Account NameAdjusted Trial BalanceDebitCreditCash₱80,000.00 Accounts Receivable₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00Notes Receivable₱130,000.00 Interest Receivable₱3,900.00 Merchandise Inventory, beg.₱ 80,000.00 Prepaid Insurance₱50,000.00 Prepaid Rent₱70,000.00 Office Equipment₱500,000.00 Accumulated Depreciation ₱150,000.00Accounts Payable ₱30,000.00Salaries Payable Ya Man, Capital ₱822,000.00Ya Man, Drawings₱10,000.00 Sales ₱500,000.00Sales Returns and Allowances₱10,000.00 Purchases₱320,000.00 Freight In₱3,000.00 Purchase Returns and Allowances ₱10,000.00Salary Expense₱40,000.00 Rent Expense₱14,000.00 Doubtful Accounts Expense₱39,200.00 Interest Income ₱3,900.00Insurance Expense₱10,000.00 Depreciation Expense₱100,000.00 Total ₱1,560,100.00 ₱1,560,100.00 Merchandise inventory, End is PHP 120,000.10% of the salary is for the supervisor; 11% is for the manager; the rest is for the front-line employees20% of the rent expense and 50% of the depreciation expense were used by the sales departmentAssume 30% TaxSTATEMENT OF CHANGES IN EQUITY

Working note :- Statement of income Particulars Amount P Amount P…

Answered: Account Name Adjusted Trial Balance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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20. Sales (all on credit), P600,000 Accounts receivable, P100,000 Allowance for uncollectible accounts, P3,000 Assume aging of accounts revealed that allowance of P10,000 is needed to take care of possible uncollectible accounts. Assume further that the allowance has a debit balance before adjustment. Uncollectible accounts expense is equal to:
Sales of $ 183,000 $ 158,000 on account $ 25,000for cash Ignore Cost of Goods SoldCollections on account $ 124,000Write-offs of uncollectible receivables $ 2,500post mountaintop,s transaction to the accounts receivable and allowance for bad debts t accountenter the beginning balances and the journal entries, and then computer the unadjusted balance of each account
Credit sales (for year) $965,000Credit sales returns and allowances (for year) 82,000Accounts receivable (30 June 2020) 302,560Allowance for doubtful debts (30 June 2020) 1,200 CR Balance % estimated uncollectableAccounts not yet due $ 96,450 1%Accounts overdue:10-30 days $ 31,230 5% 31-60 days $ 22,760 10% 61-120 days $ 16,540 30%121 days and over $ 9,372 60% Total $ 176,352 Using the data in the tables above, present the general journal adjusting entries to provide for bad debts expense for the year ended 30 June 2020 under each of the two allowance methods: (i) Percentage of net…
Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) - while doing the transactions for 2024 assume the company uses the allowance method and show work and formulas
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
**XYZ Bhd Trial balance 31 December 2020 Debit RM Credit RM Cash 189,700 Accounts receivable 105,000 Rent revenue 18,000 Retained earnings 160,000 Salaries and wages payable 18,000 Sales revenue 1,100,000 Notes receivable 110,000 Accounts payable 49,000 Accumulated depreciation-equipment 28,000 Sales discounts 14,500 Sales returns and allowances 17,500 Notes payable 60,000 Selling expenses 232,000 Administrative expenses 99,000 Share capital-ordinary 300,000 Income tax expense 53,900 Cash dividends 45,000 Allowances for doubtful accounts 5,000 Supplies 14,000 Cost of sales 645,000 Land 70,000 Equipment 140,000 Bonds payable 100,000 Gain on sale of land 20,000 Accumulated depreciation-buildings 18,600 Inventory 64,000…
Princess EJ Corporation factors P350,000 of accounts receivable with XYZ Financing on a with recourse basis. XYZ Financing will collect the receivables. The receivables records are transferred to XYZ Financing on August 15, 202X. XYZ Financing assesses a finance charge of 2% of the amount of accounts receivable. Also, it reserves an amount equal to 5% of accounts receivable to cover probable adjustments.Requirements:1. What conditions must be met for a transfer of receivables through factoring with recourse?2. Prepare the journal entry on August 15, 202X, for Princess EJ Corporation to record the conditional sale of receivables.
42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
#9: Accounts Receivable, beg. 150,000.00; Accounts Receivable, end 125,000.00; Cash Collection from Sales on Account 1,675,000.00. The net sales from customers on cash amounted to __________ if the net sales from on-account customers is 40% of the total Net Sales. (Round your answers to the nearest 2 decimal places)
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?

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Account Name	Adjusted Trial Balance
Debit	Credit
Cash	₱80,000.00
Accounts Receivable	₱100,000.00
Allowance for Doubtful Accounts		₱44,200.00
Notes Receivable	₱130,000.00
Interest Receivable	₱3,900.00
Merchandise Inventory, beg.	₱ 80,000.00
Prepaid Insurance	₱50,000.00
Prepaid Rent	₱70,000.00
Office Equipment	₱500,000.00
Accumulated Depreciation		₱150,000.00
Accounts Payable		₱30,000.00
Salaries Payable
Ya Man, Capital		₱822,000.00
Ya Man, Drawings	₱10,000.00
Sales		₱500,000.00
Sales Returns and Allowances	₱10,000.00
Purchases	₱320,000.00
Freight In	₱3,000.00
Purchase Returns and Allowances		₱10,000.00
Salary Expense	₱40,000.00
Rent Expense	₱14,000.00
Doubtful Accounts Expense	₱39,200.00
Interest Income		₱3,900.00
Insurance Expense	₱10,000.00
Depreciation Expense	₱100,000.00
Total	₱1,560,100.00	₱1,560,100.00

Merchandise inventory, End is PHP 120,000.
10% of the salary is for the supervisor; 11% is for the manager; the rest is for the front-line employees
20% of the rent expense and 50% of the depreciation expense were used by the sales department
Assume 30% Tax

Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg.