Shown below is a partial journal entry. Debit Cash 10,500 Credit Interest Receivable 250 Credit ?...
Shown below is a partial journal entry.
|
Debit Cash |
10,500 |
|
Credit Interest Receivable |
250 |
|
Credit ? |
250 |
|
Credit Note Receivable |
10,000 |
The missing account is:
Select one:
a. Bad Debt Expense.
b. AFDA
c. Accounts Receivable.
d. Interest Revenue
Homework Answers
Correct answer------------d. Interest Revenue.
.
The total amount received is 10500 in which 500 is for interest. Since 250 is been already recorded as revenue in earlier period another 250 belongs to interest revenue for current period or say the period in notes receivable is matured.
Add Answer to:
Shown below is a partial journal entry.
Debit Cash
10,500
Credit Interest Receivable
250
Credit ?...
This is from Chapter 8 from Accounting 2301. I need the equations to understand. Credit sales...
This is from Chapter 8 from Accounting 2301. I need the
equations to understand.
Credit sales for the year were $40,000. Ending accounts
receivable is $3,000. The Allowance for Doubtful Accounts has a
credit balance of $300. The accountant aged the accounts receivable
and determined that $620 would be uncollectible.
1. Determine the uncollectible accounts expense and prepare the
adjusting entry to record this expense.
A. Debit Bad Debt Expense 500; Credit Allowance for Doubtful
Accounts 500.
B. Debit Bad...
Use the provided partial chart of accounts when preparing general journal entries in the space provided...
Use the provided partial chart of accounts when preparing general journal entries in the space provided below. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts • Notes Receivable • Interest Receivable • Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable • Common Stock • Retained Earnings • Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
Use the provided partial chart of accounts to prepare the general journal entries in the space...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash • Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable • Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
Use the provided partial chart of accounts to prepare the general journal entries in the space...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings • Sales Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
What would be the journal entries along with the debit/credit amounts? Presented below is a partial...
What would be the journal entries along with the debit/credit
amounts?
Presented below is a partial amortization schedule for Discount Pizza (1) (2) (3) Cash Paid for Interest (4) Increase in Carrying Value Interest Expense Period Issue date Carrying Value $61,310 61,476 61,648 $1,980 1,980 $2,146 2,152 $166 172 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $66,000. (If no entry is required for a particular transaction/event, select...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty Cash for $180 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $314,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? Select the correct...
The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $...
The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $ 23,200 46,500 $ 4,200 9,700 95,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense utilities Expense Supplies Expense Totals 14,380 146,000 30,990 126,800 71,900 27,200 18.700 $322.200 $322,200 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances...
14. The journal entry to accrue interest revenue is..- c. Interest Receivable Interest Revenue a. Cash Interest Rev...
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Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable to...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $655,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $38,000 at the beginning of 2021 and $24,000 in receivables were written off during the year as uncollectible. Also, $1,800 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts...
This is from Chapter 8 from Accounting 2301. I need the
equations to understand.
Credit sales for the year were $40,000. Ending accounts
receivable is $3,000. The Allowance for Doubtful Accounts has a
credit balance of $300. The accountant aged the accounts receivable
and determined that $620 would be uncollectible.
1. Determine the uncollectible accounts expense and prepare the
adjusting entry to record this expense.
A. Debit Bad Debt Expense 500; Credit Allowance for Doubtful
Accounts 500.
B. Debit Bad...
Use the provided partial chart of accounts when preparing general journal entries in the space provided below. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts • Notes Receivable • Interest Receivable • Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable • Common Stock • Retained Earnings • Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash • Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable • Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings Sales • Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of...
Your company has $3,700,000 in credit sales during 2011. The beginning balance of the allowance for doubtful accounts is $3,600 and the company writes off $600 in bad debts during the year. (a)Calculate the estimated doubtful accounts using the aging of accounts receivable method given that $1,520,000 of the credit sales are not yet due (estimated that 0.3% are uncollectible), $345,000 are 1-60 days late (estimated that 2.60% are uncollectible) and $10,000 are over 60 days late (estimated that 32%...
Use the provided partial chart of accounts to prepare the general journal entries in the space provided below for the following transactions. Chart of Accounts • Cash Accounts Receivable • Allowance for Doubtful Accounts Notes Receivable Interest Receivable Office Equipment • Machinery • Accumulated Depreciation • Accounts Payable • Interest Payable Common Stock • Retained Earnings • Sales Interest Revenue • Bad Debt Expense • Depreciation Expense • Insurance Expense • Interest Expense • Gain on Sale of Asset •...
What would be the journal entries along with the debit/credit
amounts?
Presented below is a partial amortization schedule for Discount Pizza (1) (2) (3) Cash Paid for Interest (4) Increase in Carrying Value Interest Expense Period Issue date Carrying Value $61,310 61,476 61,648 $1,980 1,980 $2,146 2,152 $166 172 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $66,000. (If no entry is required for a particular transaction/event, select...
debit to Cash for $22 credit to Cash Short and Over for $10 credit to Petty Cash for $180 Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $314,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 3% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $3,000 before adjustment? Select the correct...
The general ledger of Pop's Fireworks includes the following account balances in 2021 Credit Debit $ 23,200 46,500 $ 4,200 9,700 95,000 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense utilities Expense Supplies Expense Totals 14,380 146,000 30,990 126,800 71,900 27,200 18.700 $322.200 $322,200 In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances...
14. The journal entry to accrue interest revenue is..- c. Interest Receivable Interest Revenue a. Cash Interest Revenue То ассrue interest To accrue interest d. Interest Revenue b. Interest Revenue Interest Receivable Cash To accrue interest To accrue interest 15. Your company sells a product for another company and receives a com mission of 10% on sales, By the end of your company's fiscal year, your company had sales of $200,000 and received $8,000, which was credited to Revenue. How...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $655,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $38,000 at the beginning of 2021 and $24,000 in receivables were written off during the year as uncollectible. Also, $1,800 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts...
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