What are the journal entries for the following? 1) The bank statement as of December 31,...
What are the journal entries for the following?
1) The bank statement as of December 31, 2018 shows service charges of $240 and NSF checks for items recorded as sales in the amount of $3,400. Interest was shown earned in December is $2,420.
2) An aging schedule shows that $25,000 of the Accounts Receivable balance is likely to be uncollected.
3) The end-of-year inventory counts show a final balance of $245,000 in Merchandise Inventory and $14,000 in
Supplies Inventory.
Allowance for Doubtful Accounts: 2500 Dr
Merchandise inventory: 285000 Dr
Supplies inventory: 25000 Dr
Homework Answers
| 1) | Bank service charges | 240 | |
| Cash | 240 | ||
| Accounts receivable | 3400 | ||
| Cash | 3400 | ||
| Cash | 2420 | ||
| Interest income | 2420 | ||
| 2) | Bad debts expense (25000+2500) | 27500 | |
| Allowance for doubtful accounts | 27500 | ||
| 3) | Cost of goods sold (285000-245000) | 40000 | |
| Merchandise inventory | 40000 | ||
| Supplies expense (25000-14000) | 11000 | ||
| Supplies inventory | 11000 |
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What are the journal entries for the following?
1) The bank statement as of December 31,...
Required: Complete the adjusting entries that you determine are necessary, based on the data that you...
Required:
Complete the adjusting entries that you determine are
necessary, based on the data that you have been
given. Record then in the general ledger and on the
worksheet. Make sure that the entries entered are in
perfect form with all required data. You may use SA as
the source (for supervisor approval). Show any
computations necessary to justify the entries you make. Write the
journal entries by hand in the general journal. You can print
general journal sheets from the Excel file given...
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Required:
Complete the adjusting entries that you determine are
necessary, based on the data that you have been
given. Record then in the general ledger and on the
worksheet. Make sure that the entries entered are in
perfect form with all required data. You may use SA as
the source (for supervisor approval). Show any
computations necessary to justify the entries you make. Write the
journal entries by hand in the general journal. You can print
general journal sheets from the Excel file given...
A bank statement shows a balance of $5,630 at June 30. A bank reconciliation is prepared and includes outstanding checks of $1,860, deposits in transit of $900, and a bank service charge of $20. Among the paid checks returned by the bank was check no. 900 in the amount of $400, which the company had erroneously recorded in the accounting records as $40. The "adjusted cash balance" at June 30 is: 26. A) $4,310. B) $4,290 C) $4,670. D) $5,090....
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