipt of $3,000 in respect of rent from a tenant covering the three-month period to 30 November 20X9. What is the impact on profit and net assets of making the year-end adjustments for deferred income and prepayments at 30 September 20X9? Profit Net assets A. Decrease of $500 Increase of $500 B. Decrease of $1,000 Increase of $1,000 C. Decrease of $500 Decrease of $500 D. Increase of $1,000 Increase of $1,000arrow_forward
- The company estimates future uncollectible accounts. The company determines $4,400 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) Record the adjusting entry for uncollectible accounts. Note: I really need to see full calculations because I don't understand how to get these numbers.arrow_forwardplease help mearrow_forwardAllentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The following data are available:a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed$120,000 from NBD on September 1, 2019.b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly feeof $2,700 payable on the fifteenth of the month following the end of each quarter. No entrieshave been made for the services provided to Mack Trucks during the quarter ended December31, and the related bill will not be sent until January 15, 2020.c. At the beginning of 2019, the cost of office supplies on hand was $1,220. During 2019, officesupplies with a total cost of $6,480 were purchased from Office Depot and debited to officesupplies inventory. On December 31, 2019, Allentown determined the cost of office supplieson hand to be $970.d. On September 23, 2019, Allentown received a $7,650 payment from Bethlehem Steel for9 months of maintenance…arrow_forward
- On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.arrow_forwardFAITH Company presented the following information pertaining to accounts that will need adjustments forits November 30, 2020 year-end financial statements:a. On Oct. 1, 2020, Faith Company paid $10,800 for 6-months’ insurance premiums. Debited InsuranceExpense for the amount paid.b. The balance in the ledger account Office Supplies amounted to $32,000. A count of the officesupplies on hand as of Nov. 30, 2020 totaled $12,800.c. Faith Company received $22,800 on Nov. 1, 2020 from a customer for future services to be renderedduring the months of November, December, January, and February.d. Faith acquired Office Equipment costing $355,000 on April 1, 2020. The equipment is expected to last5 years after which it will have a salvage value of $2,200.e. Assume that Nov. 30, 2020 is a Thursday and that Faith pays its employees a total of $87,500 everyFridays for a 5-day working week.Required: Prepare the necessary adjusting entries for Faith Company at November 30, 2020arrow_forwardFrom the following given data, prepare adjusting journal entries for the year ended December 31, 2021: Purchase of supplies for P3,000. At the end of the year, P1,000 cost of supplies were actually used. Expense method was used in payment of supplies. A P48,000 6%, 120-day note was received from a client dated November 1, 2021. The interest was not yet collected at the end of the accounting period. Before adjustments, the balance of laundry supplies inventory was P35,000. Physical count of supplies inventory was P15,000. An office equipment was acquired on May 31, 2021 for P150,000. The office equipment has an estimated life of 5 years without scrap value. A copying machine was rented on November 30, 2021 at P1.00/copy of production. It reported to have produced 300 copies as of December 31, 2021. No payment was made as of this date. Signed an advertising contract on December 1, 2021 with a radio station for P3,500. The contract will commence upon payment on December 15. 2021 and will…arrow_forward
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