For each scenario calculate the adjustment at 30 June 2017 and identify the accounts that will...
For each scenario calculate the adjustment at 30 June 2017 and identify the accounts that will be Debited and Credited.
1. The balance of the Allowance for Bad Debts is $9,000. The calculation for the allowance using the Ageing of Receivables method results in a value of $9,800.
Adjustment at 30 June 2017 Answer
Dr Account: Answer Bad Debt Expense OR Allowance for Bad Debts
Cr Account: Answer Bad Debt Expense OR Allowance for Bad Debts
2. All the special journals have been posted for the current year. The account Supplies on Hand has a balance of $8,000. A count of supplies reveals that there are actually $6,000 on hand.
Adjustment at 30 June 2017 Answer
Dr Account: Answer Supplies Expense OR Supplies on Hand
Cr Account: Answer Supplies Expense OR Supplies on Hand
3. The following journal was processed on 1 May 2017 - no adjustments have being made:
| Dr | Cr | ||
| Prepaid Rent | 24,000 | ||
| GST | 2,400 | ||
| Cash At Bank | 26,400 | ||
| Payment of 12 months rent | |||
Adjustment at 30 June 2017 Answer
Dr Account: Answer Prepaid Rent OR Cash at Bank OR Rent Expense
Cr Account: Answer Prepaid Rent OR Cash at Bank OR Rent Expense
Homework Answers
1) The balance of the Allowance for Bad Debts is $9,000. The calculation for the allowance using the Ageing of Receivables method results in a value of $9,800.
Dr Account = Bad debt expense
Cr Account = Allowance for bad debts
2. All the special journals have been posted for the current year. The account Supplies on Hand has a balance of $8,000. A count of supplies reveals that there are actually $6,000 on hand.
Dr Account = Supplies expense
Cr Account = Supplies on Hand
3. The following journal was processed on 1 May 2017 - no adjustments have being made:
Dr Account = Rent expense
Cr Account = Prepaid rent
Add Answer to:
For each scenario calculate the adjustment at 30 June 2017 and
identify the accounts that will...
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Great Outdoors Ltd sells outdoor furniture settings on credit. The accounting records at 30 June 2015 reveal the following. Ignore GST. Credit sales (for year) $984,000 Credit sales returns and allowances (for year) 83,000 Accounts receivable (balance 30 June 2015) 300,500 Allowance for doubtful debts (credit balance 30 June 2015) 1,500 n the past, the company's yearly bad debts expense had been estimated at 2% of net credit sales revenue. It was decided to compare the current method with an...
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Q) Complete the worksheet. No need explanation (just want to check my answer) Updated for adjustment...
Q) Complete the worksheet.
No need explanation (just want to check my
answer)
Updated for adjustment data.
Adjustment Data to Update the Trial Balance a. Rent expired, $400. b. Landscaping supplies on hand (remaining), $350. c. Depreciation expense, landscaping equipment, $375. d. Wages earned by workers but not paid or due until August, $450. Adjusted Trial Balance Dr. Cr Income Statement Dr. Cr. Balance Sheet Dr. Cr. Account Titles Cr. Landry's Landscaping Service Worksheet Month Ended July 31, 201X Trial...
as soon as possible thx so much 0.023 In doing the bank reconciliation your book balance...
as soon as possible
thx so much
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Great Outdoors Ltd sells outdoor furniture settings on credit. The accounting records at 30 June 2015...
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I understand part A, but I do not understand B and C. I only need B and C. If possible, can you give a detail solution. Thank you. Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise...
I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
you.
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What is the accounts receivable, supplies, prepaid insurance, & equipment? The table is shown Accounts Receivable...
What is the accounts
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Accounts Receivable 12 Post Balance Dr. Dr. Date Item Ref. Crг. Cr. 2019 June Supplies 13 Post Balance Cr. Date Item Ref. Dr. Dr. Cr. 2019 June Prepaid Insurance 14 Enter as a formula calling Dr. Balance Dr. Date Item Cr. Cr. on amounts in 2019 the trial balance. June 16 Equipment Post Balance Ref. Dr. Date 2019 Item Dr. Cr. Cr. June EQUITY 31 Kris...
Record journal entries for the following adjustments using the accounts in the trial balance. 9 Account...
Record journal entries for the following adjustments using the
accounts in the trial balance.
9 Account Title 10 Cash 11 Accts receivable 12 Notes Receivable 13 Allowance for Bad Debt 14 Merchandise inv. 15 Prepaid insurance 16 Store Supplies 17 Store equipment 18 Accum. deprec. 19 |Accounts payable 20 Joe Athlete, Capital 21 Joe Athlete, Drawing 22 Income From Sales 23 Purchases 24 Advertising exp. 25 Rent expense 26 Salaries exp. 27 Utilities exp. Dr. Cr. 17,150 127,010 15,000 1,270...
GENERAL LEDGER IN LAST 3 PHOTOS
Post the transactions for June 1 - 30 to the General
Ledger. Opening balances have been provided above. Be sure to keep
running balance in each account.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
Q) Complete the worksheet. Adjustment Data to Update the Trial Balance a. Rent expired, $400. b. Landscaping supplies on hand (remaining). $350. c. Depreciation expense, landscaping equipment, $375. d. Wages earned by workers but not paid or due until August, $450. Landry's Landscaping Service Worksheet Month Ended July 31, 201X Trial Balance Adjustments Dr. Cr. Dr. Adjusted Trial Balance Dr. Or Income Statement Dr. Cr. Balance Sheet Dr. Cr. Account Titles Cr. Cash in Bank Accounts Receivable Prepaid Rent Landscaping...
Q) Complete the worksheet.
No need explanation (just want to check my
answer)
Updated for adjustment data.
Adjustment Data to Update the Trial Balance a. Rent expired, $400. b. Landscaping supplies on hand (remaining), $350. c. Depreciation expense, landscaping equipment, $375. d. Wages earned by workers but not paid or due until August, $450. Adjusted Trial Balance Dr. Cr Income Statement Dr. Cr. Balance Sheet Dr. Cr. Account Titles Cr. Landry's Landscaping Service Worksheet Month Ended July 31, 201X Trial...
as soon as possible
thx so much
0.023 In doing the bank reconciliation your book balance is higher than your bank balance. This could be due to you not having: Select one: a. Recorded a direct debit in your accounts b. A direct credit for interest in your accounts c. Recorded un-presented cheques in the reconciliation d. A cheque being recorded for $552 in the books whereas it was actually written for $525 0.027 A cheque is written to replenish...
I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
you.
Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise Doubtful Debts-Net Credit Sales and Ageing Methods Recording transactions for bad and doubtful debts Transactions for Bradford Ltd's Accounts Receivable for the year ending 30 June 2018 are listed below. On 1 July of the previous year, the opening balance of the Allowance...
What is the accounts
receivable, supplies, prepaid insurance, & equipment? The table
is shown
Accounts Receivable 12 Post Balance Dr. Dr. Date Item Ref. Crг. Cr. 2019 June Supplies 13 Post Balance Cr. Date Item Ref. Dr. Dr. Cr. 2019 June Prepaid Insurance 14 Enter as a formula calling Dr. Balance Dr. Date Item Cr. Cr. on amounts in 2019 the trial balance. June 16 Equipment Post Balance Ref. Dr. Date 2019 Item Dr. Cr. Cr. June EQUITY 31 Kris...
Record journal entries for the following adjustments using the
accounts in the trial balance.
9 Account Title 10 Cash 11 Accts receivable 12 Notes Receivable 13 Allowance for Bad Debt 14 Merchandise inv. 15 Prepaid insurance 16 Store Supplies 17 Store equipment 18 Accum. deprec. 19 |Accounts payable 20 Joe Athlete, Capital 21 Joe Athlete, Drawing 22 Income From Sales 23 Purchases 24 Advertising exp. 25 Rent expense 26 Salaries exp. 27 Utilities exp. Dr. Cr. 17,150 127,010 15,000 1,270...
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