Required: [Dikehendaki:] i) Prepare the general journal. [Sediakan jurnal am.] ii) Post all the transactions into the ledger accounts. [Masukkan semua transaksi ke akaun-akaun lejar.] iii) Prepare the Trial Balance as at 31 July 2021. [Sediakan Imbangan Duga pada 31 Julai 2021.]
Q: Using the following General Journal activity sheets, record the above transaction of CCS for the…
A: Journal entry is the act of keeping or making records of any economic or non-economic transactions.…
Q: E. Assuming the company closets it's books on December 31, prepare the journal entres for 12/31/2019…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: recording the transaction in 14/3/2018, credits are made to"
A: At the time of allotment of shares, Share Application account is debited with the value of shares…
Q: Instructions: a. Journalize the above transactions b. Post to ledger using the T-account format c.…
A: Journals, Ledgers and Unadjusted trial Balance are important for a company's accounting
Q: Required: Prepare the journal entries required on January 1, 2022, and December 31, 2022, if…
A: Depreciation There are different method of depreciation which are used for the calculation like…
Q: Prepare the general journal for all transactions since begin the company and 5 additional items for…
A: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit…
Q: The Calcutta Association submits to you its Receipts and payments Accoun for the year ending on 31st…
A:
Q: The company determines that the interest expense on a note payable for the period ending December 31…
A: Introduction: A journal entry is a record of a company's financial activities that is kept in its…
Q: Prepare the journal entries needed on the books of Ivanhoe Company at each of the following dat…
A: The journal entries for the above questions are as follows:
Q: c) Prepare the Trial Balance as at 30 September 2020. [Sediakan Imbangan Duga pada 30 September…
A: Financial statement is prepared from the trial balance which include :- Profit and loss and…
Q: nalyze the following transactions in the manner shown for the December 1 transaction. Also record…
A: Accounting is all about recording the economic transactions of the business. The transactions are…
Q: Required: 1. to 3. Prepare the journal entries to record their issuance by The Gorman Group on June…
A: The financial instrument which provides fixed interest as a return over the period of investment is…
Q: Part B Required 6. Prepare journal entries to record each of the following November transactions. 7.…
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: Determine the October 31 balance for each of the accounts above and prepare a trial balance at…
A: Trial balance - The debit balance of the trial balance must be equal to credit balances. Debit…
Q: Prepare Trial balance with the given ledger account balances the year ended March 2019.
A: A trial balance is a summary of all the ledger accounts maintained in a company. All the assets and…
Q: Determine the balance in the branch books of the home office account before adjustments as of…
A: Here discuss about the details of the branch account with the home office account which can be…
Q: Enter the following transactions on Page 19 of the two-column journal: Apr. 27 Discovered an error…
A: Financial statement: Financial statements are organized summaries of detailed information about the…
Q: YOU ARE REQUIRED TO: Record the above transactions in the Ledger. Extract a Trial Balance as at 30…
A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…
Q: b. and d. Enter a debit balance of $840 as of September 1, 2019 in the supplies general ledger…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: a) Show the effects of these transactions on the accounting equation b) Prepare a balance sheet at…
A: “Hey, since there are multiple questions posted, we will answer first question. If you want any…
Q: Marwan Ltd started trading on 1 December 2018 and prepared its first set of accounts to 31 March…
A: The whole annual accounting period is modelled after a standard twelve-month calendar period.…
Q: The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Required: a) Prepare closing entries at June 30, 2020. (30 points) Date Accounts titles and…
A: Solution:- Given, Accounts of Inter Company from the adjusted trial balance at June 30, 2020
Q: Required information Journal entry worksheet 1 2 Record the closing entry for revenue accounts.…
A: Closing entries are those journal entries which are passed at the end of accounting period for…
Q: Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a…
A: Solution:- Given, On January 1, 2019, the balance in Tabor Co.'s allowance for Bad debts account was…
Q: On January 24, 2022, Mother Earth Consulting collected $5,700 it had billed its clients for services…
A: Lets understand the basics. In matching principle of accounting, income and expense should be…
Q: Details about the account balances and general journal information of Maxwell Company for 2019 are…
A: b) The T-account prepared is given below,
Q: . What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 2. What is the…
A: Accounts Receivable Accounts receivable is considered to be one of the important element in the…
Q: The following accounts are found in the trial balance of Goodwill Trading Corporation at December…
A: As per the guidelines, only three subparts are allowed to be solved. Please resubmit the questions…
Q: Prepare the journal entries for the above events for the month of February 2022 in the General…
A: Journal entry is the basic entry and as well the first entry which is recorded journal book of the…
Q: Prepare the journal entries that should be made by Sage Hill Corporation in 2021. when the amount is…
A: Cash dividend being commonly found dividend payment in companies, is declared by Board of directors…
Q: equirement: 1. Record each of the transactions listed above in the 'General Journal' tab (these are…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Reguerment : Prepare the ledger account (Posting January transactions)?
A: Ledger accounts are used for posting transactions that are recorded in journal first. These ledger…
Q: A company must prepare IFRS financial statements for the first time on December 31, 2020. According…
A: IFRS: IFRS requires company to prepare opening balance sheet on the transition date. The transition…
Q: Prepare journal entries for the purchase transaction held on December 1, 2020. Prepare the forward…
A: The question is related Journal Entires to be made in the books of Chrysler Exporters Inc. regarding…
Q: Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to…
A: Journal Entry The purpose of preparing the Journal entry to enter the required information into…
Q: Required Prepare a classified balance sheet using the balances listed above. innut hoxes. For…
A: Total assets 57840 Total liabilities and shareholder's equity 57840
Q: ) Prepare journal entries for the transactions listed above. (b) Prepare an updated December 31,…
A:
Q: 1. The financial year of Shah Enterprise ended on 31 December 2019. Show the ledger account for the…
A: Ledger account: It is used to record the business transactions that were made during a financial…
Q: Required: 1. Enter the amounts from the November 2019 trial balance into the appropriate ledger…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Choose the correct.A company must prepare IFRS financial statements for the first time on December…
A: IFRS: IFRS requires company to prepare opening balance sheet on the transition date. The transition…
Q: during the month of August 2020. Record the transactions using the Directions: Analyze the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: 1. Prepare the required Ledger Accounts as per the case given below. Requirement: The students are…
A: The ledger balances are prepared with the help of journal entries.
Q: 1. Determine the correct amount of the following as of Dec. 31, 2019: a. Trade receivables, current…
A: Note: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you.…
Q: In the account below, calculate the balance for September 16, 20-. Then perform the forwarding…
A: Posting balances into Ledger account is one of an important process of accounting cycle in which…
Q: Prepare the general journal entries required to account for the above transactions and events for…
A: A journal entry is an act of maintaining or making statistics of any transactions both monetary or…
Q: On December 31, 2021, the Home Office Account on HIJ Branch has a balance of P52,800. Compute the…
A: Investment is the amount which is spent by the producer for the purchase of those goods which…
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Step by step
Solved in 3 steps
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year). A. A business sets up a line of credit with a supplier. The company purchases $10,000 worth of equipment on credit. Terms of purchase are 5/10, n/30. B. A customer purchases a watering hose for $25. The sales tax rate is 5%. C. Customers pay in advance for season tickets to a soccer game. There are fourteen customers, each paying $250 per season ticket. Each customer purchased two season tickets. D. A company issues 2,000 shares of its common stock with a price per share of $15.Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.
- The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…
- The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…The following information was obtained from the books of NChoc Sdn. Bhd., a chocolate factory for September 2020. [Berikut adalah maklumat yang diambil daripada buku-buku NChoc Sdn. Bhd., kilang coklat untuk September 2020.] 2020 Sept 1 Owner started business by bringing in his used van costing RM 45,000 and cash amounting to RM 12,000 into the business. 2 Deposited RM 5,000 of the cash into the bank. 3 Bought fixtures and fittings on credit from ARO I Bhd. worth RM 4,500. 4 Bought goods on credit from Suzie Ltd worth RM 3,350. 5 Paid utilities by cheque RM 500. 6 Received loan of RM 8,000 by cheque from Mayobank Berhad. 7 Sold goods on credit to Alfafa Enterprise worth RM 6,500. 8 Cash sale RM 520. 9 Paid wages by cash RM 2,100. 10 Bought office stationery by cash worth RM 170. 11 Received rent worth RM 750 by cash. 12 Sold goods by cash to Salwani Ltd worth RM470. 14 Returned some of damaged…On April 1, 2021, Nels Ferrer organized a business called Friendly Trucking. During April, the company entered into the following transactions: April 1 - Nels Ferrer deposited additional P500,000 cash in a bank account in the name of the business 1 - Purchased for P250,000 a transportation equipment to be use in the business. Nels paid 50% as down payment while the balance will be paid on May 15, 2020 1 - Paid rental for the month of April, P5,000 4 - Collected accounts from previous month, P13,200 5 - Earned and collected trucking income from Ryan, P8,000 8 - Earned trucking income from Jesper, P30,000 on account. Jesper will pay on May 8, 2020 10 - Paid salaries of drivers, P10,000 15 - Rented the vehicle to Joshua for P35,000, Joshua paid P20,000 on that date and the balance on April 20 18 - Paid electric bills for the month, P2,000 20 - Collected from Joshua the balance of his April 15 account 25 - Purchased office supplies, P2,300 29 - Earned and…
- Below are the transaction for Sintokish Enterprise as October 2020: Oct 1 Contributed RM30,000 of cash and RM20,000 of equipment to start the business. Oct 3 Borrowed RM80,000 from the bank by signing a notes payable. Oct 15 Purchased a van by paying cash for RM75,000. Oct 17 Paid January rent of RM1,500 for the office space by credit. Oct 22 Performed services for customers and received cash immediately for RM20,000. Oct 23 Purchased RM600 in supplies on account. Oct 25 Performed services for customers and will collect next month of RM123,000 Oct 26 Withdrew of cash RM700 and equipment RM300. Oct 28 Paid RM1000 to the bank for notes payable. Oct 30 Paid half of amount for Oct 23 transaction. REQUIRED: Prepare the relevant journal entries to record the above transactions. Omit the explanations.Lady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the CASH basis, the net income of Lady G beauty shop for the year 2021 amounts toLady G, has a beauty shop located in SM Cebu. For the year, 2021, Lady’s beauty shop collected P2,500,000 from customers and paid P1,450,000 operating expenses. At December 31, 2020 and December 31, 2021, the shop had the following accounts with balances as follows: Dec. 31, 2020 Dec. 31, 2021Prepaid expenses------------------ 25,000 ----- 18,000Accrued expenses ----------------- 17,000 ------ 24,000Service fees receivable------------- 18,000 ------ 35,000Unearned service fees ------------- 46,000 ------- 12,000Under the accrual basis, Operating Expenses to be reported by Lady G for the year 2021 amounts to