Complete requirement 2 Requirements1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. Explanations are not required.2. Show what General Mills's will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2020.Requirement 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. (Record debits first, then credits. Explanations are not requireNovember 30, 2019: Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note.Transactions2019Nov.Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note.30Dec.31Made an adjusting entry to accrue interest on the Salfon note.2020Feb.28Collected the Salfon note.Mar.Received a 90-day, 8.25%, $7,800 note from Lale Joli Goût on account.1Sold the Lale note to Claire Bank, receiving cash of $7,700.Dec.16Loaned $15.400 cash to Btrathroy Provisions, receiving a 90-day, 9.25% note.31Accrued the interest on the Btrathroy Provisions note.PrintDoneChoose from any list or enter any number in the input fields and then click Check Answer.Clear All7 partsremainingFile Explor... W WordChapter 4...PDo Home...Course H...Type here to searchASU

Balance sheet: It is a statement which reports both assets and liabilities as on a particular date…

Requirements 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. Explanations are not required. 2. Show what General Mills's will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2020. Requirement 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. (Record debits first, then credits. Explanations are not require November 30, 2019: Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. Transactions 2019 Nov. 30 Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. 31 Made an adjusting entry to accrue interest on the Salfon note. Dec 2020 Feb 28 Collected the Salfon note. Mar Received a 90-day, 8.25%, $7.800 note from Lale Joli Goût on account. Sold the Lale note to Claire Bank, receiving cash of $7,700. Dec. 16 Loaned $15,400 cash to Btrathroy Provisions, receiving a 90-day, 9.25% note. 31 Accrued the interest on the Btrathroy Provisions note. Print Done

Requirements 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. Explanations are not required. 2. Show what General Mills's will report on its comparative classified balance sheet at December 31, 2019, and December 31, 2020. Requirement 1. Record the transactions in General Mills's journal. Round interest amounts to the nearest dollar. (Record debits first, then credits. Explanations are not require November 30, 2019: Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. Transactions 2019 Nov. 30 Sold goods to Salfon Inc., receiving a $30,000, three-month, 5.75% note. 31 Made an adjusting entry to accrue interest on the Salfon note. Dec 2020 Feb 28 Collected the Salfon note. Mar Received a 90-day, 8.25%, $7.800 note from Lale Joli Goût on account. Sold the Lale note to Claire Bank, receiving cash of $7,700. Dec. 16 Loaned $15,400 cash to Btrathroy Provisions, receiving a 90-day, 9.25% note. 31 Accrued the interest on the Btrathroy Provisions note. Print Done

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 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

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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
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.
Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, and the journal entry to record the payment of the note on April 1; and (b) assuming Ringo does not make reversing entries, prepare the journal entry to record the payment of the note on April 1.
At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was 27,000 in 2018 and 35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes. Required: 1. What is the correct net income for 2018 and 2019? 2. Prepare the adjusting journal entry in 2020 to correct the errors.
The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by 6,000. b. A cash receipt of 5,600 was posted as a debit to Cash of 6,500. c. A debit of 11,000 to Accounts Receivable was not posted. d. A return of 150 of defective supplies was erroneously posted as a 1,500 credit to Supplies. e. An insurance policy acquired at a cost of 1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by 20,000. g. A credit of 4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of 7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of 58,100 in Rent Expense was entered as 51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of 24,150, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following information: Required: 1. Prepare the journal entries necessary for Upham to record the preceding transactions. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Uphams June 30, 2020, balance sheet.
Balance Sheet The following is a list (in random order) of KIP International Products Companys December 31, 2019, balance sheet accounts: Required: 1. Prepare a properly classified balance sheet according to U.S. GAAP for KIP as of December 31, 2019. 2. Assume instead that KIP uses IFRS. Prepare its balance sheet as of December 31, 2019.
Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. 2. Assume that the credit sales for 2019 are $1,260,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of loses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. 3. CONCEPTUAL CONNECTION Do you believe this estimate of bad debt expense is reasonable? 4. CONCEPTUAL CONNECTION How would you estimate 2019 bad debt expense if losses from uncollectible accounts for 2018 were What other action would management consider?
Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.
Goods for Less uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Goods for Less considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
Tech Support Services has the following unadjusted trial balance as of January 31, 2019: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by 8,000. b. A cash receipt of 4,100 was posted as a debit to Cash of 1,400. c. A debit of 12,350 to Accounts Receivable was not posted. d. A return of 235 of defective supplies was erroneously posted as a 325 credit to Supplies. e. An insurance policy acquired at a cost of 3,000 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by 21,000. g. A credit of 3,450 in Accounts Payable was overlooked when the balance of the account was determined. h. A debit of 6,000 for a withdrawal by the owner was posted as a debit to Thad Engelberg, Capital. i. The balance of 28,350 in Advertising Expense was entered as 23,850 in the trial balance. j. Miscellaneous Expense, with a balance of 4,600, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of January 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.