The trial balance of the Clean Laundry on June 30, 2020 ends of the current fiscal year and the dataneeded for year-end adjustment are presented below:CLEAN LAUNDRYTrial BalanceJune 30, 202033,00050,000Cash on HandAccounts ReceivableAllowance for Doubtful Accounts5,000Notes ReceivableUnexpired InsuranceLaundry EquipmentAccumulated Depreciation – Laundry EquipmentNotes PayableCarrie Clean, CapitalCarrie Clean, DrawingLaundry IncomeSalaries ExpenseLaundry Supplies ExpenseTaxes and LicensesLight and Water ExpenseRent ExpenseInterest Expense30,0003,60090,0009,0006,000115,0006,000120,00011,00015,0002,5007,0005,0001,900P 255,000TotalP 255,000Data for adjustments:1. Laundry supplies on hand amount to P 3,000.2. 15% of the outstanding accounts receivable are estimated to be uncollectible.3. The estimated life of the laundry equipment is 10 years with no scrap value.4. The unexpired insurance represents the annual premium paid on Feb. 1, 20205. Light and water expense unpaid on June 30 amounted to P 2,000.6. Interested accrued on notes payable amounted to P 60.Answer for JournalLaundry SuppliesLaundry Supplies ExpenseDec313,0003,000Bad Debts Expense7,500Allowance for Bad Debts7,500Laundry Equipment ExpenseAccumulated Depreciation-Laundry Equipment9,0009,000Insurance ExpenseUnexpired Insurance1,5001,500Light and Water ExpenseLight and Water Payable2,0002,000Interest ExpenseInterest Payable6060Required: 1. Prepare a 10-column worksheet2. Prepare the financial statements.

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Description: The trial balance of the Clean Laundry on June 30, 2020 ends of the current fiscal year and the dataneeded for year-end adjustment are presented below:CLEAN LAUNDRYTrial BalanceJune 30, 202033,00050,000Cash on HandAccounts ReceivableAllowance for Do

Financial statements are those statements that are prepared at the end of the period in order to…

Answered: Required: 1. Prepare a 10-column…

Business

Accounting

Required: 1. Prepare a 10-column worksheet 2. Prepare the financial statements.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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The trial balance of the Clean Laundry on June 30, 2020 end of the current fiscal year and the data needed for year-end adjustment are presented below: CLEAN LAUNDRY Trial Balance June 30, 2020 33,000 50,000 Cash on Hand P Accounts Receivable Allowance for Doubtful Accounts 5,000 30,000 3,600 90,000 Notes Receivable Unexpired Insurance Laundry Equipment Accumulated Depreciation – Laundry Equipment Notes Payable Carrie Clean, Capital Carrie Clean, Drawing Laundry Income Salaries Expense Laundry Supplies Expense Taxes and Licenses 9,000 6,000 115,000 6,000 120,000 11,000 15,000 2,500 7,000 5,000 1,900 P 255,000 Light and Water Expense Rent Expense Interest Expense Total P 255,000 Data for adjustments: 1. Laundry supplies on hand amount to P 3,000. 2. 15% of the outstanding accounts receivable are estimated to be uncollectible. The estimated life of the laundry equipment is 10 years with no scrap value. The unexpired insurance represents the annual premium paid on Feb. 1, 2020 5. Light…
The following pre‐adjustment trial balance appeared in the books of MusketeerTraders at the end of their financial year 30 September 2019. Ignore VAT.Folio Debit(R) Credit(R)Statement of financial position sectionCapital 400 000Drawings 5 500Land and Buildings 450 000Motor Vehicles 225 000Accumulated depreciation: Vehicles 65 000Financial Asset: Fixed deposit : JPHouse107 000Bank 3 200Debtors control 48 220Trading Inventory 24 640Mortgage Loan 210 520Creditors Control 33 980Nominal Accounts SectionSales 1 200 000Sales Returns 18 800Cost of Sales 800 340Rent Income 45 000Interest Income 4 600Service Income 8 700Rent Expense 66 700Folio Debit(R) Credit(R)Credit Losses 3 500Wages and Salaries 102 380Cleaning Materials 6 300Office consumables 5 400Interest on mortgage loan 2 500Electricity 11 250Rates and services 4 870Fuel 12 300Advertising 50 700Telephone 25 6001 971 000 1 971 000Additional information and adjustments as at 30 September 2019:1. The stock take revealed the following items…
The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of Please include solutions. Thank you!
Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
Taylor R incorporation reported the following balances after adjustment at the end of 2020 and 2019. total accounts receivable 2020 100,000 2019 95,000 net accounts receivable 2020 75,000 2019 85,000 During 2020 Taylor road of customer accounts, totaling 3000 and collected 750 on accounts written off In previous years, tailors doubtful accounts expense for the year ending December 3120 20 Is
The following pre‐adjustment trial balance appeared in the books of Central Perk Furniture Storeat the end of their financial year. IGNORE VAT.Pre‐adjustment trial balance of Central Perk Furniture Store for the year ended 31 March 2020.Fol. Debit (R) Credit (R)Statement of financial position sectionCapital B1 500 000.00Drawings B2 25 000.00Land and buildings B3 865 000.00Vehicles B4 220 987.00Equipment B5 156 760.00Accumulated depreciation: Equipment(1 April 2019)B6 54 320.00Accumulated Depreciation: Vehicles(1 April 2019)B7 22 580.00Bank B8 22 430.00Debtors Control B9 35 600.00Allowance for Credit Losses‐ 1 April 2019 B10 1 780.25Petty Cash B11 1 378.98Trading inventory (1 April 2019) B12 27 865.43Mortgage Loan B13 287 650.00Creditors Control B14 31 420.00SARS(UIF/SDL/PAYE) B15 23 290.6520 2020© The Independent Institute of Education (Pty) Ltd 2020Page 6 of 7Fol. Debit (R) Credit (R)Nominal accounts sectionSales N1 1 167 371.07Sales Returns N2 25 340.87Purchases N3 520…
If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400
The adjusted trial balance columns in the worksheet of Elliot Painting Services are as follows.ELLIOT PAINTING SERVICESWorksheetfor the year ended 30 June 2019Adjusted trial balance Account Cash at Bank 1 230Accounts Receivable 75 600Prepaid Rent 1 800Office Supplies 8 320Equipment 160 000Accum. Depr. Equip’t 25 000Accounts Payable 54 000Salaries Payable 8 760Unearned Revenue 3 430F. Elliot, Capital 101 500F. Elliot, Drawings 22 000Painting Revenue 219 650Salaries Expense 106 000Rent Expense 6 050Depreciation Expense 8 040Telephone Expense 4 020Office Supplies Used 10 080Sundry Expenses 9 200Required:a) Prepare Income Statement and Balance Sheetb) Prepare the closing entries necessary at 30 June 2019, assuming that this date is the end of theentity’s accounting period.
Assume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returns
Below is the adjusted trial balance which was extracted from the books of Ready Hospital Supplies on June 30, the end of the company’s financial year. You are required to apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Adjusted Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000.00 Accounts Receivable 151,000.00 Allowance for Bad-Debts 19,500.00 Merchandise Inventory 186,000.00 Store Supplies 25,000.00 Prepaid Insurance 48,000.00 Prepaid Rent 14,000.00 Furniture & Fixtures 800,000.00 Accumulated Depreciation: Furniture & Fixtures 320,000.00 Computer Equipment 450,000.00 Accumulated Depreciation: Computer Equipment 45,000.00 Accounts Payable 133,500.00 Salaries Payable 14,000.00 Interest Payable 36,000.00…
Patrick Company had the following information in 2021: E (Click the icon to view the information.) If uncollectible accounts are determined by the aging-of-receivables method to be $1,280, the uncollectible account expense for 2021 would be $480. Using the aging-of-receivables method, the balance of the Allowance account after the adjusting entry at year-end 2021 would be - X Data table O A. $800. B. $1,280. Accounts receivable 12/31/21 %24 13,000 OC. $520. OD. $480. Allowance for uncollectible-accounts credit balance 12/31/21 (before adjustment) 800 Credit service revenue during 2021 43,000 Cash service revenue during 2021 13,000 Collections from customers on account during 2021 42,000 Print Done