Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals View transaction list epare the closing entries for the year ended December 31. Journal entry worksheet < 1 2 3 Date December Record the closure of revenue account. Note: Enter debits before credits, 4 Debit $ 8,000 17,500 3,000 172,000 85,000 General Journal Credit 20,000 23,500 61,000 8,000 12,000 $ 410,000 $ 410,000 Debit $ 36,000 12,000 4,000 58,000 170,000 130,000 Credit >

Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable K. Wilson, Capital K. Wilson, Withdrawals Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Interest expense Totals View transaction list epare the closing entries for the year ended December 31. Journal entry worksheet < 1 2 3 Date December Record the closure of revenue account. Note: Enter debits before credits, 4 Debit $ 8,000 17,500 3,000 172,000 85,000 General Journal Credit 20,000 23,500 61,000 8,000 12,000 $ 410,000 $ 410,000 Debit $ 36,000 12,000 4,000 58,000 170,000 130,000 Credit >

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPA: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the...

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UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.
Sales-related and purchase-related transactions using perpetualinventory systemThe following were selected from among the transactions completed byBabcock Company during November of the current year: Instructions Journalise the transations.
On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…
NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the following transactions: 20-1 REQUIRED Record the transactions in a general journal.
Sales and notes receivable transactionsThe following were selected from among the transactions completedduring the current year by Danix Co., an appliance wholesale company: Instructions Journalize the entries to record the transactions.
Instructions: 1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor. 2. Round the total accrual to the nearest 10. 3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022. 4. Format/change/improve this tab however you like to make it easier to understand. This is a list of all invoices received and paid related to Q1 for the respective vendors: Invoice/Start Date Vendor Invoice Number Amount 2/1/2021 California Roofing 3AD24DF982D 1/1/2022 Hot Cakes LLC 1/6/2022 Jammer Joes Pools D48F5A4D8 1/10/2022 Else's Hammer Sho 1/19/2022 Washmart Co 2/4/2022 Hot Cakes LLC 2/5/2022 ABC Plumbing 2/16/2022 Else's Hammer Sho 3/17/2022 Spooner forks Inc UUTTRSFS 3/19/2022 Else's Hammer Sho Washmart Co California Roofing Jammer Joes Pools Spooner forks Inc Total Accrual 2. Rounded Total 3. JE(s) needed at 3/31/2022: Account Type Debit Expense…
DIRECT WRITE-OFF METHOD Williams Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.
Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.
DIRECT WRITE-OFF METHOD Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.
Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
1. Purchased inventory (perpetual system) on account. Extended payment terms of the account payable in item 1 by replacing the account payable with the issue of a nine- month, 5% note payable. 3. Recorded accrued interest on the note payable from item 2. 4. Recorded repayment of the note and accrued interest from items 2 and 3. 5. Recorded cash received from sale of services, plus HST. 6. Recorded salaries expense and employee payroll deductions, and paid employees. 7. Recorded employer's share of employee benefits. 8. Recorded property tax expense and property tax payable when bill was received. 9. Recorded a receipt of cash for services that will be performed in the future. 10. Recorded the performance of services for item 9. Indicate the effect of each of the above transactions on the financial statement categories in the table use Increase, "Decrease", and "No Effect. 2.
Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period: a. b. d. C. d. a. $ e. e. b. $ c. $ Merchandise Feedback Invoice Amount 21,800 ✔ 10,380 X 7,900 X $23,000 10,100 Check My Work 8,700 3,800 3,700 Freight Paid by Seller $400 200 FOB destination, n/30 FOB shipping point, 2/10, n/30 FOB shipping point, 1/10, n/30 FOB shipping point, 2/10, n/30 FOB destination, 2/10, n/30 Customer Returns and Allowances $1,200 1,200 800 500