orange corporation uses the following items for its bank reconciliation for the month of April balance...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's entry for bad debt expense. The age data of accounts receivable is as follows: Estimated Percentage Uncollectible 1% 3% 6% 15% 30% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211.000 (a) Make the bad debts expense adjusting journal entry...
Blossom Food Store used the following information in recording its bank reconciliation for the month of April. Balance per books April 30 Balance per bank statement April 30 $870 $13,100 (1) (2) (3) (4) (5) Checks written in April but still outstanding $6,600. Checks written in March but still outstanding $4,200. Deposits of April 30 not yet recorded by bank $4,600. NSF check of customer returned by bank $750. Check No. 210 for $694 was correctly issued and paid by...
Cullumber Food Store used the following information in recording its bank reconciliation for the month of April. Balance per books April 30 Balance per bank statement April 30 $950 $13,700 (1) (2) (3) (4) (5) Checks written in April but still outstanding $7,960. Checks written in March but still outstanding $3,500. Deposits of April 30 not yet recorded by bank $4,800. NSF check of customer returned by bank $500. Check No. 210 for $783 was correctly issued and paid by...
wme following would be added to the balance per bank on a bank reconciliation? 8. Which of the following would be added to the ba a. Outstanding checks b. Deposits in transit c. Notes collected by the bank d. Service charges 9. A check returned by the bank marked "NSF" means a. no service fee. b. no signature found c. not satisfactorily filled out. d. not sufficient funds. 10. Deposits in transit a. have been recorded on the company's books...
2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following (10 marks): Estimated Percentage Uncollectible Current Accounts........................................... $150,000 1% 1-30 days past due.............................................. 15,000 3% 31-60 days past due.............................................. 8,000 6% 61-90 days past due.............................................. 5,000 12% Over 90 days past due.................................... 6,000 30% Total Accounts...
Prepare a bank reconciliation. 21 seharbor Food Store used the following information in recording its bank reconciliation to recording its bank reconciliation for the month of April. Balance per books April 30, 2019: $ 1,810 Balance per bank statement April 30, 2019: 22,600 (1) Checks written in April but still outstanding $21,200. (2) Deposits of April 30 not yet recorded by bank $8,800. (3) NSF check of customer returned by bank $ 1.000. (4) Cash receipts from customers in the...
Problem 7-10A Preparation of a bank reconciliation and recording adjustments LUO CHECK FIGURE: 1. Adjusted book balance = $28,250 The following is information for Dundee Realty a. Balance per the bank statement dated October 31, 2017, is $20,000 b. Balance of the Cash account on the companui books as of October 31, 2017.15 0.01 c. $14,680 of customer deposits were outstanding as of September 30, this amount had been deposited to Dundee's account in October. d. Cheques written in October...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On December 31 of the current year an aging analysis of accounts receivable revealed the following 4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
Reebies Food Store developed the following information in month of March recording its bank statement for $ 2,905 $10,900 Balance per books March 31 Balance per bank statement March 31 (1) Checks wniten in March but still outstanding $7,000 (2) Checks writtern in February but still outstanding $2.800 (3) Deposits of March 30 and 31 not yet recorded by bank $5,200 (4) NSF check of customer returned by bank $1,200. (5) Check No. 210 for $594 was correctly issued and...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...