Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 6, Problem 4R
Erase the aging information for October and enter the following information for November 30, 2012:
Save the results as AGING4. Print the worksheet. Has the estimated total uncollectible accounts increased or decreased in November? Explain.
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Chapter 6 Solutions
Excel Applications for Accounting Principles
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- I see the end portion. But it doesn't provide how they came up with that answer. Like the journal entries for each year showing all the purchases, adjustments, end of year, etc. Could you break it down by year showing how each one was obtained?arrow_forward2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for cach age category, using the Excel IF and AND FUNCTIONS (fx) to determine wh customer amount belongs. The IF statement may include the following arguments: ,>=, <=, Excel AND FUNCTION (fx).arrow_forwardNote: You must complete parts 1, 2, and 3 before completing part 4 of this comprehensive problem. Based on the following selected data, journalize the adjusting entries as of December 31 of the current year: If an amount box does not require an entry, leave it blank. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. a. Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit). Description Debit Credit b. The physical inventory on December 31 indicated an inventory shrinkage of $3,300. Description Debit Credit c. Prepaid insurance expired during the year, $22,820. Description Debit Credit d. Office supplies used during the year, $3,920. Description Debit Creditarrow_forward
- Match each situation below to two applicable reasons that require an adjustment to be made. A. Revenue has been generated. B. Expense has been incurred. C. Liability has been incurred. D. Liability has been fulfilled. E. Asset has been acquired. F. Asset has been used up. Situation Reasons 1. IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month. 2. This month Apple, Inc., redeemed iTunes gift cards that had been issued last month. 3. Schutt Sports used up some of the benefits of its football helmet manufacturing equipment. 4. Procter & Gamble received a bill for this month's advertising services, which it will pay next month.arrow_forwardPlease assist with question 3arrow_forwardPlease write a general journal and general ledger (date, description, account#, debit, credit).arrow_forward
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- Please answer E4.12 #1-3. Where it says instructions and then instructions for parts a and b. Only part a needs to be done for E4.12 1-3, so part b can be ignored. Thanks.arrow_forwardPrepare the general journal entries to record the accounts receivable 'write-offs' and the 'write-off recoveries' for 2023. Label Debit accounts with "Dr" and Credit accounts with "Cr". For example: (Dr) Asset $XXXXX, (Cr) Revenues $XXXXX. Ignore GST & narrationsarrow_forwardThe fiscal year-end for Mason's Landscaping and Snow Removal is December 31. Record the adjusting entries for December 31, 2014. Hint: It is helpful to record the original transactions (or account balances) in your own rough notes as part of your analysis and calculations of year-end adjusting entries. T-accounts can be very useful for doing this. However, the only entries that should be recorded in the journal for this assignment are the December 31 adjusting entries. The accounts in Mason's ledger are: Bank Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Truck Assignment 1 - Adjusting Entries Accounts Payable Unearned Service Fees Bank Loan B. Mason, Capital B. Mason, Drawings Service Fees Earned Rent Expense Insurance Expense Supplies Expense Office Expense Maintenance Expense Truck Expense Interest Expense 1. On July 1, 2014, a customer signed a contract and agreed to pay $840 for 12 months of landscaping and snow removal services. 2. The balance in the Supplies account…arrow_forward
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