A edugen.wileyplus.comW WileyPLUSBbReturn to BlackboardUSUS Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx CommunHelp | System AnnouncementsProblem 9-01A a-d (Video)At December 31, 2019, Ayayai Co. reported the following information on its balance sheet.Accounts receivable$965,100Less: Allowance for doubtful accounts79,700During 2020, the company had the following transactions related to receivables.1. Sales on account$3,692,7002. Sales returns and allowances49,6003. Collections of accounts receivable2,817,8004. Write-offs of accounts receivable deemed uncollectible89,6005. Recovery of bad debts previously written off as uncollectible27,350Your answer is correct.Aceur me thatne neh diecouınte w ersPrepare the journal entries to record onch of tho0o fuo trnnanotiono Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accountsbalances. (Post entries in the order of journal entries presented in the previous part.)Accounts Receivablert....urtBal.9651002 :49600369270032817800273504896005 :27350udyBal.Allowance for Doubtful Accounts********4.89600Bal.7970027350Bal.

A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accoui balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal. 965100 49600 3692700: 3. 2817800 27350 4 89600 27350 Bal. Allowance for Doubtful Accounts 89600 Bal. 79700 5. 27350 Bal.

Enter the January 1, 2020, balances in Accounts Receivable and Allowance for Doubtful Accoui balances. (Post entries in the order of journal entries presented in the previous part.) Accounts Receivable Bal. 965100 49600 3692700: 3. 2817800 27350 4 89600 27350 Bal. Allowance for Doubtful Accounts 89600 Bal. 79700 5. 27350 Bal.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 44BE: Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial...

See similar textbooks

Similar questions

Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving Kings assistance. King estimates that 2% of its $675,000 credit sales in 2019 will be uncollectible. During 2020, King wrote off $2,700 related to services performed in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. 2. Prepare the adjusting entry to record the bad debt expense for 2019.
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
Payroll accounts and year-end entries The following accounts, with the balances indicated, appear in the ledger of Garcon Co. on December 1 of the current year: The following transactions relating to payroll, payroll deductions, and payroll taxes Occurred during December: Dec. 2. Issued Check No. 410 for 3,400 to Jay Bank to invest in a retirement savings account for employees. 2. Issued Check No. 411 to Jay Bank for 27,046, in payment of 9,273 of social security tax, 2,318 of Medicare tax, and 15,455 of employees federal income tax due. 13. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: Dec. 13. Issued Check No. 420 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 13. Journalized the entry to record payroll taxes on employees earnings of December13: social security tax, 4,632; Medicare tax, 1,158; state unemployment tax, 350; federal unemployment tax, 125. 16. Issued Check No. 424 to Jay Bank for 27,020, in payment of 9,264 of social security tax, 2,316 of Medicare tax, and 15,440 of employees federal income tax due. 19. Issued Check No. 429 to Sims-Walker Insurance Company for 31,500, in payment of the semiannual premium on the group medical insurance policy. 27. Journalized the entry to record the biweekly payroll. A summary of the payroll record follows: 27. Issued Check No. 541 in payment of the net amount of the biweekly payroll to fund the payroll bank account. 27. Journalized the entry to record payroll taxes on employees earnings of December27: social security tax, 4,668; Medicare tax, 1,167; state unemployment tax, 225; federal unemployment tax, 75. 27. Issued Check No. 543 for 20,884 to State Department of Revenue in payment of employees state income tax due on December 31. 31. Issued Check No. 545 to Jay Bank for 3,400 to invest in a retirement savings account for employees. 31. Paid 45,000 to the employee pension plan. The annual pension cost is 60,000. (Record both the payment and unfunded pension liability.) Instructions 1. Journalize the transactions. 2. Journalize the following adjusting entries on December 31: a. Salaries accrued: operations salaries, 8,560; officers salaries, 5,600; office salaries,1,400. The payroll taxes are immaterial and are not accrued. b. Vacation pay, 15,000.
The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.
Cullumber, Inc. reported the following item in its balance sheet at December 31, 2022: Accounts receivable, net of $986 allowance $59678 Which statement is true? Cullumber’s customers owe $60664. During the year, customers charged $59678 on account. Cullumber expects its customers to pay $58692. The balance owed by customers is $59678.
7. Using the appropriate window for Computerized Accounting with QuickBooks 2021, record the following transactions for April 2022. The company file was 'CH2 Lynn's Music Studio.QBW.' Apr.2 Received bill for rent of the month of April from Viewhill Realty, $600, paid immediately, Check No.1. Do not print check. Apr.2 Received a bill for a one-year insurance policy on account from Mutual Insurance Company, Invoice No. 1257, $2,500, Net 30 Days. Apr.5 Purchased furniture on account from Mills Family Furniture, Invoice No. 1257, $2,500, Net 30 Days. Apr.6 Purchased a computer system on account from Computer Town, Invoice No. X234, $3,000, Net 15 Days. Apr.9 Purchased music suppliers on account from Strings, Sheets, & Such, Invoice No. 1290, $500, Net 15 Days.
Post information below to their respective ledger accounts then balance the ledger accounts. Interactive Consulting Ltd General Journal for September 2020 Date Details Acc. No. Debit ($) Credit ($) 1-Sep Cash 11 7,050 Accounts Receivable 12 1,500 Supplies 14 1,250 Office Equipment 18 7,200 Capital Stock 31 17,000 (To record assests received from Angela Smith in exchange for capital) 2-Sep Prepaid Rent 15 3,600 Cash 11 3,600 (To record prepaid rent) 3-Sep Prepaid Insurance 16 1,500 Cash 11 1,500 (To record prepaid insurance) 4-Sep Cash 11 3,500 Unearned Fees 23 3,500 (To record advance payment for services to be provided) 5-Sep Office Equipment 18 1,800 Accounts Payable 21 1,800 (To record purchasing of office equipment on account) 6-Sep Cash 11 800 Accounts Receivable 12 800 (To cash…
State which type of error it involves. Prepare a general journal in which you correct each error. All the corrections must be made at June 30, 2019, in the business of Holmes Ltd. 1. On June 1, 2019, cash purchases of $4 000 were omitted from the accounts. 2. A computer was bought with a cheque of $50 000 on June 5, 2019. This transaction was recorded in both the Purchases and Bank accounts. 3. The Rent account and Discount received accounts were undercast by $2 000.
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 cash flow ?