Homework Answers
Journal entry
| No | account and explanation | Debit | Credit |
| a | Account receivable | 32000 | |
| Service revenue | 32000 | ||
| b | Allowance for doubtful account | 1850 | |
| Account receivable | 1850 | ||
| c | Account receivable | 830 | |
| Allowance for doubtful accounts | 830 | ||
| d | cash | 830 | |
| Account receivable | 830 | ||
| e | Bad debt expense | 570 | |
| Allowance for doubtful accounts | 570 | ||
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Required information [The following information applies to the questions displayed below) Fraud Investigators...
Need help with General Journal. Required Information [The following information applies to the questions displayed below.)...
Need help with General Journal.
Required Information [The following information applies to the questions displayed below.) Web Wizard, Inc., has provided Information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first...
Required information [The following information applies to the questions displayed below.) The following information is available...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Required Information The following information applies to the questions displayed below At December 31, 2018, Hawke...
Required Information The following information applies to the questions displayed below At December 31, 2018, Hawke Company reports the following results for Its calendar year Cash sales Credit sales $1,349.940 3,126.000 In addition, Its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $947,178 debit 15,930 debl Required: 1. Prepare the adjusting entry for this company to recogn 2e bad debts under cach of the following independent assumptions. a. Bad debts are estimated to be 4%...
Required information [The following information applies to the questions displayed below.) The following information is available...
Required information [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,486 debit balance, but its July bank statement shows a $28,221 cash balance. b. Check No. 3031 for $1,660, Check No. 3065 for $606, and Check No. 3069 for $2,428 are outstanding checks as of July...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information The following information applies to the questions displayed below) Littleton Books has the following...
Required information The following information applies to the questions displayed below) Littleton Books has the following transactions during May May 2Purchases books on account from Readers Wholesale for $2,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $120 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on...
Required information [The following information applies to the questions displayed below.] At the beginning of Year...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Copland Drugstore purchased a new computer system for 155,000. It is expected to have a five-year life and a $25,000 salvage value. c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses 14 toob lidovootation . HN L Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. Date General Journal Debit Credit...
Required information [The following information applies to the questions displayed below.] The following information is available...
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $38,000 9.500 54,000 58,000 18.700 33,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
[The following information applies to the questions displayed below) On January 1, 2021, Red Flash Photography...
[The following information applies to the questions displayed below) On January 1, 2021, Red Flash Photography had the following balances: Cash $17.000; Supplies, $8,500; Land, $65,000 Deferred Revenue, $5,500: Common Stock $55,000; and Retained Earnings, $30,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,eee. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2021, $28,eee....
Need help with General Journal.
Required Information [The following information applies to the questions displayed below.) Web Wizard, Inc., has provided Information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $39,000 9,500 52,000 54,000 19,600 34,500 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Required Information The following information applies to the questions displayed below At December 31, 2018, Hawke Company reports the following results for Its calendar year Cash sales Credit sales $1,349.940 3,126.000 In addition, Its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $947,178 debit 15,930 debl Required: 1. Prepare the adjusting entry for this company to recogn 2e bad debts under cach of the following independent assumptions. a. Bad debts are estimated to be 4%...
Required information [The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,486 debit balance, but its July bank statement shows a $28,221 cash balance. b. Check No. 3031 for $1,660, Check No. 3065 for $606, and Check No. 3069 for $2,428 are outstanding checks as of July...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information The following information applies to the questions displayed below) Littleton Books has the following transactions during May May 2Purchases books on account from Readers Wholesale for $2,500, terms 2/10, n/30. May 3 Pays cash for freight costs of $120 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on...
Required information [The following information applies to the questions displayed below.] At the beginning of Year 1, Copland Drugstore purchased a new computer system for 155,000. It is expected to have a five-year life and a $25,000 salvage value. c. Prepare the journal entries to recognize depreciation for each of the five years, assuming that the company uses 14 toob lidovootation . HN L Journal entry worksheet Record depreciation expense. Note: Enter debits before credits. Date General Journal Debit Credit...
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $38,000 9.500 54,000 58,000 18.700 33,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
[The following information applies to the questions displayed below) On January 1, 2021, Red Flash Photography had the following balances: Cash $17.000; Supplies, $8,500; Land, $65,000 Deferred Revenue, $5,500: Common Stock $55,000; and Retained Earnings, $30,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $25,eee. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000. 3. August 31 Pay salaries to employees for work in 2021, $28,eee....
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