Homework Answers
| Leach Inc. | ||||||||||||
| Accounting Equation for Year 2018 | ||||||||||||
| Event | Asset | = | Liabilities | + | Equity | Accounting Titles for Retained Earnings | ||||||
| Cash | + | Accounts Receivabe | - | Allowance | Common Stock | + | Retained Earnings | |||||
| 1 | $10,000.00 | + | - | = | + | $10,000.00 | + | NA | ||||
| 2 | + | $78,000.00 | - | = | + | + | $78,000.00 | Service Revenue | ||||
| 3 | $36,000.00 | + | - | = | + | + | $36,000.00 | Service Revenue | ||||
| 4 | $69,000.00 | + | ($69,000.00) | - | = | + | + | NA | ||||
| 5 | ($38,000.00) | + | - | = | + | + | ($38,000.00) | Salaries Expenses | ||||
| 6 | + | - | $450.00 | = | + | + | ($450.00) | Bad Debts Expense | ||||
| Bal. | $77,000.00 | + | $9,000.00 | - | $450.00 | = | $0.00 | + | $10,000.00 | + | $75,550.00 | |
| * Allowance for uncollectible accounts = Ending Accounts receivable *8% = (78000 - 69000)*5% = $450 | ||||||||||||
| Leach Inc. | ||||||||||||
| Accounting Equation for Year 2019 | ||||||||||||
| Event | Asset | = | Liabilities | + | Equity | Accounting Titles for Retained Earnings | ||||||
| Cash | + | Accounts Receivabe | - | Allowance | Common Stock | + | Retained Earnings | |||||
| Beg. Bal. | $77,000.00 | + | $9,000.00 | - | $450.00 | = | $0.00 | + | $10,000.00 | + | $75,550.00 | |
| 1 | + | ($650.00) | - | ($650.00) | = | + | + | |||||
| 2 | + | $88,000.00 | - | = | + | + | $88,000.00 | Service Revenue | ||||
| 3 | $32,000.00 | + | - | = | + | + | $32,000.00 | Service Revenue | ||||
| 4 | $81,000.00 | + | ($81,000.00) | - | = | + | + | |||||
| 5 | ($65,000.00) | + | - | = | + | + | ($65,000.00) | Salaries Expenses | ||||
| 6 | + | - | $2,515.00 | = | + | + | ($2,515.00) | Bad Debts Expense | ||||
| Bal. | $125,000.00 | + | $15,350.00 | - | $2,315.00 | = | $0.00 | + | $10,000.00 | + | $128,035.00 | |
| *Allowance for uncollectible accounts = 50300*5%= $2515 | ||||||||||||
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Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: Perc...
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Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 7-2 [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $27,000 of common stock for cash. Provided $96,700 of services on account. Provided $53,000 of services and received cash. Collected $86,000 cash from accounts receivable. Paid $55,000 of salaries expense for the year. Adjusted the accounting...
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Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables...
Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 7-2 [The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries...
Required information The following information applies to the questions displayed below.) Leach Inc. experienced t...
Required information The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $27.000 of services and received cash. 4. Collected $43,000 cash from accounts receivable, 5. Paid $20,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach...
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Required Information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: 1. Issued $10,000 of common stock for cash. 2. Provided $110.000 of services on account. 3. Provided $31.000 of services and received cash. 4. Collected $79.000 cash from accounts receivable. 5. Paid $22.000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible...
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Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: percent of receivables allowance method LO 7-2 [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: Year 1 1. Issued $11,000 of common stock for cash 2. Provided $79,100 of services on account 3. Provided $37,000 of services and received cash 4. Collected $70,000 cash from accounts receivable. 5. Paid $39,000 of salaries...
Required information Exercise 7-7A Effect of recognizing uncollectible accounts on the financial statements: Percent of receivables allowance method LO 7-2 [The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $78,000 of services on account. 3. Provided $36,000 of services and received cash. 4. Collected $69,000 cash from accounts receivable. 5. Paid $38,000 of salaries...
Required information The following information applies to the questions displayed below.) Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $10,000 of common stock for cash. 2. Provided $70,000 of services on account. 3. Provided $27.000 of services and received cash. 4. Collected $43,000 cash from accounts receivable, 5. Paid $20,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach...
What is the allowance is Q 6?
Required Information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: 1. Issued $10,000 of common stock for cash. 2. Provided $110.000 of services on account. 3. Provided $31.000 of services and received cash. 4. Collected $79.000 cash from accounts receivable. 5. Paid $22.000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible...
Saved Exercise 7-4A Effect of recognizing uncollectible accounts expense on financial statements: percent of revenue allowance method LO 7-1 Rosie Dry Cleaning was started on January 1, Year 1. It experienced the following events during its first two years of operation: Events Affecting Year 1 1. Provided $26,470 of cleaning services on account. 2. Collected $21176 cash from accounts receivable. 3. Adjusted the accounting records to reflect the estimate that uncollectible accounts expense would be 1 percent of the cleaning...
Required information [The following information applies to the questions displayed below.] Leach Inc. experienced the following events for the first two years of its operations: 2018: 1. Issued $10,000 of common stock for cash. 2. Provided $100,000 of services on account. 3. Provided $27,000 of services and received cash. 4. Collected $73,000 cash from accounts receivable. 5. Paid $18,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: 1. Issued $11,000 of common stock for cash. 2. Provided $79,100 of services on account. 3. Provided $37,000 of services and received cash. 4. Collected $70,000 cash from accounts receivable. 5. Paid $39,000 of salaries expense for the year. 6. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will...
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