Unadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital) 100,000 Accounts Receivable 16,000 Rent Expense 4,000 Office Supplies 1,000 Unearned Revenue 16,000 Salaries Expense 6,000 164,000 Total 180,000 180,000 Missing Credit = Total Debits Credit Balance Missing Credit = $ 180,000 $16,000 = $164,00 5 Create and journalize adjustments 6 Prepare adjusted trial balance 7- Prepare financial statements 8 - Prepare closing entries 9 - Prepare post - closing trial balance
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Unadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital) 100,000
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- Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectibleUnadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital) 100,000 Accounts Receivable 16,000 Rent Expense 4,000 Office Supplies 1,000 Unearned Revenue 16,000 Salaries Expense 6,000 164,000 Total 180,000 180,000 Missing Credit = Total Debits Credit Balance Missing Credit = $ 180,000 $16,000 = $164,00 5 Create and journalize adjustments 6 Prepare adjusted trial balance 7- Prepare financial statements 8 - Prepare closing entries 9 - Prepare post - closing trial balance.UNADJUSTED TRIAL BALANCE Account Debit Credit Cash $68,900 Accounts receivable 116,300 Interest receivable 1,300 Supplies inventory 138,600 Prepaid insurance 8,700 Notes receivable 50,000 Property and equipment 277,800 Accumulated depreciation $64,500 Accounts payable 104,100 Accrued liabilities 21,600 Deferred revenue 9,200 Notes payable 87,400 Contributed capital 216,100 Retained earnings 143,500 Sales revenue 40,500 Interest revenue 21,900 Cost of service expense 26,400 Supplies expense 0 Depreciation expense 0 Wages expense 3,000 Rent expense 17,800 Insurance expense 0 Totals $708,800 $708,800 The following data are available to determine adjusting entries: A) $4,350 of prepaid insurance expired during the period. B) The company estimates…
- "A Sticky Patch: Completing the Accounting Cycle for ROYAL JELLY TRADING" ROYAL JELLY TRADING, which follows GAAP and uses the periodic inventory system, is a merchandising business that buys and sells various kinds of jelly candies. Its trial balance as of fiscal year-end September 30, 2020, before any adjustments, can be found on the next page: Information for adjusting entries are as follows: 1. Interest has accrued on the customer's P20,000 60-day 12% note dated August 21, 2020 and this remained unrecorded as of year-end. 2. Rent for the month of September amounting to P15,000 has not been received as at year-end. 3. The company pays its employees their salaries every Friday for work done Monday to Friday of that week. Weekly pay is P10,000 for office salaries and P15,000 for store salaries. September 30, 2020 falls on a Wednesday. 4. At year-end, unused office supplies were P18,000, while unused store supplies amounted to P12,000. 5. One-fourth of the Prepaid Insurance Expense…A nongovernmental, not-for-profit had the following selected account balances on December 31, 2020 prior to closing entries: Revenue-WODR. $1,700,000 Revenue-WDR.. 900,000 Deferred Revenues. ..60,000 Program Expenses. .900,000 Administrative Expenses. 500,000 Fund Raising Expenses.. .180,000 445.000 Net Assets Reclassified to WODR. 445,000 Net Assets Reclassified from WDR 100,000 Prepaid Program Expenses.Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $400,900 $227,000 $95,800 $38,700 $22,900 $16,500 % uncollectible 1% 4% 5% 8% 10% Estimated uncollectibles $enter the total estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars
- Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000Mr Required information PA8-4 (Algo) Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3] [The following information applies to the questions displayed below.] Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $47,000 on credit. b. On January 31, the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $23,500 of accounts receivable. d. On February 15, the company wrote off $150 account receivable. e. During February, the company provided services for $37,000 on credit. f. On February 28, the company estimated…T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
- 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 EquityPrint Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITAt what amount will accounts receivable be reported on the balance sheet if the gross receivable balance is $100,000 and the allowance for uncollectible accounts is estimated at 6% of gross receivables? a. $94,000 b. $60,000 c. $106,000 d. $100,000