8) Answer : d. debits to Bad Debts Expense | ||
Entry: Debit Bad Debts , Credit Accounts Receivables | ||
9) Answer : a. No gain no loss | ||
Entry: Debit Acc. Dep $44000 , Debit Cash $1000 & Credit Machine $45000 | ||
10) Answer : c. Sales tax payable of $14400 | ||
Sales tax payable on Sales = 180000 * 8% = 14400 | ||
11) Bank reconciliation: | ||
Reconciliation of Bank Statement | Amount$ | |
Bal of B State | 18590 | |
add:Dep. In transit | 1870 | |
less:check o/s | -3290 | |
add:Statement differ. | 200 | |
Adj Bal of B State. | 17370 | |
Reconciliation of Cash Book | Amount$ | |
Bal of cash a/c | 16650 | |
less NSF (1) | -700 | |
less short debit 1690-1960 (2) | -270 | |
add direct coll (3) | 1700 | |
less rent paid (4) | -400 | |
add insur recd. (5) | 400 | |
less Bank charges (6) | -10 | |
Adj Bal of Cash a/c | 17370 | |
Journal Entries in Cash Book: | ||
1) | ||
Debit Accounts Receivables | 700 | |
Credit Cash | 700 | |
2) | ||
Debit Accounts Payable | 270 | |
Credit Cash | 270 | |
3) | ||
Debit Cash | 1700 | |
Credit Note Receivables | 1700 | |
4) | ||
Debit Rent expense | 400 | |
Credit Cash | 400 | |
5) | ||
Debit Cash | 400 | |
Credit Insurance receivables | 400 | |
6) | ||
Debit Bank Charges | 10 | |
Credit Cash | 10 |
to record a wrise-oft of an ning the drect metthod invelves e, credit to Cash so...
IL. (20') The December cash record of ABB Insurance follow: Cash Receipts- Cash Payments Check No. Date Cash Debit Cash Credit Dec 3 S 4,150 540 560 2,190 1,870 2416 2417 2418 2419 2420 2421 2422 S 850 160 670 1,690 1,450 1,200 640 16 23 31 ABB Insurance's cash account shows a balance of $16,650 at December 31. On December 31, the received the following bank statement: Bank Statement for December Beginning Balance $14,000 Checks and other Debits Dec....
11, (20') The December cash record ofABB i Insurance follow: Date Cash Debit Check No. Cash Credit Dee 3 S 4,150 2416 2417 2418 2419 2420 2421 2422 5 850 160 670 1,690 1,450 1,200 640 16 23 31 560 2,190 1,870 ce's cash account shows a balance of $16,650 at December 31. On December 31, the company ABB Insuran received the following bank statement: Bank Statement for December Beginning Balance $14,000 sits and other Credits EFT ec $ 400...
c. Sales tax payable of $14,400. IL. (20') The December cash record of ABB Insurance follow yments b Cash Receipts Check No. Cash Credit Date Cash Debit Dec 3 S 850 S 4,150 540 560 2,190 1,870 2416 2417 2418 2419 2420 2421 2422 160 670 1,690 1,450 1,200 640 16 s cash account shows a balance of $16,650 at December 31. On December 31, the compang received the following bank statement Bank Statement for December Beginning Balance $14,000 Deposits...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss c. Gain of $1,000 10. Your company liability does the...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss e. Gain of $1,000 10. Your company sells S 180,000...
g. The entry to record a write-of of an acoount wihen uning the direct wrise off method invelves a delblit to Allowance for Bad Detts b. debit so Accounts Receivable d detits so Bad Dabts Experme e, credit to Cash ompaty sold the machine for $1,000. What is the result of the disgosal transaction? of $44,000. Suppose yow No pain no loss c. Gain of s 10. Your soeheasinriceofod and selletis sses b. Loas of $1,000 Loss of $45,000 (selling...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a. debit to Allowance for Bad Debts c. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 10. Your company sells $180,000 (selling price) of goods and collects...
Please complete in excel P8-25A Preparing a bank reconciliation and journal entries The December cash records of Dunlap Insurance follow Cash Receipts Cash Payments Cash Debit Check No. Cash Credit Date Dec. 4 S 860 $ 4,170 1416 510 1417 130 1418 530 14 650 17 1419 2,180 1,490 1420 1,440 1,850 1421 900 1422 630 Dunlap's Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement Bank Statement for...
P7-27A Preparing a bank reconciliation and journal entries The December cash records of Davidson Insurance for Learning Objective 1. Adved Balance 5 Cash Receipts Date Cash Debit Dec 4 $4,240 Cash Payments Check No. $ 810 1417 Cash Credit 1416 630 1.900 1,860 1418 1419 1420 1421 1422 1,390 1,490 700 600 Davidson's Cash account shows a balance of $17.450 at December 31. On December 31. Davidson Insurance received the following bank statement NSF PIZ $ 14,100 550 9.040 Bank...
Q2 Ch8 P8-27A (similar to) E Question Help i Data Table Auditional data for the bank reconciliation i (Click the icon to view the additional i The December cash records of Donald Insurance follow: (Click the icon to view the checkback.) Donald's Cash account shows a balance of $16,640) at December 31. On December 31, Donald Insurance necalved the following bank statement: Click the icon to view the December bank statement.) Read the requirements Cash Receipts Date Cash Debit Dec...