320W 2023 Final Exam Practice Solutions(2)

Accounting question: If you are doing a balance sheet with notes payable of 96,600. Assuming 13,600 of the note payable will be paid the following year. Where are how do you enter it.  Long Term Liability?

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June 12, 2024 Provide services to customers on account for $33,800. September 17, 2024 Receive $19,000 from customers on account. December 31, 2024 March 4, 2025 May 20, 2025 July 2, 2025 October 19, 2025 December 31, 2025 Estimate that 40% of accounts receivable at the end of the year will not be received. Provide services to customers on account for $48,800. Receive $10,000 from customers for services provided in 2024. Write off the remaining amounts owed from services provided in 2024. Receive $39,000 from customers for services provided in 2025. Estimate that 40% of accounts receivable at the end of the year will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required…

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Subject: acounting

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1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00

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N1. Account

QUESTION 5 Information about Calbee Company is provided below: Ending Accounts Receivable: $100,000 Total Credit Sales: $250,000 Beginning Allowance for Doubtful Accounts: $15,000 (Debit) Total Write-offs: $5.000 Calbee uses the percent of receivables method. It estimates that 3% of receivables will ultimately be uncollectible. What is the amount of Bad Debt Expense? I I

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Salaries Expense and Balance Sheet. F P 120,000 75,000 20,000 204,500 22,000 D. fiscal year ending May 31 20O0B: Cash Note Receivable Accounts Receivable Allow. for Impairment Loss Prepaid Advertising Unexpired Insurance Supplies Inventory Interest Receivable 4,000 M. Lanza Capital 57,880 M Lanza Drawing 3,280 Service Income 10,000 Rental Income 6,000 Interest Income 1,260 Salaries Expense 40 Rent Expense 36,800 Utilities Expense 1,840 Supplies Expense 50,000 Advertising Expense 40 114,600 30,000 8,250 4,160 40,000 24,000 12,000 Furniture & Fixtures Accum. Dep'n.- Furn. & Fixt. Office Equipment Accum. Dep’n.– Office Eqpmt. 2,500 Insurance Expense Note Payable (short-term) Accounts Payable Utilities Payable Interest Payable | | 2,000 Taxes & Licenses 24,250 Interest Expense 4,250 Impairment Loss 10 Depreciation - Furn. & Fixt. 2,000 Depreciation - Office Eqpmt. 200 280 840 Unearned Rental 500 REQUIRED: Prepare the Income Statement, Statement of Changes in Owner's Equity ảnd Balance…

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11 The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022 Total Accounts Receivable $ 126,800 89,500 53,900 32,100 Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past duel Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,037 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,111 of uncollectible accounts on August 15, 2022. Prepare the required adjusting en to record the write-off c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022 Complete this question by entering your answers in the tabs below. Historical Uncollectible View transaction list Required A Required B Required C The unadjusted balance of the Allowance for Doubtful…

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TB MC Qu. 8-90 (Algo) In January 2024, Summit Department... In January 2024, Basu Department Store sells a gift card for $150 and receives cash. In February 2024, the customer comes back and spends $120 of the gift card to purchase a water bottle. What is the financial statement effect of the customer's purchase of the water bottle in February? Multiple Choice Decrease liabilities by $120 and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $150, and increase stockholders' equity by $120 Increase assets by $30, decrease liabilities by $120, and increase stockholders' equity by $150 Increase assets by $120 and increase stockholders' equity by $120