Chap 2 in class problems

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Required information Skip to question   [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year.  Cash sales $ 640,000 Credit sales $ 1,600,000 In addition, its unadjusted trial balance includes the following items.  Accounts receivable $ 480,000 debit Allowance for doubtful accounts $ 5,800 debit   Required:1. Prepare the adjusting entry to record bad debts under each separate assumption. Bad debts are estimated to be 2% of credit sales. Bad debts are estimated to be 1% of total sales. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible.

Subject-accounting

Accounting 301 - In-class activity 5 - March 18,2023 From inception of operations to December 31, 2025, Peecan Corporation provided for uncollectible accounts receivable under the allowance method. The provisions are recorded, based on analyses of customers with different risk characteristics. Bad debts written off were charged to the allowance account; recoveries of bad debts previously written off were credited to the allowance account; and no year-end adjustments to the allowance account were made. Peecan's usual credit terms are net 30 days. The balance in Allowance for Doubtful Accounts was $86,000 at January 1, 2025. During 2025, credit sales totaled $6,200,000, interim provisions for doubtful accounts were made at $62,000, $47,000 of bad debts were written off, and recoveries of accounts previously written off amounted to $3,000 (this can be accounted for by debiting Cash and crediting Allowance for Doubtful Accounts). Peecan installed a computer system in November 2025, and an…

Hotel California Ltd Trial Balance at 30 September 20X7 included: Debit $ 90,350 Credit $ Receivables ledger control account Allowance for doubtful debts brought forward The following information is also available: (1) No entries have been made in respect of cash of $1,320 received from Marylyn Ltd whose balance had been written off last year, and 2,490 2) At 30 September 20X7 an irrecoverable balance of $1,950 is to be written off and the receivable allowance is to be adjusted to 1.5% of the remaining balance Required: Calculate the figure that will be reported in the statement of financial position at 30 September 20X7 for receivables.

In-Class Question 3 At the end of 2021, Morley Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2022, it is learned that the company's receivable from Spears Inc. is not collectible and therefore management authorizes a write-off of $4,300. Instructions (a) Prepare the journal entry to record the write-off. (b) What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off?

Harold King Trading Unadjusted Trial Balance December 31, 2020       Account Titles  Debit   Credit  Cash in Bank                 980,000   Cash on Hand                   20,500   Accounts Receivable                 120,000   Allowance for Bad Debts                     8,000 Notes Receivable                 100,000   Merchandise Inventory, Jan 1, 2020                 500,000   Prepaid Interest                     7,500   Land              1,000,000   Building              2,000,000   Store Equipment                 140,000   Accumulated Depreciation, Store Equipment              32,000.00 Office Furniture & Fixtures                 200,000   Accumulated Depreciation, Office Furniture & Fix.                   30,000 Accounts Payable                 620,400 VAT Payable                 140,000 Unearned Rent Revenue                 240,000 Notes Payable                  500,000 Loans Payable (2 year-loan dated December 1, 2020)…

Harold King Trading Unadjusted Trial Balance December 31, 2020     Account Titles  Debit   Credit      Cash in Bank                 980,000       Cash on Hand                   20,500       Accounts Receivable                 120,000       Allowance for Bad Debts                     8,000     Notes Receivable                 100,000       Merchandise Inventory, Jan 1, 2020                 500,000       Prepaid Interest                     7,500       Land              1,000,000       Building              2,000,000       Store Equipment                 140,000       Accumulated Depreciation, Store Equipment              32,000.00     Office Furniture & Fixtures                 200,000       Accumulated Depreciation, Office Furniture & Fix.                   30,000     Accounts Payable                 620,400     VAT Payable                 140,000     Unearned Rent Revenue                 240,000     Notes Payable…

ANSWER ASAP PLS!! THANK YOU SO MUCH   Presented below are unaudited balances of selected accounts of Angelica Company as of December 31, 2021 Unadjusted balances, December 31, 2021 Selected accounts      Debit           Credit Cash 500.000   Accounts receivable 1,300,000 Allowance for bad debts            8,000 Net sales                                     6.750.000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of Mang Kanour Store & Company recorded on January 2, 2022 with terms of net, 60 days, FOB shipping point. The goods were shipped to Mang Kanour on December 30, • The bank returned on December 29, 2021, a customer's check for P15,000 marked "No Sufficient Funds", but no entry was • Angelica estimates that allowance for uncollectible accounts should be one and one-half percent on the accounts receivable balance as of year-end. No uncollectible accounts expense has yet been provided for Questions: Based on the above and the…

PROBLEM SOLVING: Accounts Receivables 2-1 Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit 500,000 1,300,000 8,000 Selected Accounts Credit Cash Accounts receivable Allowance for bad debts Net sales 6,750,000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…

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Complete all of the requirements listed   accounting/econ

HOW MUCH IS TEH NET INCOME a. 53, 925b. 63, 975c. 48, 925d. 58, 925

! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…

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Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…

Required information Skip to question [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 640,000 $ 410,000 $ 104,000 $ 50,000 $ 32,000 $ 44,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,500 debit.

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NCOSA Balances on 28 February 2021 Balance sheet section Vehicles at cost Equipment at cost Inventory Provision for bad debts Nominal accounts section R OA. R3 800 B. R97 400 O C. R1 200 O D. R102 600 90 000 R 50 000 R 100 000 2 000 Bad debts Telephone Adjustments - Inventory to a value of R2 600 was donated to the KZN violent victims. Physical stock taking at the end of the year revealed that only R96 200 inventory available. After taking the above adjustments into account, Inventory deficit account should reflect: R R 500 1 500 A O N M P

Subject: acounting

PROBLEM SOLVING: 2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked “NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…

PROBLEM SOLVING: 2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…

Required information Skip to question   [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31.      Days Past Due             Total   0 1 to 30 31 to 60 61 to 90 Over 90   Accounts receivable $ 670,000   $ 416,000     $ 110,000     $ 56,000     $ 38,000     $ 50,000     Percent uncollectible         3 %     4 %     7 %     9 %     12 %        a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a…

Required information Skip to question   [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31.    Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 645,000 $ 411,000 $ 105,000 $ 51,000 $ 33,000 $ 45,000 Percent uncollectible   1% 2% 5% 7% 10%   a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,100 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,600 debit.

The income statement approach: journalizing bad debts expense and writing off accounts 00 (25 min) Aug, 23 Dr. Allowance for Doubtful Accounts $950 Cr. Accounts Receivable, Jill O'Reilly GROUP B PROBLEMS P12-18. Yuen Co. of Windsor has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2021 Dec. 31 Recorded bad debts expense of $14,800. 2022 Jan. 8 Mar. 5 Wrote off Woody Tree's account of $1,200 as uncollectible. Wrote off Jim Lantz's account of $600 as uncollectible. Recovered $600 from Jim Lantz. July 9 Aug, 20 23 Wrote off Mabel Hest's account of $750 as uncollectible. Wrote off Jim O'Reilly's account of $950 as uncollectible. Recovered $500 from Mabel Hest. Nov. 19

Rock Bottom Harbor Clothing Corporation Trial Balance December 31, 2018                   Debit   Credit     Cash   $    22,500         Accounts Receivable          17,350         Allowance for Doubtful Accounts       $          600     Inventory, December 31          70,350         Prepaid Insurance             5,200         Prepaid Rent          15,000         Equipment          60,000         Accumulated Depreciation- Eqpuipment              22,500     Accounts Payable              17,000     Notes Payable              25,000     Common Stock              10,000     Retained Earnings              92,450     Sales Revenue            397,300     Cost of Goods Sold        207,400         Salaries Expense (sales)          59,850         Advertising Expense          26,700         Salaries Expense (administration)          76,300         Supplies Expense             4,200            Total   $ 564,850   $ 564,850       Above is the…