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Аавьса. Аавьсах Аавьс. Аавьсс Аав Аавьсс. Аавьсас T Normal No Spaci.. Heading 1 Heading 2 Title Subtitle Subtle Em Font P aragraph Styles Case 1. Duracraft Corporation is nearing the end of its first year of operations. Duracraft made inventory purchases of $745,000 during the year, as follows: • • . • January 1,000 units @ $100.00 $100,000 July 4,000 units @ $121.25 = $485,000 November 1,000 units @ $160.00 = $160,000 Totals 6,000 units = $745,000 Sales for the...
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What is the solution for accounts receivable and allowance for
doubtful accounts ?
Required information The following information applies to the questions displayed below.) Execusmart Consultants has provided business consulting services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial list of transactions. a. During January,...
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4.40 8.9 9.10 PROBLEMS-SET A P10-1A. Journal Entries for Accounts and Notes Payable Lyon Company had the following transactions: 8 Issued a 6,000, 60-day, six percent note payable in payment of an account with Bennett Company. 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. 7 Paid Bennett Company the principal and interest due on the April 8 note payable. 6 Purchased $14,000 of merchandise from Bolton Company; signed a 90-day note with LO1 Аpг. MBC...
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Need to:
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends account.
Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,6ee 41,000 Accounts receivable Supplies Inventory 2.008 61,08e 21,08e Notes receivable Interest receivable Prepaid rent Prepaid insurance...
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Instructions Chart of Accounts Journal Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30 31 30 16 Issued a 30-day, 4% note for $372,000 to Kirkwood Co., on account. Paid Kirkwood Co the amount owed on the note of March 31. Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. Purchased tools by issuing a $276,000, 60...
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Post the unadjusted balances and adjusted entries into the
appropriate t-accounts
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,600 41,000 2,000 61,000 Accounts receivable Supplies Inventory Notes receivable Interest receivable 21,000 Prepaid rent Prepaid insurance office equipment Accumulated depreciation...
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U 3. Prepare an adjusted trial balance. (Do not round Intermediate calculations. Round your final answers to nearest wh 2 of 5 Answer is complete and correct. Credits OOOOOOOOO PASTINA COMPANY Adjusted Trial Balance December 31, 2021 Account Title Debits Cash 36.400 Accounts receivable 43.800 Supplies 1,010 Inventory 63.600 Notes receivable 23.600 Interest receivable 1.573 Prepaid rent 1.400 Prepaid insurance 2.400 Office equipment 94.400 Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained...
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53,480 3,700 83,800 37,000 7,400 163,000 Lares payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 87,000 20,600 12,700 2,800 4,700 410,400 410,400 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,700. 2. Employee salaries are paid twice a month, on...
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Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
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Required Information PA8-4 Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3] [The following information applies to the questions displayed below.] Web Wizard, Inc., 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 recelvable method. The company entered into the following...
Аавьса. Аавьсах Аавьс. Аавьсс Аав Аавьсс. Аавьсас T Normal No Spaci.. Heading 1 Heading 2 Title Subtitle Subtle Em Font P aragraph Styles Case 1. Duracraft Corporation is nearing the end of its first year of operations. Duracraft made inventory purchases of $745,000 during the year, as follows: • • . • January 1,000 units @ $100.00 $100,000 July 4,000 units @ $121.25 = $485,000 November 1,000 units @ $160.00 = $160,000 Totals 6,000 units = $745,000 Sales for the...
What is the solution for accounts receivable and allowance for
doubtful accounts ?
Required information The following information applies to the questions displayed below.) Execusmart Consultants has provided business consulting services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial list of transactions. a. During January,...
4.40 8.9 9.10 PROBLEMS-SET A P10-1A. Journal Entries for Accounts and Notes Payable Lyon Company had the following transactions: 8 Issued a 6,000, 60-day, six percent note payable in payment of an account with Bennett Company. 15 Borrowed $40,000 from Lincoln Bank, signing a 60-day note at nine percent. 7 Paid Bennett Company the principal and interest due on the April 8 note payable. 6 Purchased $14,000 of merchandise from Bolton Company; signed a 90-day note with LO1 Аpг. MBC...
Need to:
Record the entry to close the revenue accounts.
Record the entry to close the expense accounts
Record the entry to close the dividends account.
Pastina Company sells varlous types of pasta to grocery chains as private label brands. The company's reporting year-end Is December 31. The unadjusted trlal balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,6ee 41,000 Accounts receivable Supplies Inventory 2.008 61,08e 21,08e Notes receivable Interest receivable Prepaid rent Prepaid insurance...
Instructions Chart of Accounts Journal Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30 31 30 16 Issued a 30-day, 4% note for $372,000 to Kirkwood Co., on account. Paid Kirkwood Co the amount owed on the note of March 31. Borrowed $150,000 from Triple Creek Bank, issuing a 45-day, 8% note. Purchased tools by issuing a $276,000, 60...
Post the unadjusted balances and adjusted entries into the
appropriate t-accounts
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021, appears below. Account Title Debits Credits Cash 32,600 41,000 2,000 61,000 Accounts receivable Supplies Inventory Notes receivable Interest receivable 21,000 Prepaid rent Prepaid insurance office equipment Accumulated depreciation...
U 3. Prepare an adjusted trial balance. (Do not round Intermediate calculations. Round your final answers to nearest wh 2 of 5 Answer is complete and correct. Credits OOOOOOOOO PASTINA COMPANY Adjusted Trial Balance December 31, 2021 Account Title Debits Cash 36.400 Accounts receivable 43.800 Supplies 1,010 Inventory 63.600 Notes receivable 23.600 Interest receivable 1.573 Prepaid rent 1.400 Prepaid insurance 2.400 Office equipment 94.400 Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained...
53,480 3,700 83,800 37,000 7,400 163,000 Lares payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense Advertising expense Totals 87,000 20,600 12,700 2,800 4,700 410,400 410,400 Information necessary to prepare the year-end adjusting entries appears below. 1. Depreciation on the office equipment for the year is $11,700. 2. Employee salaries are paid twice a month, on...
Credits Debits 30,000 40,000 1,500 60,000 20,000 0 2,000 6,000 80,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends Sales revenue Interest revenue Cost of goods sold Salaries expense Rent expense Depreciation expense Interest expense Supplies expense Insurance expense 30,000 31,000 0 50,000 0 2,000 60,000 28,500 4,000 146,000 0 70,000 18,900 11,000...
Required Information PA8-4 Accounting for Accounts and Notes Receivable Transactions [LO 8-2, LO 8-3] [The following information applies to the questions displayed below.] Web Wizard, Inc., 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 recelvable method. The company entered into the following...