Account Titles Debit Čredit 110 Cash 400,000 120 Accounts Receivable 55,000 121 Allowance for Bad Debts 3,000 130 Notes Receivable 51,000 140 Merchandise Inventory, January 1 670,000 150 Store Supplies on Hand 3,000 170 Furniture and Fixtures 120,000 171 Accumulated Depreciation 10,000 210 Accounts Payable 40,800 220 Notes Payable 20,000 240 VAT Payable 3,800 250 Unearned Interest Income 4,000 310 Diana, Capital 1,043,400 320 Diana, Drawing 15,000 410 Sales 1,167,000 411 Sales Discounts 2,000 510 Purchases 860,000 511 Freight In 5,000 512 Purchase Returns and Allowances 3,000 520 Freight Out 3,000 530 Taxes and Licenses 12,000 540 Salaries and Wages 60,000 550 Rent Expense 14,000 560 Utilities Expense 15,000 570 Store Supplies Used 2,000 580 Depreciation Expense 4,000 600 Interest Expense 1,000 230 Interest Payable 1,000 160 Prepaid Rent 4,000 420 Interest Income 1,000 590 Bad Debts Expense 1,000 Total 2,297,000 2.297,000 he merchandise inventory at December 31, 2020 amounted to P650,000 equired: Using the solution guides provided you are required to prepare the following: 1. Income Statement in good form 2. Balance Sheet in good form 3. Closing Entries 4. Post-Closing Trial Balance

Account Titles Debit Čredit 110 Cash 400,000 120 Accounts Receivable 55,000 121 Allowance for Bad Debts 3,000 130 Notes Receivable 51,000 140 Merchandise Inventory, January 1 670,000 150 Store Supplies on Hand 3,000 170 Furniture and Fixtures 120,000 171 Accumulated Depreciation 10,000 210 Accounts Payable 40,800 220 Notes Payable 20,000 240 VAT Payable 3,800 250 Unearned Interest Income 4,000 310 Diana, Capital 1,043,400 320 Diana, Drawing 15,000 410 Sales 1,167,000 411 Sales Discounts 2,000 510 Purchases 860,000 511 Freight In 5,000 512 Purchase Returns and Allowances 3,000 520 Freight Out 3,000 530 Taxes and Licenses 12,000 540 Salaries and Wages 60,000 550 Rent Expense 14,000 560 Utilities Expense 15,000 570 Store Supplies Used 2,000 580 Depreciation Expense 4,000 600 Interest Expense 1,000 230 Interest Payable 1,000 160 Prepaid Rent 4,000 420 Interest Income 1,000 590 Bad Debts Expense 1,000 Total 2,297,000 2.297,000 he merchandise inventory at December 31, 2020 amounted to P650,000 equired: Using the solution guides provided you are required to prepare the following: 1. Income Statement in good form 2. Balance Sheet in good form 3. Closing Entries 4. Post-Closing 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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Accounting BECA Convenience Store LTD.Post-Closing Trial BalanceDecember 31, 2020 Debit Credit Cash $20573 Accounts receivable 125188 Allowance for doubtful accounts $4998 Inventory 38901 Estimated inventory returns 1071 Prepaid insurance 13090 Equipment 202300 Accumulated depreciation 88655 Accounts payable 47600 Employee income tax payable 4760 CPP payable 8568 EI payable 4856 Refund liability 1850 Dividends payable 2618 Notes payable (due 2023) 142,800 Common shares 71400 Retained earnings 39,032 sales 119000 cost of goods sold 34748 salaries expense 47600 employee benefit expense 3507 bad debt expense 1428 rent expense 10710 insurance expense 1190 deprecation expense 1975 gain on disposal 2380 interest expense 476 income tax expense 4760 Prepare a statement of financial position at January 31, 2021
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Blossom Company unadjusted trial balance includes the following balances (assume normal balances): • Accounts Receivable $1130000 • Allowances for Doubtful Accounts $21400 Bad debts are estimated to be 5% of outstanding receivables. What amount of bad debt expense will the company record? $56500 $35100 $33822 $57678
ANSWER ASAP PLS!! THANK YOU SO MUCH Presented below are unaudited balances of selected accounts of Angelica Company as of December 31, 2021 Unadjusted balances, December 31, 2021 Selected accounts Debit Credit Cash 500.000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6.750.000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of Mang Kanour Store & Company recorded on January 2, 2022 with terms of net, 60 days, FOB shipping point. The goods were shipped to Mang Kanour on December 30, • The bank returned on December 29, 2021, a customer's check for P15,000 marked "No Sufficient Funds", but no entry was • Angelica estimates that allowance for uncollectible accounts should be one and one-half percent on the accounts receivable balance as of year-end. No uncollectible accounts expense has yet been provided for Questions: Based on the above and the…
Vaughn Manufacturing unadjusted trial balance includes the following balances (assume normal balances): • Accounts receivable $1840000 • Allowance for doubtful accounts $33700 Bad debts are estimated to be 6% of outstanding receivables. What amount of bad debt expense will the company record?
Prepare the correct Creditors Control account for May 2020 after taking into account the additional information, errors and omissions. Balance the account Balance b/d June R112 000 Additional information, errors and omissions1. The debit balance in the account of a creditor, R300, must be transferred to the Debtors ledger.2. An invoice for goods purchased from Super Suppliers was entered in the Purchases journal as R6 400 instead of R4 600.3. A credit purchase of equipment from Minto Enterprises was not recorded, R5 000.4. A credit note received from HD Wholesalers for trading goods returned was not recorded in the Purchases Returns Journal, R1 000.5. Stardom Traders, a creditor, charged Oyster Traders interest on overdue account, R50
Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted ofthe following:Trade accounts receivable 93,000Allowance for uncollectible accounts (2,000)Claim against shipper for goods lost in transit (November 2020) 3,000Selling price of unsold goods sent by Mann on consignment at130% of cost (not included in Mann’s ending inventory) 26,000Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________. Problem 14The following information relates to Jay Co.’s accounts receivable for 2020:Accounts receivable, 1/1/20 650,000Credit sales for 2020 2,700,000Sales returns for 2020 75,000Accounts written off during 2020 40,000Collections from customers during 2020 2,150,000Estimated future sales returns at 12/31/20 50,000Estimated uncollectible accounts at 12/31/20 110,000What amount should Jay report for accounts receivable, before allowances…
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
Question no. 02 (b) (07)Wilson Corporation uses an income statement approach to estimate credit losses. Its Accounts Receivable of $5,000,000 at the beginning of the period had a net realizable value of $4,225,000.During year 2019 company wrote off all of its uncollectible accounts. Of these accounts 35% were subsequently collected. Prepare the entries to record write off using allowance for doubtful account and direct write off approaches. Draft Entry to record the accounts receivable that were subsequently collected. Allowance for doubtful account is treated as an expense or as a liability in general journal. Give reasons for your answer. Moreover explain the treatment of these in balance sheet. What is the characteristic common to all current assets? Many retail stores regularly sell merchandise on installment plans, calling for payments over a period of 24 or 36 months. Do such receivables qualify as current assets? Explain.
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question Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) o The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
17 - Which of the following account should be recorded as a creditor in the inventory record to be made based on the valuation of the notes receivable with their savings value at the end of the period ? a) 657 Rediscount Interest Expenses Hs. B) 128 Doubtful Trade Receivables Hs. NS) 654 Provision Expenses Hs. D) 122 Rediscount of Bills Receivable Hs. TO) 647 Rediscount Interest Income Hs.