1 2 3 4 5 6 7 8 > Pay cash on accounts payable, $9,800. Note: Enter debits before credits. Date General Journal Debit Credit January 04 Record entry Clear entry View general journal
Q: 16. What is the balance of the accounts receivable after pencil footing the ledger? 38,000 debit O…
A: Accounts Receivable It is a money due to a firm for goods or services delivered or used but not yet…
Q: a. Accounts Payable. 1,830 Cash... 1,830 b. Accounts Receivable. 3,080 Cash.... 3,080 C. Accounts…
A: Accounts receivable Account DR CR Particulars Amount Particulars Amount Cash…
Q: 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/ 8 Paid…
A: 1/2 Purchased $600 of supplies from Office Hoard Corp on account with terms 2/10, n/30. 1/ 8 Paid…
Q: Chart of Accounts 11 Cash 12 Accounts Receivable 14 Computer Supplies 18 Equipment 21…
A: Journalizing is a process of recording financial transactions in the books of a business.…
Q: Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your…
A: As the Invoice date for invoice number No.1032 is not available, it is assumed that the payment was…
Q: y 5 Accounts Receivable 5,400 Service Revenue 5,400 (Billed for services performed) 12 Cash 4,500…
A: The T-accounts are prepared using the balances from journal book.
Q: 3. The following was the trial balance extract from ABC Trading as at 31 March 2019. Particulars…
A: Answer:
Q: Summary of your account Previous Statement Balance $800.00 Payments -$100.00 $7,500.79 $1,200.00…
A: Here to find out the new balance system in the credit card payment. For solving this first to add…
Q: Question 1 Catherine’s Cookies has a beginning balance in the Accounts Payable control total…
A: We are authorized to answer one question at a time, since you have not mentioned which question you…
Q: Post the following General Journal entries into the General Ledger: Hint: you may not need to fill…
A: Solution: General Ledger Cash Account Date Item Debit Credit Debit balance Credit balance…
Q: Prepare general journal entries for the above transactions. View transaction list Journal entry…
A: Office Supplies Account is an asset, increased by $1,758 and therefore it is debited. Cash account…
Q: Date Account Titles and Explanation Ref. Debit Credit May 5 Accounts Receivable 5,300 Service…
A: Cash is an asset and normally has a debit balance. Accounts receivable is an asset and normally has…
Q: Accounts Payable May 2 6,000 21,000 May 1 May 22 11,500 500 May 5 8,500 May 15 500 May 23 Calculate…
A: Ledger means the statement where all transaction related to particular account is written at one…
Q: Q1. Record the following transactions in a general journal for Voyageur Sports Ltd. Nov 7 Cash sales…
A: Journal Entry The basic process of accounting work to journalize the required transaction in the…
Q: Question 5 Catherine’s Cookies has a beginning balance in the Accounts Receivable control total…
A: Accounts receivable: It refers to the amounts to be received within a short period from customer…
Q: Problem 3-2 (ACP) 600,000 Receipts per bok Noveber olecttion from ctomer. P100.000 ded as PI0.000)…
A: A bank reconciliation statement refers to a summary of the transactions that are used to match or…
Q: Post the transactions to T-accounts.
A: Cash A/c Date Particular Debit amount Date Particular Credit amount 12 May To Accounts…
Q: 6. Your company paid rent of $1,000 for the month with check number 1245. Which journal would the…
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: Your business purchased office supplies of $2,500 on account. The journal entry to record this…
A: Date Account Titles and Explanation Debit Credit Office supplies $2,500…
Q: Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company…
A: This is prepared specifically for cash receipts.
Q: al balance ! Debit balances Credit balances 10,700 Accounts receivable 23,750 Cash
A: Trial Balance- The balance of all ledgers is combined into equal totals for the columns of the debit…
Q: August 10: Paid cash for advertising, $400 Debit Cash, Credit Advertising Expense O Debit…
A: Expenses normally has debit balance. Increase in expenses should be debited and decrease in expenses…
Q: 11.What is the normal balance in each of these accounts? (Use the following abbreviations to answer…
A: Debits and Credits: The transactions of the company will affect the account balances either by…
Q: The following selected transactions for Sheffield Corp. are presented in journal form. J1 Date…
A: Assets like cash and accounts receivable normally have a debit balance. Revenues normally have a…
Q: Post all the entries in the general journal to the general ledger. PAGE 1 GENERAL JOURNAL DATE…
A: Generel Ledger Account: Cash Account No. 110 DATE ITEM POST REF. DEBIT CREDIT BALANCE…
Q: Post the transactions to T-accounts. (Post entries in the order of journal entries presented in the…
A: T accounts are the general ledger accounts which are prepared for classification of journal entries…
Q: Accounts payable Discount Cash Mar 31 50,000 ,000 49,000 (To record payment to creditors) Task:…
A: Balance sheet is one of the financial statement of business, which shows all assets, liabilities and…
Q: Mar. 12) The company paid $10,000 cash to settle the account payable created on March 3. Note: Enter…
A: Accounts payable is the current liability that the entity has to be repay within a period of 1 year.…
Q: Problem 3-7 (IAA) Bedlam Company provided the following dats for the month of December November 0…
A: Bank Reconciliation:- It is a statement that gets prepare in order to match the balance as per pass…
Q: July Statement Transaction Deposit Withdrawal Balance Date Description July 3 Balance - 516.31 6…
A: 1) Total interest earned: 394.69×1.4%×6/365 = 0.091 + 259.69×1.4%×6/365 = 0.060 +…
Q: Prepare accounts balances Each as Debit / Credit 1. Accounts Receivable 2. Service Income 3. А,…
A: Introduction: Accounts structure: Each Account has two sides. Left hand side is Debit and Right hand…
Q: Journal entry worksheet 1 3 4 5 6 7 8 Pay cash for salaries, $30,100. Note: Enter debits before…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on…
A: Particulars Amount. Dr. Amount Cr. 1 Accounts receivable 10,000 To, Cash 10,000…
Q: Prepare journal entries to record the following transactions. Create a T-account for Interest…
A: Journal entries: A business transaction is recorded through journal in accounting system T account…
Q: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on…
A: Solution: Purchases to be reported by first computing purchases on accounts. Then purchases on…
Q: Question 2 The following balancesrwere extracted from the books of Sandy Ltd on 1 September 2012: Dr…
A: These control accounts provide the total of these ledgers which can be used in preparation of…
Q: DATE ACCOUNT TITLE DEBIT CREDIT 1| Нyve, Capital P1000 Cash P1000 10 Kit Inclusions 750 Cash 750 12…
A: The ledger accounts are prepared to post the journal entries to the specific accounts of the…
Q: 10.4X You are required to enter off the accounts and prepare a trial balance. 2017 Nov 1 Started…
A: Journal entries recording is the initial step of accounting cycle, under which atleast one account…
Q: 19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: Journal entry worksheet 2 3 5 6 7 8 > 4 9 10 Record receipt of $125,900 from customers on accounts…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: What amount should be reported as accounts receivable on December 31? a. 565,000 b. 595,000 c.…
A: Below are the answers and calculations-
Q: MUKISLAP DRY CLEANERS Trial Balance June 30, 2008 Account Debit Credit Account Titles No. 101 112…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Journal…
Q: Accounts Payable May 2 7,000 21,000 May 1 May 22 12,500 600 May 5 5,500 May 15 500 May 23 Calculate…
A:
Q: s for the year ended December 31, 20X1. Account Title Debits Cash $37,500
A: The income statement explains the financial performance of the company for a particular period of…
Step by step
Solved in 2 steps
- Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.
- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
- Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?On June 1, Phillips Corporation sold, with recourse, a note receivable from a customer to a bank. The note has a face value of 15,000 and a maturity value (principal plus interest) of 15,400. The discount is calculated to be 385, and the accrued interest income is 100. The recourse liability is estimated to be 1,000. Prepare the journal entry of Phillips to record the sale of the note receivable.Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
- South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 timesMirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.Outpost Designs uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Outpost Designs decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.