Assets | = | Liabilities | + | Stockholders' Equity | ||||
a. | Allowance for doubtful accounts | -15000 | Bad debt expense | -15000 | ||||
b. | Allowance for doubtful accounts | +9500 | ||||||
Accounts receivable | -9500 |
Using the following categories, indicate the effects of the following transactions. Use + for increase and...
Using the following categories, indicate the effects of the following transactions. Use + for increase and − for decrease and indicate the accounts affected and the amounts. a. At the end of the period, bad debt expense is estimated to be $16,000. b. During the period, bad debts are written off in the amount of $7,200. a. At the end of the period, bad debt expense is estimated to be $16,000. b. During the period, bad debts are written off...
Using the following categories, indicate the effects of the following transactions. Indicate the accounts affected and the amounts. (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) During the period, customer balances are written off in the amount of $10,800. At the end of the period, bad debt expense is estimated to be $8,800.
M6-4 (Algo) Determining Financial Statement Effects of Bad Debts LO6-2 Indicate the accounts affected and enter decreases to account categories with a minus sign. a. At the end of the period, bad debt expense is estimated to be $16,200. b. During the period, bad debts are written off in the amount of $8,400. Stockholders' Equity Assets Liabilities а. b.
3 Indicate the accounts affected and enter decreases to account categories with a minus sign a. At the end of the period, bad debt expense is estimated to be $17,700. b. During the period, bad debts are written off in the amount of $7,900. 11.11 points Stockholders' Equity Liabilities Assets a. eBook Print b. References
Using the following categories, indicate the effects of the following transactions. Use positive value for increase, negative value for decrease and indicate the accounts affected. a. Sales on account were $620 and related cost of goods sold was $360. b. Issued 2,000 shares of $1 par value stock for $60,000 cash. Liabilities Stockholders' Equity Event a. 620 Assets Accounts receivable Inventory Cash 620 -360 60,000 b. Cost of goods sold Common stock Additional paid-in capital 2.000 58,000
Using the following categories, indicate the effects of the following transactions. Use positive value for increase, negative value for decrease and indicate the accounts affected. a. Sales on account were $620 and related cost of goods sold was $360. b. Issued 2,000 shares of $1 par value stock for $60,000 cash. Llabilities Event Assets a. Sales revenue Stockholders' Equity
Following the example shown in (a) below, indicate the effects of the listed transactions on assets, liabilities, and stockholders' equity of John Dallmus, certified public accountant, a corporation: Transaction Accounting effects a. Purchased, for cash, a desktop computer for use in the office ✓ b. Rendered accounting services and billed the client. Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity C. Paid utilities for the month. Increase assets, increase liabilities d. Rendered tax services to a client for cash....
Uncollectible Accounts, Using Direct Write-Off Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct write-off method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. March 18. Received $5,000 on...
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. Increase, B. decrease, or C. no effect Stockholders' equity Assets Liabilities Revenues Expenses Credit sales transaction cycle 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off
Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Assets Liabilities Stockholders' equity Revenues Expenses Credit sales transaction cycle 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off