Journal entry worksheet< 1 2 3 4 5Record the payment of $520,000 to inventory suppliers on accounts payable.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 24Record entryClear entryMew general Journal10 On Januory 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:AccountsCashDebitCredit$ 23,300Accounts ReceivableAllowance far Uncollectible Accounts48,e0e$ 4, s8eInventoryLandAccounts PayableNotes Payable (6x, due in 3 ycars)37,e0072,10028,98037,eee63,0ee39,0eeComnon StockRetained EarningsTotals$172,488 $172,480The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During January 2021, Big BlastFireworks had the following inventory transections:January 3 Purchase 1,68e units for $168, 800 on account ($105 each).January 8 Purchase 1,78e units for S187,800 on account ($110 cach).January 12 Purchase 1,80e units for $207,000 on account ($115 cach).January 15 Return 135 of the units purchased on January 12 because of defects.January 19 Sell 5,200 units on account for $788,8ee. The cost of the units sold is deternined using a FIFD perpetualinventory systen.January 22 Receive $753, eee from custoners on accounts receivable.January 24 Pay $520,0ee to inventory suppliers on accounts payable.January 27 rite off accounts receivable as uncollectible, $3,200.January 31 Pay cash for salaries during January, $121,e0e.The following information is available on January 31, 2021.a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February foronly $100 each.b. The company estimates future uncollectible sccounts. The compony determines $4,700 of accounts receivoble onJanuary 31 are psst due, and 35% of these accounts are estimsted to be uncollectible. The remaining sccountsreceivable on January 31 are not past due, and 5% of these accounts are estimsted to be uncollectible. (Hint: Use theJanuary 31 accounts receivable balance calculated in the general ledger.)C. Accrued interest expense on notes payable for January. Interest is expected to be paid esch December 31.d. Accrued income taxes ot the end of January are $13,000.Required:- Record esch of the transactions listed above, assuming a FIFO perpetuel inventory system. (If no entry Is required for aransaction/event, select "No Journal entry required" In the first account field.)View transaction lstJournal entry worksheet< 1 2 3 49 10578Record the receipt of $753,000 from customers on accounts receivable.Note: Enter debits before credits.DateGeneral JoumalDebitСreditJanuary 22Record entryClear entryVew general joumalco

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

On January 1, 2021, the general ledger of Big Blas: Fireworks includes the following account balances: Debit credit Accounts Cash $ 21, 100 40,000 Accounts Receivable Allowance for uncollectible Accounts Inventory Land $ 4, s00 37,000 72,100 Accounts Payable 28, 900 37,000 63,000 39,000 Notes Payable (6, due in 3 years) Comnon Stock Retained tarnings Totals s172, 400 s172, 4e0 The $37000 beginning balance of inventory consista of 370 units, esch costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January Purchase 1,600 units for $168, 000 on account ($1es each). January Purchase 1,700 units for $187,000 on account ($21e each). January 12 Purchase 1,800 units for s207,000 on account ($1s each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 sell 5,200 units on account for $780,000. the cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753,000 fron custorers on accounts receivable. January 24 Pay $520,000 to inventory suppliers on accounts payable. January 27 Mrite off accounts receivable as uncollectible, s3, 200. January 11 Pay cash for salaries during January, $121,000. The following informetion is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $4,700 of accounts receivable on January 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) C. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $13,000. quired: Record each of the transactions listed above, assuming a FIFO perpetual inventory system. (If no entry is required for a unsaction/event, select "No journal entry required" In the first account field.) View trannachon t Journal entry worksheet < 1 2 3 4 5 6 • 10 > Record the receipt of $753,000 from customers on accounts receivable. Note: Enter debits before credits Date General Journal Debit Credit January 22 Racord antry Clear entry Vow general journal co 7.

On January 1, 2021, the general ledger of Big Blas: Fireworks includes the following account balances: Debit credit Accounts Cash $ 21, 100 40,000 Accounts Receivable Allowance for uncollectible Accounts Inventory Land $ 4, s00 37,000 72,100 Accounts Payable 28, 900 37,000 63,000 39,000 Notes Payable (6, due in 3 years) Comnon Stock Retained tarnings Totals s172, 400 s172, 4e0 The $37000 beginning balance of inventory consista of 370 units, esch costing $100. During January 2021, Big Blast Fireworks had the following inventory transactions: January Purchase 1,600 units for $168, 000 on account ($1es each). January Purchase 1,700 units for $187,000 on account ($21e each). January 12 Purchase 1,800 units for s207,000 on account ($1s each). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 sell 5,200 units on account for $780,000. the cost of the units sold is deternined using a FIFO perpetual inventory syston. January 22 Receive $753,000 fron custorers on accounts receivable. January 24 Pay $520,000 to inventory suppliers on accounts payable. January 27 Mrite off accounts receivable as uncollectible, s3, 200. January 11 Pay cash for salaries during January, $121,000. The following informetion is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible accounts. The company determines $4,700 of accounts receivable on January 31 are past due, and 35% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) C. Accrued interest expense on notes payable for January. Interest is expected to be paid each December 31. d. Accrued income taxes at the end of January are $13,000. quired: Record each of the transactions listed above, assuming a FIFO perpetual inventory system. (If no entry is required for a unsaction/event, select "No journal entry required" In the first account field.) View trannachon t Journal entry worksheet < 1 2 3 4 5 6 • 10 > Record the receipt of $753,000 from customers on accounts receivable. Note: Enter debits before credits Date General Journal Debit Credit January 22 Racord antry Clear entry Vow general journal co 7.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 15P: Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed...

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