On October 1 the following trial balance was extracted from Zing Store: Dr Cr Accounts Payables Accounts Receivables Bad Debt expense Capital Cash at bank Discount Allowed 8410 12400 420 168430 4870 510 Discount Received 730 Drawings Electricity charges Furniture and Equipment: 31300 141 040 Cost 20000 Provision for depreciation at 1 October 2018 7260 Insurance 2050 Inventory 1 October 2018 Purchases 11420 131800 Provision for Doubtful Debts 1 October 2018 530 Rent received 4300 Revenue 214900 Shop Premises: Cost 15000 Provision for depreciation 1 October 2018 6000 Wages 39750 410.500 1410 500
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- Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…Cajegas Trucking ServicesTrial BalanceJune 30, 2021Debit CreditCash in Bank P 1,020,000Petty Cash Fund 1,000Accounts Receivable 120,000Est. Uncollectible Account P 1,200Unused Supplies 15,000Prepaid Insurance 8,500Prepaid Rent 30,000Delivery Truck 1,500,000Acc. Depreciation – Delivery Truck 250,000Accounts Payable 130,000P. Cagejas, Capital 1,818,500P. Cagejas, Drawings 50,000Trucking Income 935,000Taxes and Licences 10,000Repairs and Maintenance 27,000Retainer Fees 25,000Salaries and Wages 320,000Utilities Expense 8,200Total P 3,134,700 P 3,134,700Additional Information1. Provision for Uncollectible Account should be at 2% of the outstanding receivable account.2. Supplies actually on hand, P5,000.3. Of the Prepaid Insurance, P6,200 has actually expired.4. P18,000 of the Prepaid Rental has expired.5. Depreciation Expense for the period is P105,000.Required:a. An 8-column worksheetb. Balance Sheetc. Income Statementd. Statement of Changes in Owner’s Equity
- (To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer E14 - Entity A sold its registered $ 1000 at a rate of 4.60 TL at a rate of 4.65 TL. Which of the following accounts is correct in the journal entry to be made?A) 100 02 DOLLAR CASH ACCOUNT RECEIVABLE 4600 TLB) NoneC) 656 EXCHANGE LOSS ACCOUNT DEBTED 150 TLD) 100 01 TL CASH ACCOUNT RECEIVABLE 4.650 TL E) BORROWED 646 EXCHANGE PROFIT ACCOUNT 50 TLRequired: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.
- Accounting for Assets: ReceivablesSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts.o The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit)o The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000.The company completed the following transactions during 2010 and 2011:2010June 10thWrote off the balance of $600 from Manny Miller’s account as uncollectibleSeptember 15thRe-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlierDecember 31stRecorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectibleDecember 31stMade the closing entry for the uncollectible expense account2011Jan 17Sold inventory to Jack Frost, $1100, on accountAugust 15Wrote off as uncollectible the accounts of Barry Semper, $1,500;…Pachel corpolatian re Ports the per teining vecevicable Days Past Due 3-60 followinginfamethon to iti accounts cuNent 1-30 ever90 $2500 1200. $2000 Jhe companys cradit depaltment Plovided the following statement estima ter vegarding the pocent of occounts enfc ted to eventuallyy be writtenoff form. each category current veceveiNable receivables -30 days past due listed aboue aut standing rELENables 31-ho days past due 16 feceivables 6L-G0 days Pajt due receivable Cuer 20 days due. 90 Recold the company's uncollectible account afsuming it hal expense fredit balance for in its llawance Deuhtful accounts pror to the necessaty maling endjustment.Record the journal enteries under the appropiate accounts that are provided. Account # Account Title 100000 Bank Account 110100 Miscellaneous Accounts Receivable 110400 Allowance for Bad Debt 200600 Inventory-Operating Supplies 200900 Inventory-Raw Materials (Direct Post) 200910 Inventory-Finished Goods (Direct Post) 200920 Inventory-Trading Goods (Direct Post) 210000 Prepaid Insurance 212000 Prepaid Advertising 216000 Deposits on Purchases 220110 Land (Direct Post) 220210 Property, Plant & Equipment (Direct Post) 220310 Accumulated Depreciation-PP&E (Direct Post) 300200 Payables-Miscellaneous 300700 Payables-Salaries and Wages 300800 Accrued Expenses 320000 Accrued Tax-Output 329000 Common Stock 330100 Retained Earnings (Direct Posting) 600000 Sales Revenue 610000 Sales Discounts 780000 Cost of Goods Sold January 3GBI received $55,692 in safety product inventory and $37,128 in raw materials from Dallas Bike Basics. This…
- Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12a. 8,200,000 b. 6,200,000 c. 2,000,000 d. 4,200,000 Problem 4-15 (AICPA Adapted) 81 molde Steven Company provided the following information during the first year of operations: 0913410000 Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers bgodno ode All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible, What amount should be reported as accounts receivable on December 31? od ove arlo batable pore ab a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 7,000,000 1,400,000 4,000,000 120 000 030 000,000 at amount was received b remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000 Problem 4-17 (PHILCPA A Germany Company started busines year. The entity established an all- estimated at 5% of credit sales. wrote off P50,000 of uncollectible Further analysis showed th amounted to P9,000,000 and e was P1,500,000. Goods were s The total sales…Trial Balance as at December 31, 2018 Cash 1,000000 Accounts receivable 450000 Allowance for bad debt 15000 Merchandise inventory 186000 Store Supplies 120000 Furniture and fixtures 1000000 Accumulated depreciation Furniture and Fixtures 360000 Computer equipment 600000 accumulated depreciation computer equipment Accounts payable 320000 wages payable Unearned sales revenue 150000 Notes payable, Long term 900000 John Columbus, capital 2200000 John Columbus, withdrawals 95000 sales revenue 1761000 sales discount 120000 Sales returns and allowances 95000 Cost of goods sold 650000 wages expense 450000 Insurance expense 180000 depreciation expense - Furniture and fixtures Depreciation Expense - computer Equipment Store Supplies Expense 40000 Utilities expense 180000 Bad debt expense Interest expense 90000 Total 5706000 insurance of $450,000 was paid on May 1, 2018 for the 10-months to February 2019. The furniture and fixtures have an estimated useful life of 10 years and is being…