31 Dec 2020 Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Accounts Debit Credit Debit Credit Debit Credit € 120,000 100,000 Cash € 120,000 Accounts Receivable 100,000 Notes Receivable 15,000 15,000 1,500 Interest Receivable € 1,500 Merchandise Inventory 130,000 130,000 Prepaid Insurance 2,000 € 1,000 1,000 Land 70,000 70,000 350,000 Buildings & Equipment Accumulated Depreciation 350,000 € 115,000 45,000 € 160,000 Accounts Payable Notes payable Salaries Payable Interest Payable Dividends Payable Bond payables 180,000 180,000 25,000 25,000 15,000 15,000 1,200 1,200 20,000 100,000 20,000 100,000 Common stock (=Ordinary Share Capital) Additional Paid-in Capital (=Share Premium) 180,000 180,000 30,000 30,000 40,000 600,000 Retained Earnings 40,000 Sales Revenue 600,000 1,500 10,000 Interest Revenue 1,500 Rent Revenue 10,000 Cost of Goods Sold 408,000 408,000 Advertising Expense Salaries Expense 20,000 20,000 80,000 15,000 95,000 Interest Expense 5,000 1,200 6,200 Insurance Expense 1,000 1,000 Depreciation Expense 45,000 45,000 Totals 1,300,000 1,300,000 63,700 63,700 1,362,700 1,362,700 (a) The 2020 journal entries for the Accounts Receivable account include a €80,000 starting balance as of 1 Jan 2020. During 2020, the ABC Puzzle company generated €450,000 additional accounts receivable. Given the ending Trial balance of the Accounts Receivable account shown above, calculate the amount of accounts receivable that were collected by ABC Puzzle company during 2020. Show the ledger account for Accounts Receivable.
31 Dec 2020 Unadjusted Trial Balance Adjusting Entries Adjusted Trial Balance Accounts Debit Credit Debit Credit Debit Credit € 120,000 100,000 Cash € 120,000 Accounts Receivable 100,000 Notes Receivable 15,000 15,000 1,500 Interest Receivable € 1,500 Merchandise Inventory 130,000 130,000 Prepaid Insurance 2,000 € 1,000 1,000 Land 70,000 70,000 350,000 Buildings & Equipment Accumulated Depreciation 350,000 € 115,000 45,000 € 160,000 Accounts Payable Notes payable Salaries Payable Interest Payable Dividends Payable Bond payables 180,000 180,000 25,000 25,000 15,000 15,000 1,200 1,200 20,000 100,000 20,000 100,000 Common stock (=Ordinary Share Capital) Additional Paid-in Capital (=Share Premium) 180,000 180,000 30,000 30,000 40,000 600,000 Retained Earnings 40,000 Sales Revenue 600,000 1,500 10,000 Interest Revenue 1,500 Rent Revenue 10,000 Cost of Goods Sold 408,000 408,000 Advertising Expense Salaries Expense 20,000 20,000 80,000 15,000 95,000 Interest Expense 5,000 1,200 6,200 Insurance Expense 1,000 1,000 Depreciation Expense 45,000 45,000 Totals 1,300,000 1,300,000 63,700 63,700 1,362,700 1,362,700 (a) The 2020 journal entries for the Accounts Receivable account include a €80,000 starting balance as of 1 Jan 2020. During 2020, the ABC Puzzle company generated €450,000 additional accounts receivable. Given the ending Trial balance of the Accounts Receivable account shown above, calculate the amount of accounts receivable that were collected by ABC Puzzle company during 2020. Show the ledger account for Accounts Receivable.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 63.1C
Related questions
Question
Thank you in advance
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning