Please do not give solution in image format thanku Exercise 5-22 (Algo) Complete the accounting cycle usingreceivable transactions (LO5-1, 5-2, 5-4, 5-5, 5-7)[The following information applies to the questions displayed below.]The general ledger of Pop's Fireworks includes the following accountbalances in 2024:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsSuppliesNotes Receivable (8%, due in 2 years)LandAccounts PayableCommon StockRetained EarningsService RevenueSalaries ExpenseUtilities ExpenseSupplies ExpenseTotalsJune 3June 8Debit$23,20046,5009,70030,00095,00071,90027,20018,700$322,200In addition, the following transactions occurred during 2024 and are notyet reflected in the account balances above:Exercise 5-22 (Algo) Part 3November 15 Write off customer accounts of $2,500 asuncollectible.Provide additional services on account for $17,000.All services on account include terms 2/10, n/30.Receive cash from customers within 10 days of theservices being provided on account. The customerswere originally charged $10,000.Credit$4,20014,300146,00030,900126,800$322, 200 ookintencesExercise 5-22 (Algo) Part 33. Prepare an adjusted trial balance as of December 31, 2024, after updating accountbalances for transactions during the year (requirement 1) and adjusting entries at the endof the year (requirement 2).AccountsTotalsPOP'S FIREWORKSAdjusted Trial BalanceDecember 31, 2024DebitCredit

A firm's accounts, their helps balance, and any adjusting entries made at the end of an accounting…

Answered: 3. Prepare an adjusted trial balance as…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 25E

See similar textbooks

Similar questions

Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% 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 credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
5. AA Company prepared an aging of its accounts receivable at December 31, 2022 and determined that the net realizable value of the receivables was P350,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/22 – credit balance,P34,000 Accounts written off as uncollectible during 2022, P23,000 Accounts receivable at 12/31/22, P375,000 Uncollectible accounts recovered during 2022, P5,000 Total provisions made during 2022, P12,000 Statement 1: The amount of bad debts expense in 2022 is P9,000. Statement 2: The ending balance of the allowance for uncollectible accounts is P25,000. Group of answer choices Only statement 1 is true Both statements are true Only statement 2 is true Both statements are false
55. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
12. On December 31, 20XX, the recorded ending accounts receivable of ABM company was ₱150,000 with an estimated of ₱36,000 receivables which will not be collected. Accounts receivable in the 2019 Statement of Financial Position will be valued at: A. ₱114,000 B. ₱186,000 C. ₱150,000 D. ₱36,000
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
36. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
33. Starboy Company has the following data relating to accounts receivable for the year ended December 31, 2022: Accounts receivable, January 1, 2022 P 480,000Allowance for doubtful accounts, 1/1/22 28,600Cash sales 300,000Sales on account, terms: 2/10, 1/15, n/30 2,560,000Cash received from customers during the year 2,400,000Accounts written off during the year 17,600Cash refunds given to cash customers for sales returns and allowances 15,000Credit memoranda issued to credit customers for sales returns and allowances 25,000 The P2,400,000 collection is composed of the following: Collection from customers availing the 10-day discount period: Gross selling price P 1,440,000Discount taken (1,440,000 x 2%) ( 28,800) P 1,411,200 Collection from customers availing the 15-day discount period: Gross selling price 800,000 Discount taken (800,000 x 1%) ( 8,000) 792,000 Collection from customers paying beyond the discount period: 192,000 Collection of accounts previously written and subsequent…
At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is $19610 credit $19610 debit $12770 debit $46970 debit
8. Use the following information for the next two questions: Pampi's Co. has the following information. Days Outstanding Receivable Balances % collectible 0-60 480,000 1% 61-120 360,000 2% Over 120 400,000 6% During the year, Pampi wrote off P14,000 receivables and recovered 8,000 that had been written-off in prior years. The allowance for doubtful accounts has a beginning balance of P4,000. How much is the net realizable value of accounts receivable at year-end? How much is the doubtful accounts expense?
The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.

Recommended textbooks for you

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

3. Prepare an adjusted trial balance as of December 31, 2024, after updating account balances for transactions during the year (requirement 1) and adjusting entries at the end of the year (requirement 2). Accounts POP'S FIREWORKS Adjusted Trial Balance December 31, 2024 Debit Credit