Problem (b) Crane Company's chart; General Ledger...
(b)
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The accounts in the general ledger of Crane Company as of March 31 of the current...
The accounts in the general ledger of Crane Company as of March 31 of the current year are listed in alphabetical order as follows. All accounts have normal balances. The balance of the Cash account has been intentionally omitted. Account Amount Accounts payable $16,100 Accounts receivable 32,650 Cash ? G. Smith, capital 25,500 G. Smith, drawings 15,630 Insurance expense 515 Interest expense 1,060 Notes payable 14,800 Rent expense 16,000 Salaries expense 37,300 Service revenue 71,355 Supplies 1,200 Supplies expense 1,700...
On October 31, the Company's general ledger shows $88,000 for the checking account balance. The company's...
On October 31, the Company's general ledger shows $88,000 for the checking account balance. The company's cash receipts for the month which haven't cleared the bank yet are $20,000 and checks written by the company this month which have not cleared the bank total $35,000 While comparing the bank statement with the general ledger the company determined the bank overcharged the company $1,000 for a check the company wrote. The bank statement also reported service fees of $50, interest earned...
a. As of December 31 (the end of the prior quarter), the company's general ledger showed...
a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings 64,989 219, 280 61,350 374, $ 92,325 see, e 126,225 718,550 $ 718,550 $ b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 274,000 $ 499,000 $ 606,000 $ 321,989 $ 217.eee...
Willow Company's general ledger showed a checking account balance of $25,000 at the end of May...
Willow Company's general ledger showed a checking account balance of $25,000 at the end of May 2006. The May 31 cash receipts of $3,000, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2006, showed bank service charges of $50. All checks written by the company had been processed by the bank by May 31 and...
On February 28", TR Company's general ledger shows a checking account balance of $36,900. The company's...
On February 28", TR Company's general ledger shows a checking account balance of $36,900. The company's cash receipts for the month which haven't cleared the bank yet are $12,000 and checks written by the company this month which have not cleared the bank total $24,500. While comparing the bank statement with the general ledger TR determined the bank under- charged them $90 for a check the bank cleared. The bank statement also reported service fees of $10, interest TR earned...
The following information is taken from the 2022 general ledger of Crane Company. Rent Rent expense...
The following information is taken from the 2022 general ledger of Crane Company. Rent Rent expense Prepaid rent, January 1 Prepaid rent, December 31 $ 90,000 17,700 22,200 Salaries Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 $ 162,000 6 ,000 24,000 Sales Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $480,000 48,000 21,000 In each case, compute the amount that should be reported in the operating activities section of...
On July 31, 2022, the general ledger of Crane Legal Services Inc. showed the following balances:...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
The general ledger of Fast Ship at June 30, 2016, the end of the company's fiscal...
The general ledger of Fast Ship at June 30, 2016, the end of the company's fiscal year, includes the following account balances before payroll and adjusting entries. BE (Click the icon to view the account balances.) The additional data needed to develop the payroll and adjusting entries at June 30 are as follows: í (Click the icon to view the additional information.) Click the icon to view payroll tax rate information) Requirements 1. Using the T-accounts opened for you, insert...
Prepare a "T" account depiction of the Company's General Ledger activity for the month of January...
Prepare a "T" account depiction of the Company's General Ledger activity for the month of January 2020 1. On January 1, 2020, the owner of ACC invested $10,000.00 cash in the company. 2. An invoice was received from ACC's insurance provider on January 15, 2020, for casualty insurance coverage in the amount of $2,400.00 for the period January 1, through December 31, 2020. 3. Employees earned salary and wages in January of $6,500.00 which was paid on February 1, 2020....
accounting receivables. The company's general ledger at the end of the year shows: AR= $10,000 -...
accounting receivables.
The company's general ledger at the end of the year shows: AR= $10,000 - Sales = t 100,000 - Sales Retuens + Allowances= $6,000 0 If company uses the direct write-off method; how will company record a customer $1000 AR balance that is officially uncollectible ? Badisest 1000 Expense 1000 LA AR New © Inope #0 above- Company has balance in "Allowance for Doubtful Accounts" = $300- Prepare the year-end journal entry for this company assuming that they...
On October 31, the Company's general ledger shows $88,000 for the checking account balance. The company's cash receipts for the month which haven't cleared the bank yet are $20,000 and checks written by the company this month which have not cleared the bank total $35,000 While comparing the bank statement with the general ledger the company determined the bank overcharged the company $1,000 for a check the company wrote. The bank statement also reported service fees of $50, interest earned...
a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings 64,989 219, 280 61,350 374, $ 92,325 see, e 126,225 718,550 $ 718,550 $ b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) January February March April $ 274,000 $ 499,000 $ 606,000 $ 321,989 $ 217.eee...
Willow Company's general ledger showed a checking account balance of $25,000 at the end of May 2006. The May 31 cash receipts of $3,000, included in the general ledger balance, were placed in the night depository at the bank on May 31 and were processed by the bank on June 1. The bank statement dated May 31, 2006, showed bank service charges of $50. All checks written by the company had been processed by the bank by May 31 and...
On February 28", TR Company's general ledger shows a checking account balance of $36,900. The company's cash receipts for the month which haven't cleared the bank yet are $12,000 and checks written by the company this month which have not cleared the bank total $24,500. While comparing the bank statement with the general ledger TR determined the bank under- charged them $90 for a check the bank cleared. The bank statement also reported service fees of $10, interest TR earned...
The following information is taken from the 2022 general ledger of Crane Company. Rent Rent expense Prepaid rent, January 1 Prepaid rent, December 31 $ 90,000 17,700 22,200 Salaries Salaries and wages expense Salaries and wages payable, January 1 Salaries and wages payable, December 31 $ 162,000 6 ,000 24,000 Sales Sales revenue Accounts receivable, January 1 Accounts receivable, December 31 $480,000 48,000 21,000 In each case, compute the amount that should be reported in the operating activities section of...
On July 31, 2022, the general ledger of Crane Legal Services Inc.
showed the following balances: Cash $3,920, Accounts Receivable
$1,470, Supplies $490, Equipment $4,900, Accounts Payable $4,020,
Common Stock $3,430, and Retained Earnings $3,330. During August,
the following transactions occurred.
Aug.
3
Collected
$1,180 of accounts receivable due from customers.
5
Received
$1,270 cash for issuing common stock to new investors.
6
Paid
$2,650 cash on accounts payable.
7
Performed
legal services of $6,370, of which $2,940 was collected...
The general ledger of Fast Ship at June 30, 2016, the end of the company's fiscal year, includes the following account balances before payroll and adjusting entries. BE (Click the icon to view the account balances.) The additional data needed to develop the payroll and adjusting entries at June 30 are as follows: í (Click the icon to view the additional information.) Click the icon to view payroll tax rate information) Requirements 1. Using the T-accounts opened for you, insert...
accounting receivables.
The company's general ledger at the end of the year shows: AR= $10,000 - Sales = t 100,000 - Sales Retuens + Allowances= $6,000 0 If company uses the direct write-off method; how will company record a customer $1000 AR balance that is officially uncollectible ? Badisest 1000 Expense 1000 LA AR New © Inope #0 above- Company has balance in "Allowance for Doubtful Accounts" = $300- Prepare the year-end journal entry for this company assuming that they...
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