Homework Answers
Answer 40
B) $ 750.00
Calculation:
Gross Profit = (Selling Price - Cost ) * Number of units
= (10 - 5) * 150
= $ 750.00
Answer 41
D) The company is reversing ...............from the company.
Explanation:
Sales returns is debited. It means that the goods sold are now returned by the customers.
In case of any doubt, please comment.
Add Answer to:
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Exercise 7-16
The trial balance before adjustment for Teal Company shows the
following balances.
Dr.
Cr.
Accounts Receivable
$84,800
Allowance for Doubtful Accounts
2,420
Sales Revenue
$434,200
Using the data above, give the journal entries required to record
each of the following cases. (Each situation is independent.)
1.
To obtain additional cash, Teal factors without recourse
$29,700 of accounts receivable with Stills Finance. The finance
charge is 11% of the amount factored.
2.
To obtain a 1-year loan of $57,600,...
(7 points) The trial balance before adjustment of Risen Company reports the following balances: Cr. Dr. $800.000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $60,000 9,750,000 147.000 Instructions (3 points) Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 8% of gross accounts receivable. (b) (2 points) Assume that all the information above in is the same except that the Allowance for Doubtful Accounts has a debit...
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance May 31, 2020 Cash Debit Credit S 5.340 Accounts Receivable $ 2.090 Prepaid Insurance 700 Equipment 9.000 Accounts Payable 4,100 Income Tax Pavable Common Stock 5.700 Retained Eamines 5.580 Service Revenue 7,690 Salaries Expense 4.200 Advertising Expense 1,100 Income Tax Expense 900 $28,680 $18.570 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors 1....
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC COMPANY Trial Balance May 31, 2019 Debit Credit Cash $ 3,850 Accounts Receivable $ 2,750 Prepaid Insurance Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors....
The trial balance before adjustment for Headland Company shows the following balances. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $86.900 2,410 $452,700 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Headland factors without recourse $28,300 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $59,500, Headland pledges...
This al balance of Pharoah Company does not balance PHAROAH COMPANY Trial Balance June 10. 2012 Debit Credit Cash $ 4.790 Accounts Receivable $ 4.890 2,150 4.700 Supplies Equipment Accounts Payable Uncamed 5,206 2,550 Revenue Commor 10,700 800 Dividends Service Reverive 5,190 Salaries and Wages Expense 3,540 990 Expense $19,570 $25,876 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a...
The following account balances were listed on the trial balance of Huan Company at the end of the period: Account Balance Accounts Payable $ 30,600 Cash ? Common Stock 30,000 Equipment 13,500 Land 45,000 Notes Payable 60,000 What is the correct balance in the cash account? $57,900 O $31,500 $2,100 O $62,100 Question 8 1 pts The following entry appears in Sterling Company's general journal on October 1, 2019: Supplies 26,000 Accounts Payable 20,000 Cash 6,000 Before the journal entry...
The trial balance before adjustment of Crane Company reports the following balances: Cr. Dr. $100,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,000 500,000 20,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 5% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all the information above is...
Testbank Problem 162 a-b The trial balance before adjustment of Sheffield Company reports the following balances: Cr. Dr. $143,000 Accounts receivable Allowance for doubtful accounts Sales (all on credit) Sales returns and allowances $1,570 600,000 55,000 Prepare the entry for estimated bad debts assuming that doubtful accounts are estimated to be 14% of gross accounts receivable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume that all...
Exercise 7-16
The trial balance before adjustment for Teal Company shows the
following balances.
Dr.
Cr.
Accounts Receivable
$84,800
Allowance for Doubtful Accounts
2,420
Sales Revenue
$434,200
Using the data above, give the journal entries required to record
each of the following cases. (Each situation is independent.)
1.
To obtain additional cash, Teal factors without recourse
$29,700 of accounts receivable with Stills Finance. The finance
charge is 11% of the amount factored.
2.
To obtain a 1-year loan of $57,600,...
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