prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account
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- 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.Reading 3M Companys Balance Sheet: Accounts Receivable The following current asset appears on the balance sheet in 3M Companys Form 10-K for the year ended December 31, 2013 (amounts in millions of dollars): Required What is the balance in 3M Companys Allowance for Doubtful Accounts at the end of 2013 and 2012? What is the net realizable value of 3M Companys accounts receivable at the end of each of these two years? What caused increases in the allowance account during 2013? What caused decreases? Explain what a net decrease in the account for the year means.Reversing Entries Thomas Company entered into two transactions involving promissory notes and properly recorded each transaction. 1. On November 1, it purchased land at a cost of 8,000. It made a 2,000 down payment and signed a note payable agreeing to pay the 6,000 balance in 6 months plus interest at an annual rate of 10%. 2. On December 1, it accepted a 4,200, 3-month, 12% (annual interest rate) note receivable from a customer for the sale of merchandise. On December 31, Thomas made the following related adjustments: Required: 1. Assuming that Thomas uses reversing entries, prepare journal entries to record: a. the January 1, reversing entries b. the March 1, 4,326 collection of the note receivable c. the May 1, 6,300 payment of the note payable 2. Assuming instead that Thomas does not use reversing entries, prepare journal entries to record the collection of the note receivable and the payment of the note payable.
- Here are the accounts in the ledger of Mishas Jewel Box, with the balances as of December 31, the end of its fiscal year. Here are the data for the adjustments. Assume that Mishas Jewel Box uses the perpetual inventory system. a. Merchandise Inventory at December 31, 124,630. b. Insurance expired during the year, 1,294. c. Depreciation of building, 3,300. d. Depreciation of store equipment, 6,470. e. Salaries accrued at December 31, 2,470. f. Store supplies inventory (on hand) at December 31, 1,959. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…
- Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be foundbelow:January 15 Wrote of $440 account of Miller Company asuncollectibleApril 2ndRe-establish the account of Louisa Teller andrecord the collection of $1,050 as payment infull for her account which had been writtenoff earlierJuly 31Received 40% of the $700 balance owed byWilliam John and wrote off the remainder asuncollectibleAugust 15Wrote off as uncollectible the accounts ofSherwin Company, $1,700 and V. Vasell$2,200September 26Received 25% of the $1,140 owed by GrantCompany and wrote off the remainder asuncollectibleOctober 16Received $741 from M. Fuller in full paymentof his account which had been written offearlier as uncollectibleDecember 31Estimated uncollectible accounts expense forthe year to be 1.5% of net credit sales of$521,000The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for…The following balance sheet is for the Ballyhoo Company forfiscal year-end 2014. Please fill in all missingdata. Assets Liabilities and Equity_____________ Cash $4,300 Accountspayable $2,340 Accounts receivable _____ Notespayable 4,300 Inventories 8,200 Accruals 1,620 Total current assets$14,300 Total currentliabs. _____ Gross plant and equip._____ Long-termbonds _____ Less: accum depr. 5,630 Totaldebt $13,100 Net plant and equip. _____ Common stock(100 shares) 6,300 Retainedearnings _____ Total Common equity $13,800 TotalAssets _______ Preferred Stock _____ Total liabs &equity $30,000Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:January 15 Wrote of $440 account of Miller Company as uncollectibleApril 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlierJuly 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectibleAugust 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectibleOctober 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectibleDecember 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000The accounts receivable account had a balance of $114,630 and the beginning balance…
- The following are the changes in the accounts of BTS Co. during the period:· Accounts receivable- P240,000 increase· Prepaid assets- P600,000 increase· Inventory- P1,500,000 decrease· Notes payable- P800,000 decreaseAdditional information:During the year, BTS Co. obtained a bank loan of P2,000,000 and paid interest of P100,000. Interest of P80,000 is accrued on December 31, 2021. Interest payable at the end of 2020 amounted to P120,000. In 2021, a shareholder donated an equipment with historical cost of P1,000,000 and carrying amount of P800,000 to BTS Co. The fair value of the equipment is P600,000. BTS declared dividends in 2021 of P160,000.How much is the profit (loss) for the year?On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units.On December 1, 2022, Crane Company had the account balances shown below.Debit CreditCash $5,500 Accumulated Depreciation—Equipment $1,500Accounts Receivable 4,200 Accounts Payable 3,600Inventory 2,400 * Owner’s Capital 27,000Equipment 20,000$32,100 $32,100*(4,000 x $0.60)The following transactions occurred during December:Dec. 3 Purchased 4,200 units of inventory on account at a cost of $0.74 per unit.5 Sold 4,600 units of inventory on account for $0.90 per unit. (Crane sold 4,000 of the$0.60 units and 600 of the $0.74.)7 Granted the December 5 customer $201 credit for 200 units of inventory returnedcosting $134. These units were returned to inventory.17 Purchased 2,200 units of inventory for cash at $0.80 each.22 Sold 3,100 units of inventory on account for $0.95 per unit. (Crane sold 3,100 of the$0.74 units. question a) Enter the December 1 balances in the ledger T-accounts and post the December transactions.(Post entriesin the order of journal entries presented above.)CashDec. 1…