9. Mike Smith paid the $200 that he owed for cleaning services that he got on account. Jo uon A L ent 84 Which accounts are affected?
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Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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- i am doing chart of accounting general journal, question is 4/30 Reimbursed one of the employees for $25 gas used to run business errands. 4/30 Received $150 from a walk-in client for the preparation of their tax return. 4/30 Billed Mack Moving Company $3,800 for preparing their company tax return. 4/30 Received the company telephone bill for April $64, but will not pay it until May. 4/30 The owner withdrew $800 cash from the business so she could pay her personal rent. and not sure with puting categories into general journal as debit and credit sideBob collected $55,000 from customers who previously purchased products on account. Bob learned that one of his customers went bankrupt and can not pay him. He wrote it off for $1,500. Prepare the necessary entriesIdentify the accounting concept that was violated in each of the following situations.4. Don Smith is the sole owner of a company called Hardware City. The company recently paid a $150 utilitybill for Smith’s personal residence and recorded a $150 expense.
- V1801 January Kirill introduced $17,000 cash and a vehicle (costing $2,000) as capital01 January Purchased a machine by cash, $1,80001 January Received a bank loan principal $2,10002 January Purchased furniture on credit, $2,00017 January Invoiced a customer for services, $1,90021 January Bought goods for cash, $1,40022 January Sold goods on credit, $2,50031 January Accrued wages, $80031 January Paid interest expense, $10Cost of goods available at 31 January is $110, their market value is $140.RequiredPrepare:(iv) a statement of profit or loss (income statement) for the year to date;(v) a statement of financial position (balance sheet).On april foreman electric installs wiring in a new home for 2300 on account however on april 27 foreman's electronical work does not pass inspection and foreman grannts the customer an allowance of 480 because of the problem. The customer makes full payment of the balance owned on april 30 Calculate net revenue associated with these transactions?The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the store anticipates the need for a bank loan in 20X6. Late in 20X5 he instructed the accountant to record a P26,000 of furniture to the Cruz family, even though the goods will not be shipped from the manufacturer until January 20X6. Cruz also told the accountant not to make the following December 31, 20X5, adjusting entries: Salaries owed to employees 18,000 Prepaid insurance that has expired 5,300 1. Why did Cruz take this action? Is this action ethical? Give your reason, identifying the parties helped and the parties harmed by Cruz' action. 2. As a personal friend, what advice would you give the accountant?
- The net income of Cruz', a department store, decreased sharply during 20X5. Mark Cruz, owner of the store anticipates the need for a bank loan in 20X6. Late in 20X5 he instructed the accountant to record a P26,000 of furniture to the Cruz family, even though the goods will not be shipped from the manufacturer until January 20X6. Cruz also told the accountant not to make the following December 31, 20X5, adjusting entries: Salaries owed to employees 18,000 Prepaid insurance that has expired 5,300 Compute the overall effect of these transactions on the store's reported income for 20X5.On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April 27, Foreman’s electrical work does not pass inspection, and Foreman grants the customer an allowance of $600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1. Record the credit sale on April 25. 2. Record the sales allowance on April 27. 3. Record the cash collection on April 30. 4. Calculate net sales associated with these transactions.I am having trouble figuring out how to enter the journal entries for a rebate: So the first transaction is that the company purchased office supplies for $850 on account. The next transaction says the company received a rebate for $40 on the supplies purchased. How do I write the second entry into a general journal.
- Mr. Amjad is an Account Assistant of a Merchandise Company in Oman. The business paid cash to Mr. Ahmed for OMR 4,000 was posted to Mr. Mohammed for OMR 4,000. Which of the following type of error was committed by Mr. Amjad ? a. Errors of Commission b. Errors of Complete Omission c. Errors of Principle d. Error of CompensationLang Company owes $50,000 in utilities at Dec 31, but the invoice has not been received or paid by the company at Dec 31. What journal entry needs to be made for these utilities at Dec 31st? No entry needs to be made since the invoice has not been received Debit Utilities Expense $50,000 and Credit to Accounts Payable $50,000 Debit Accounts Receivable $50,000 and Credit to Accounts Payable $50,000 Debit Utilities Expense $50,000 and Credit to Accounts Receivable $50,000 Assets, $50,000 decrease; equity $50,000 decrease.Mr. jones had balances on his credit card his last period. He did not pay the card in the previous month, so he have pay a Inance charge The APR 23.4%