Instructions art of Accounts 410 Sales A summary of the time tickets for the current month 110 Cash follows: 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable Job No. Amount 126 Interest Receivable EXPENSES 100 $7,800 131 Materials 510 Cost of Goods Sold 101 11,900 132 Work in Process 520 Wages Expense 104 27,100 133 Factory Overhead 531 Selling Expenses 108 18,600 134 Finished Goods 532 Insurance Expense Indirect 8,500 141 Supplies 533 Utilities Expense 111 4,400 142 Prepaid Insurance 534 Office Supplies Expense 115 3,200 143 Prepaid Expenses 540 Administrative Expenses 117 15,800 181 Land 569 Depreciation Expense-Factory 191 Factory 590 Miscellaneous Expense 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES Journal 210 Accounts Payable JOURNAL ACCOUNTIE ENIATION 221 Utilities Payable LIABILITIES DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS EQUITY 231 Notes Payable 1 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings

Instructions art of Accounts 410 Sales A summary of the time tickets for the current month 110 Cash follows: 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable Job No. Amount 126 Interest Receivable EXPENSES 100 $7,800 131 Materials 510 Cost of Goods Sold 101 11,900 132 Work in Process 520 Wages Expense 104 27,100 133 Factory Overhead 531 Selling Expenses 108 18,600 134 Finished Goods 532 Insurance Expense Indirect 8,500 141 Supplies 533 Utilities Expense 111 4,400 142 Prepaid Insurance 534 Office Supplies Expense 115 3,200 143 Prepaid Expenses 540 Administrative Expenses 117 15,800 181 Land 569 Depreciation Expense-Factory 191 Factory 590 Miscellaneous Expense 192 Accumulated Depreciation-Factory 710 Interest Expense LIABILITIES Journal 210 Accounts Payable JOURNAL ACCOUNTIE ENIATION 221 Utilities Payable LIABILITIES DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS EQUITY 231 Notes Payable 1 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a) Working capital (b) Current ratio (c) Quick ratio (d) Return on owners equity (e) Accounts receivable turnover and the average number of days required to collect receivables (f) Inventory turnover and the average number of days required to sell inventory
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Monitoring of Receivables The Russ Fogler Company, a small manufacturer of cordless telephones, began operations on January 1. Its credit sales for the first 6 months of operations were as follows: Throughout this entire period, the firm’s credit customers maintained a constant payments pattern: 209b paid in the month of sale, 309b paid in the first month following the sale, and 509b paid in the second month following the sale. What was Fogler’s receivables balance at the end of March and at the end of June? Assume 90 days per calendar quarter. What were the average daily sales (ADS) and days sales outstanding (DSO) for the first quarter and for the second quarter? What were the cumulative ADS and DSO for the first half-year? Construct an aging schedule as of June 30. Use account ages of 0-30, 31-60, and 61-90 days. Construct the uncollected balances schedule for the second quarter as of June 30.
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
Journal entry transactions-double entry system 9) Customer returned 14.000 TL + %10 VAT merchandise . Cost of Goods Sold is 8.400 TL. Check is issued for Refund to ,returned merchandise andTL cash is paid for VAT. At the end of the month USD is : 7.10TL/ USD .
Required information Use the following information for the Exercises 14-15 below. (Algo) Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 655,000 $ 413,000 $ 107,000 $ 53,000 $ 35,000 $ 47,000 Percent uncollectible 3% 4% 7% 9% 12% Exercise 9-14 (Algo) Aging of receivables method LO P3 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,300 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,800 debit.
**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…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 590,000 $ 400,000 $ 94,000 $ 40,000 $ 22,000 $ 34,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Prepare the adjusting entry to record bad debts expense…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 590,000 $ 400,000 $ 94,000 $ 40,000 $ 22,000 $ 34,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Prepare the adjusting entry to record bad debts expense…