15.15 The balance on Jude Co's payables ledger control account is $31,554. The accountant at Jude Co has- discovered that she has not recorded: A settlement discount of $53 received from a supplier; and A supplier's invoice for $622. What amount should be reported for payables on Jude Co's statement of financial position: $30,879 B $30,985 $32,123 $32,229 A C
Q: E7.9 (LO 3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment…
A: The allowance for doubtful accounts is established to record estimated bad debt expense for the…
Q: Haru Company sold accounts receivable without recourse for P10, 600,000. Mild company received P10,…
A: Factoring of Accounts Receivable : Accounts receivable are the money owe by the debtors…
Q: PA1. LO 7.2On June 30, Oscar Inc.’s bookkeeper is preparing to close the books for the month. The…
A: Accounts receivable subsidiary ledger includes all ledger accounts related to different receivable…
Q: 29. Your audit disclosed that on December 31, 2010, the accounts receivable control account of…
A: Accounts receivable includes the amounts which are yet to be paid by debtors for the purchases made…
Q: Given the data of Complex LLC, opening balance of account payable: RO 12500, closing balance of…
A: Average payables=Opening payables+Closing payables2=RO 12,500 + RO 11,7502=RO 12,125
Q: 3. The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company…
A: Current Liabiltiies are those liabilities and dues that needs to be paid out in short term or in a…
Q: The trial balance before adjustment for Phil Collins Company shows the following balances. Dr.…
A: The question is based on the concept of Business Transaction Analysis.
Q: EA8. LO 7.4 Maddie Inc. has the following transactions for its first month of business. May 1 Credit…
A: Subsidiary ledger is the ledger account which record all the transaction on single basis it prepare…
Q: (b) Another team member who is preparing the Budgeted Balance Sheet for the business for the same…
A: Sales: Credit Sales November $800,000 December $500,000 Purchase Purchase Credit…
Q: Problem 5-13 (AICPA Adapted) Namesake Company reported the following unadjusted balances at…
A: The correct answer is option B Uncollectible expense=Gross accounts receivable × Given…
Q: 11 Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: Total Accounts receivable from the retailer = OMR 20000 credit term for discount = 2% discount…
Q: 15 17 18 24 25 31 ansactions. Returned defective merchandise to Puregold amounting to $4,500. Paid…
A: Journal entries are the recording of each and every transaction taking place in the books of…
Q: 2. Colde Inc. has the following transactions: Jan 07, 2020 Made sales on credit for $555,000 May 13,…
A: Sales and purchases are major expenses for any trading company. Most of the time, a company will…
Q: Q1/B/The trial balance before adjustment for Phil Collins Company shows the following balances. Dr.…
A: Calculated the bad debt expense as follows:
Q: S9-3 Applying the direct write-off method to account for uncollectibles Shawna Valley is an attorney…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: 3.5Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and…
A: T-account is used to record the financial transactions under the double-entry bookkeeping system.
Q: PA3. The following transactions occurred for Donaldson Inc. during the month of July. Record the…
A: SOLUTION- JOURNAL ENTRIES DATE PARTICULAR…
Q: 48 Assume that Oman Oil Marketing Company has credit sales of OMR 100,000 in 2019, of which…
A: the journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:…
A: Credit purchases are the amount of purchases made on credit from the suppliers, Which means cash is…
Q: The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:…
A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…
Q: The unadjusted trial balance of Serrano Company at December 31, 20XX included the following…
A: In this question, firstly we calculate the estimated uncollectible receivables by multiplying the…
Q: Chapter (10) practices Q1: The following information is extracted from Basra Company. 1- Balances on…
A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…
Q: The revenue journal and cash receipts journal for Polaris Productions Inc. follow. The accounts…
A: Account receivable: The amount of money to be received by a company for the sale of goods and…
Q: 15.18 Y Ltd keeps a receivables ledger control account as part of its accounting system. The…
A: Working: Credit Sales - $ 5,000 Debtor who paid - $ 3000 Discount received by debtor - $3,000 x 5% =…
Q: Moving estion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: 5. The following balances were extracted from the books of Atuobi Trading Company on 30 November…
A: 1. Total Debtors Ledger Control Account- Debtors control account considers all the credit sales,…
Q: PROBLEM 4 On May 1, Dexter, Inc. factored P1,200,000 of accounts receivable with Quick Finance on a…
A: A journal entry is an act of recording or keeping track of some financial or non-financial activity.
Q: 43 SAT Company paid $530 on account to a creditor. The transaction was erroneously recorded as a…
A: Rectification entry means where some error has been done in past and we need to rectify that errors.…
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: Q4.The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Dr. Cr.…
A: Answer) Journal Entry Sno Account Titles and Explanation Debit Credit (a) Bad…
Q: The ABC Co disclosed the following data at Dec 31, 20X1: Account known to be worthless, P37,500…
A: Note: Credit balance in the customer account is reported as a current liability instead of…
Q: Prepare the journal entry under the direct write-off method that ABC company would record when it…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Q: What are the journal entries for the following transactions related to Uncollectable accounts?…
A: Under allowance method for uncollectible accounts, estimated bad debt expense is booked and credited…
Q: . What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c.…
A: Account Receivable is a Current Asset account. When credit sales are made, Sales revenue is credited…
Q: Q: The management determined that the amount due from a customer, MYTOM Limited, $50,000 is…
A: Bad debts are the debts which are uncollectible from the debtors.
Im detail please.
Step by step
Solved in 2 steps
- The trial balance of Antioch Bhd. revealed a debit total of RM130,000 and a credit total of RM135,432 as at 30 June 2019. The draft net profit was RM50,000. After further investigation, the following errors were discovered:(i) The purchases journal was overcast by RM950.(ii) Payment by cheque of RM550 for utility was recorded only in the cash book.(iii) Cash payment of RM513 for stationery had been debited as RM531 in the stationery account.(iv) The debit side of the cash book has been undercast by RM20,000.(v) Last year’s allowance for doubtful debts was RM9,100. This year’s allowance for doubtful debts was decided to be RM10,000. The allowance account was debited in error.(vi) The bank statement shows a loan interest of RM330, but this has not been recorded in the accounts.(vii) Depreciation was calculated at RM500 but recorded as RM50. This was correctly recorded in the Accumulated Depreciation account.(viii) Discounts received of RM4,200 has been credited to the Trade Payables…On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Accruals and Deferrals For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA). Example: DE Office supplies purchased in advance of their use __________ 1. Wages earned by employees but not yet paid __________ 2. Cash collected from subscriptions in advance of publishing a magazine __________ 3. Interest on a customer loan for which principal and interest have not yet been collected __________ 4. One years premium on life insurance policy paid in advance __________ 5. Office building purchased for cash __________ 6. Rent collected in advance from a tenant __________ 7. State income taxes owed at the end of the year __________ 8. Rent owed by a tenant but not yet collected
- Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.can you help me correct these? because I can't detect what is wrong and my statement of financial position is not balance. Inventories 31 December 2019 RM500 000. Commission revenue of RM500 was for the month January 2020. Rent revenue of RM750 for the month of December 2019 was still not received. Insurance expense was for a year starting April 1, 2019. There was still unpaid worker’s salary of RM9 000. Sales discount of RM600 was recorded as sales return and allowances. GENERAL JOURNAL DATE DETAILS DEBIT CREDIT Dec 31 Dr. Commission revenue Cr. Unearned commission revenue (To record commission revenue) 500 500 Dr. Accrued rent revenue Cr. Rent revenue (To record accrued rent revenue) 750 750 Dr. Prepaid insurance (16 000 x 9/12) Cr. Insurance expense (To record prepaid insurance) 12 000 12 000 Dr. Salaries expenses Cr.Accrued salaries (To record accrued salaries) 9 000 9 000 Dr. Sales…How would each of the following items be reported on the balance sheet? a. Accrued vacation pay. b. Estimated taxes payable. c. Service warranties on appliance sales. d. Bank overdraft. e. Employee payroll deductions unremitted. f. Unpaid bonus to officers. g. Deposit received from customer to guarantee performance of a contract. h. Sales taxes payable. i. Gift certificates sold to customers but not yet redeemed. j. Premium offers outstanding. k. Discount on notes payable. l. Personal injury claim pending. m. Current maturities of long-term debts to be paid from current assets. n. Cash dividends declared but unpaid. o. Dividends in arrears on preferred stock. p. Loans from officers.
- Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount due according to the payables ledger account of Alta in Ordan's records was only $230. Comparison of the statement and the ledger account revealed the following differences: 1 A cheque sent by Ordan for $270 has not been allowed for in Alta's statement. 2 Alta has not allowed for goods returned by Ordan $180. 3 Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a balance due from Alta in Ordan's receivables ledger. No such entry has been made in Alta's records. What difference remains between the two companies' records after adjusting for these items? A $460 B $640 C $6,500 D $100Cullumber, Inc. reported the following item in its balance sheet at December 31, 2022: Accounts receivable, net of $986 allowance $59678 Which statement is true? Cullumber’s customers owe $60664. During the year, customers charged $59678 on account. Cullumber expects its customers to pay $58692. The balance owed by customers is $59678.DATA PROVIDEDThe pre-adjustment trial balance of Wing-It (Pty) Ltd as at 31 August 2022 is presented:AccountDebitCreditProfessional fees765 000Goods sold435 000Cost of sales215 000Interest received19 500Interest on loan6 300Bank charges3 200Cleaning1 500Staff welfare650Salaries and wages35 850Municipal services6 850Printing and stationery16 715Telephone18 600Fuel and oil56 000Repairs and maintenance: Building5 200Repairs and maintenance: Vehicles6 850Capital: Blue520 000Capital: Green630 000Drawings: Blue35 000Drawings: Green27 000Current account: Blue2 500Current account: Green6 400Retained income265 000Land500 000Buildings1 500 000Accumulated depreciation on buildings21 000Vehicles380 000Accumulated depreciation on vehicles65 000Equipment and electronics79 500Accumulated depreciation on equipment and electronics1 5008% Long-term loan325 000Bank: FNB168 000Bank: ABSA32 000Debtors control account85 000Allowance for credit losses6 400Creditors control account78 600Petty cash2…
- Given the following transaction of entrepreneur ark, what journal entries would you make as its accountant, to book the followig transaction? a June 23. Received a 52,000, 90 day, 8% note date 23 from BEDA express account sept 11 the note is dishonoed by BEDA Oct 2 Received the amount due on the dishonored note plus interest for 30 days at 10% on the total amount charged to BEDA express on september 21Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12Journalize the following transactions using the allowance method of accounting foruncollectible receivables:Sep 1. Received $600 from Jane and wrote off the remainder owed of $1350 as uncollectible.Nov15.Reinstated the account Jane that had been written off on Sep 1 and received $1350 cash in full payment.