Homework Answers
1) Option B -a direct credit for interest in your accounts. Since , its not having this transaction,the book balance is higher than the bank balance, because the interest expense is not credited from the balance.
2)Option D -Cash short and over should be debited for $ 2 . The petty cash should be replenished to $150 . The petty cash balance is already having 145 receipts and 3 cash. The balance needed is $2.
3)Option A- Bad debts expense $ 650 (DR): Allowance for doubtful debts $650 (CR). The .5 percent of credit sales $130000 is $650 . This bad debts is just an estimate, so not deducted from the receivables .Hence created an allowance.
4)Option C -Bad debts expense $ 750 (DR): Allowance for doubtful debts $750 (CR). The .5 percent of credit sales $150000 is $750 . This bad debts is just an estimate, so not deducted from the receivables .Hence created an allowance.
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0.023 In doing the bank reconciliation your book balance...
At year-end Shifty Ltd had a balance of Accounts Receivable of $90 000 and an Allowance...
At year-end Shifty Ltd had a balance of Accounts Receivable of $90 000 and an Allowance for Doubtful Debts of $4000. It was decided to write off the debt of Wriggler totalling $2500 as irrecoverable. It was further decided that the Allowance for Doubtful Debts should stand at 5% of Accounts Receivable. What was the journal entry needed to bring the Allowance for Doubtful Debts to the required level after writing off the debt of Wriggler? TE Select one: O...
CHAPTER 13 ACCOUNTING 13-3. Assuming that in Exercise 13-2 the balance sheet approach is used, prepare a journaliz...
CHAPTER 13 ACCOUNTING 13-3. Assuming that in Exercise 13-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an Accounts Receivable, an $8,000 balance in the Allowance account will be needed to cover bad debts. aging of .hiah ncan an A 11. 13-2. The following information is given: Sales Returns and Allowances Sales Accounts Receivable Dr. Cr. Dr. Cr. Dr. Cr. 500 110,000 30,000 Allowance for Doubtful Accounts Sales Discount Dr. Cr....
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%...
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as soon as possible thx 0.058 Dupont Ltd uses a periodic inventory system has the following...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
thx as soon as possible Q.056 Angie Company has the following accounts that were extracted from...
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as soon as possible
Q.056 Angie Company has the following accounts that were extracted from the income statement: Beginning inventory $10,000 45,000 Gross sales Freight-in 3,000 Sales returns 5,000 Ending inventory 10,000 Purchases 15,200 The cost of sales is: Select one: a. $40,000 b. $35,200 c. $18,200 d. $19,000 0.065 Angie Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August 10 units $10...
For each scenario calculate the adjustment at 30 June 2017 and identify the accounts that will...
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E7-7 (L03) (Recording Bad Debts) Duncan Company reports the following financial information before adjustments. Dr. Cr....
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SCORE SECTION STUDENT'S NAME Parlson Corporation's unadjusted year-end Trial Balance has the following balances: 1 S300,000...
SCORE SECTION STUDENT'S NAME Parlson Corporation's unadjusted year-end Trial Balance has the following balances: 1 S300,000 $1,180,000 55,000 Accounts Receivable1 Dr. Cr. Credit Sales Revenue Dr. Allowance for Doubtful Accounts Parlsan's Aging schedule has an estimated Allowance for Doubtful Account calculation of $10,500. Please calculate bad debt expense. Show your work for full points (20-points) Allowance for Doubtful Accounts Bad Debt Expense Dominic Florist unadjusted Trial Balance has the following balances 2. Accounts Receivable Allowance for Doubtful Account $1,500,000 Dr....
Exercise 7-9 The trial balance before adjustment of Windsor Inc. shows the following balances. Dr. Cr....
Exercise 7-9 The trial balance before adjustment of Windsor Inc. shows the following balances. Dr. Cr. Accounts Receivable $96,400 Allowance for Doubtful Accounts 3,090 Sales Revenue (all on credit) $612,900 Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 5% of gross accounts receivable and (b) 6% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,797 credit balance. (If no entry is required, select...
At year-end Shifty Ltd had a balance of Accounts Receivable of $90 000 and an Allowance for Doubtful Debts of $4000. It was decided to write off the debt of Wriggler totalling $2500 as irrecoverable. It was further decided that the Allowance for Doubtful Debts should stand at 5% of Accounts Receivable. What was the journal entry needed to bring the Allowance for Doubtful Debts to the required level after writing off the debt of Wriggler? TE Select one: O...
CHAPTER 13 ACCOUNTING 13-3. Assuming that in Exercise 13-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an Accounts Receivable, an $8,000 balance in the Allowance account will be needed to cover bad debts. aging of .hiah ncan an A 11. 13-2. The following information is given: Sales Returns and Allowances Sales Accounts Receivable Dr. Cr. Dr. Cr. Dr. Cr. 500 110,000 30,000 Allowance for Doubtful Accounts Sales Discount Dr. Cr....
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%...
Cr E7-9 (L03) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Dr. Accounts Receivable $90,000 Allowance for Doubtful Accounts 1,750 Sales Revenue (all on credit) $680,000 Instructions Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a...
as soon as possible
thx
0.058 Dupont Ltd uses a periodic inventory system has the following Beginning Inventory Purchase Purchase Date July 1 10 20 Units 8,000 13,000 5,000 Unit Cost $11 12 13 if 9,000 units are on hand as at the end of July the cost of the ending inventory under First-In-First-Out (FIFO) method is Select one: a $ 100,000 b. $108,000 $113,000 d. $117.000 0.062 Montreal Furniture uses a periodic inventory system. During an accounting year many...
thx
as soon as possible
Q.056 Angie Company has the following accounts that were extracted from the income statement: Beginning inventory $10,000 45,000 Gross sales Freight-in 3,000 Sales returns 5,000 Ending inventory 10,000 Purchases 15,200 The cost of sales is: Select one: a. $40,000 b. $35,200 c. $18,200 d. $19,000 0.065 Angie Ltd uses perpetual inventory system. The following is a summary of the purchases and sales of product C during August. Balance on hand 1 August 10 units $10...
E7-7 (L03) (Recording Bad Debts) Duncan Company reports the following financial information before adjustments. Dr. Cr. Accounts Receivable $100,000 Allowance for Doubtful Accounts $ 2,000 Sales Revenue (all on credit) 900,000 Sales Returns and Allowances 50,000 Instructions Prepare the journal entry to record Bad Debt Expense assuming Duncan Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $1,500 debit balance.
SCORE SECTION STUDENT'S NAME Parlson Corporation's unadjusted year-end Trial Balance has the following balances: 1 S300,000 $1,180,000 55,000 Accounts Receivable1 Dr. Cr. Credit Sales Revenue Dr. Allowance for Doubtful Accounts Parlsan's Aging schedule has an estimated Allowance for Doubtful Account calculation of $10,500. Please calculate bad debt expense. Show your work for full points (20-points) Allowance for Doubtful Accounts Bad Debt Expense Dominic Florist unadjusted Trial Balance has the following balances 2. Accounts Receivable Allowance for Doubtful Account $1,500,000 Dr....
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