Required information(The following information applies to the questions displayed below.)The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations,February 2, 2021 PEovide nervices to custonere on account for s30,000.July 23, 2021 Receive 21, 00 from custoners on accaunt.Decenber 1, 2021 tetimate that 30 of uncollected accounta will not be received.April 12, 2012 Provide service to euntomere on aceount Eor 143,800.June 20, 2022 keceive 6, 000 tron oustomera tor services provided in 2021.Beptember 13, 2012 Write off the remaining amounts oved trom ervices provided in 2021.Oateber s, 2012 Reeeive 39,000 trom euntomera for sarviees provided in 2022.Decenber 1, 2022 katimate that 30 of uncellected sccounta vill not be received.Required:1. Record transactions for each date. (f no entry is required for a particular transactionievent, select "No Journal Entry Required" inthe first account field.)2. Post transactions to the following accounts Cash, Accounts Receivable, and Allowance for Uncollectible Accounts.CashAccounts RecelvableDecember 31, 2021December 31, 2021December 31, 2022December 31, 2022Allowance for Uncollectitle AccountsDecenber 31, 2021Decenber 31, 2022(The following information applios to the questions displayed below.)The folowing events occur for Moris Engineering during 2021 and 2022, Its first two years of operations.Pebruary 2, 2021 Provide nervices to cuatomers os account for 530, B00.July 23, 2021 Receive $21,000 fron customers on account.December 31, 2021 Estimate that 301 of uncollected accounts vill not be received.April 12, 2022 Provide services to cuatoners on account for $43,800.June 28, 2022 Receive $6,000 from customers for services provided in 2021.Septenber 13, 2022 Mrite off the remaining anounta oved from services provided in 2021.October 5, 2022 Receive $39,000 from customera for services provided in 2022.December 31, 2022 Entinate that 30 of uncolleeted accounts vill not be received.3. Calculate net accounts receivable at the end of 2021 and 2022.20212022Total accounts recaivableNetaccounts recevable

The account receivables represents the debit balance in the business. The allowance for doubtful…

Required information (The following information applies to the questions displayed below,) The following events occur for Morris Engneering during 2021 and 2022, its first two years of operations. rebruary , 2011 PrOvide nervices to cuntonera on eccount for 30,800. July 13, 2011 Receive 021,000 from custoners on aceount. Decenber 11, 2021 Eetimate that 30N of uncellected sccounta will not be received, Apil 12, 2012 Provide service te eustomere en aceount for 143,000. June 18, 2012 keceive , 000 tron oust.omere for services provided in 2021. Beptember 13, 2012 Weite oft the renainiag amounte oved tro services provided in 20a1. Oetober , 2012 eeeive 3,000 trom euntomar for sarviees provided in 2022, Decenter 1, 2022 Katimate that 30 of uncellected sccsunta viil not be received. equired: Record transactions for each date (If no entry is required for a particular transactionievent, select "No Journal Entry Required" in

Required information (The following information applies to the questions displayed below,) The following events occur for Morris Engneering during 2021 and 2022, its first two years of operations. rebruary , 2011 PrOvide nervices to cuntonera on eccount for 30,800. July 13, 2011 Receive 021,000 from custoners on aceount. Decenber 11, 2021 Eetimate that 30N of uncellected sccounta will not be received, Apil 12, 2012 Provide service te eustomere en aceount for 143,000. June 18, 2012 keceive , 000 tron oust.omere for services provided in 2021. Beptember 13, 2012 Weite oft the renainiag amounte oved tro services provided in 20a1. Oetober , 2012 eeeive 3,000 trom euntomar for sarviees provided in 2022, Decenter 1, 2022 Katimate that 30 of uncellected sccsunta viil not be received. equired: Record transactions for each date (If no entry is required for a particular transactionievent, select "No Journal Entry Required" in

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 4PB: The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year,...

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In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.
At the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.
The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.
Worksheet Victoria Company has the following account balances on December 31, 2019, prior to any adjustments: Additional adjustment information: (a) depreciation on buildings, 1,100; on equipment, 600; (b) bad debts expense, 240; (c) interest accumulated but not paid: on note payable, 50; on mortgage payable, 530 (this interest is due during the next accounting period); (d) insurance expired, 175; (e) salaries accrued but not paid 370; (f) rent was collected in advance and the performance obligation is now satisfied, 800; (g) office supplies cm hand at year-end, 230 (expensed when originally purchased earlier in the year); and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2020. Required: 1. Transfer the account balances to a 10-column worksheet and prepare a trial balance. 2. Prepare the adjusting entries in the general journal and complete the worksheet. 3. Prepare the companys income statement, retained earnings statement, and balance sheet. 4. Prepare closing entries in the general journal.
Unearned Revenue Jennifers Landscaping Services signed a $400-per-month contract on November 1, 2019, to provide plant watering services for Lola Inc.s office buildings. Jennifers received 4 months' service fees in advance on signing the contract. Required: 1. Prepare Jennifers journal entry to record the cash receipt for the first 4 months. 2. Prepare Jennifers adjusting entry at December 31, 2019. 3. CONCEPTUAL CONNECTION How would the advance payment (account(s) and amounts(s)] be reported in Jennifers December 31, 2019, balance sheet? How would the advance payment [account(s) and amount(s)] be reported in Lolas December 31, 2019, balance sheet?
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.
Spreadsheet The following 2019 information is available for Payne Company: Partial additional information: The net income for 2019 totaled 1,600. During 2019, the company sold, for 390, equipment that cost 390 and had a book value of 300. The company sold land for 200, resulting in a loss of 40. The remaining change in the Land account resulted from the purchase of land through the issuance of common stock. Required: Making whatever additional assumptions that are necessary, prepare a spreadsheet to support the 2019 statement of cash flows for Payne.
Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the following partially completed worksheet for the year ended December 31, 2019: Additional information: (a) On January 1, 2019, the company had paid 2 years rent in advance at 100 a month for office space, (b) the office equipment is being depreciated on a straight-line basis over a 10-year life, and no residua! value is expected, (c) interest of 150 has accrued on the note payable but has not been paid, and (d) the income tax rate is 30% on current income and will be paid in the first quarter of 2020. Required: 1. Complete the worksheet. 2. Prepare financial statements for 2019.
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Worksheet Devlin Company has prepared the following partially completed worksheet for the year ended December 31, 2019: The following additional information is available: (a) salaries accrued but unpaid total 250; (b) the 80 heat and light bill for December has not been recorded or paid; (c) depreciation expense totals 810 on the buildings and equipment; (d) interest accrued on the note payable totals 380 (this will be paid when the note is repaid); (e) the company leases a portion of its floor space to KT Daniel Specialty Company for 50 per month, and KT Daniel has not yet paid its December rent; (f) interest accrued on the note receivable totals 80; (g) bad debts expense is 70; and (h) the income tax rate is 30% on current income and is payable in the first quarter of 2017. Required: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepare the companys financial statements. 3. Prepare (a) adjusting and (b) closing entries in the general journal.