The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Accounts receivable Ending Balance Allowance for doubtful accounts $3, 600 280 350 During the accounting perlod, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account recelvable. RequIred a. Determine the amount of cash collected from recelvables. b. Determine the amount of uncollectible accounts expense recognized during the perlod. a. Collections of accounts receivable b. Uncollectible accounts expense
Q: During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements.…
A: Particulars Amount $ Beginning balance as on September 1st (i.e. closing balance on Oct 31st)…
Q: Assume the following information for Kingbird Corp. Accounts receivable (beginning balance)…
A: Prepare the entries to record sales and collections during the period.
Q: Mar. 17 Received $1,080 from Shawn McNeely and wrote off the remainder owed of $4,350 as…
A: Journal: Recording of a business transactions in a chronological order.
Q: Van Company provided the following data for the current year in relation to accounts receivable:…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…
Q: Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1.…
A: Workings:
Q: Apr. 15. Received $800 from Jean Tooley and wrote off the remainder owed of $1,200 as uncollectible.…
A: Under direct write off method, bad debts expense is debited and accounts receivables is immediately…
Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…
A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year…
Q: On January 1, Year 2, Grande Company had a $71,000 balance in the Accounts Receivable account and a…
A: Uncollectible Account:- These are those accounts that are not going to be received by the company…
Q: A company is getting ready to publish their annual financial statements. They have the following…
A: Income statement of providing allowance for doubtful accounts estimates allowance on the basis of…
Q: The trial balance before adjustment for Flounder Company shows the following balances. Dr.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The cash register tape for Oriole Industries reported sales of $28,002.00. Record the journal entry…
A:
Q: (d) The company collects $4,500 of the $18,000 of accounts that was determined to be uncollectible…
A: When bad debts are written-off using the allowance method, the allowance account reduces and is…
Q: Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Lang Company began operations in Year 1. During its first two years, the company completed a number…
A: The journal entries are prepared to record day to day transactions of the business on regular basis.…
Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year…
A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the…
Q: The following information relates to Jack Company's accounts receivable for year 2: Accounts…
A: Accounts receivable is an asset for a company which can be to pay off the current liabilities or…
Q: For the month of December, the records of Scrooge Corporation show the following information: Cash…
A: Here in this question, we are require to calculate gross sales for the month of December. In this…
Q: At the beginning of Year 3 Randall Company had a $16,070 balance in its accounts receivable account…
A:
Q: Von Company provided the following data for the current vear in relation to accounts receivable:…
A: Solution- Particulars Amount $ Current Assets- Account Receivable- Opening 560000.00…
Q: The entries in a receivables' ledger control account for the first accounting period were: Sales…
A: We have the following information: Sales: $250,000 Bank: $225,000 Returns: $2,500 Irrecoverable…
Q: Von Company provided the following data for the current year in relation to accounts receivable:…
A:
Q: Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as…
A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…
Q: Starboy Company has the following data relating to accounts receivable for the year ended December…
A: The answer is as: Note: Answering first three subparts as there are multiple subparts, please…
Q: Below is the T-account for Accounts Receivable: Accounts Receivable Debit Beginning 189, 400 Balance…
A: Accounts receivable=Total debits-Total…
Q: For each transaction, indicate whether the receivables should be reported as accounts receivable,…
A: Note Reeivable: Note receivable is an instrument gives the holder right to receive the amount…
Q: A company had beginning accounts receivable of $175,000. All sales were on account and totalled…
A: Formulas: Ending balance = Beginning accounts receivable + Credit sales - Cash collected
Q: Pierce Corporation reported a $3,600 balance in accounts receivable on January 1, 2014. During the…
A: Hence, increase in account receivable is $100. It is obtained by subtracting uncollectibles and…
Q: The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash ? Accounts…
A: Basic accounting equation is Total assets = Total liabilities + Owners Capital
Q: Transactions related to revenue and cash receipts completed by Crowne Business ServicesCo. during…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Warren Company began the accounting period with a S14,000 debit balance in its accounts receivable…
A: Opening Debtors Receivables = $14000 Add: Credit Sales =…
Q: 75. King Company began the current year with accounts receivable of P1,000,000 and allowance for…
A: In cash basis of accounting, the transaction is recorded only when it is actually received or paid…
Q: Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable…
A:
Q: When examining the accounts of Palma Company, you ascertain that balance relating to both…
A: Accounts receivable represents the amount that is collectible from the customer for the goods sold…
Q: Mickey Mouse Company has the following data relating to accounts receivable for the year ended…
A: The balance in account receivables is calculated after all the adjustment for credit sales and…
Q: When examining the accounts of Palma Company, you ascertain that balance relating to both…
A: 1. Accounts Receivable = Debit balance 39,550 Accounts Receivable - customers…
Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…
A:
Q: Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account…
A: Single column cash book records all cash receipts and payments for the reporting period. It records…
Q: Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable…
A: Part 2) Computation of closing balance of accounts receivable is as follows:
Q: A company has the following information related to its cash balance at the end of the period.1. Cash…
A: Bank Reconciliation statement is a statement prepared to match the difference between the bank…
Q: The following account balances come from the records of Ourso Company: Beginning Balance $3,099 127…
A: Account Receivable is an amount due from the customer or client to whom goods and services are…
Q: Erie Company began the accounting period with $15,700 in accounts receivable. The ending balance in…
A: The account receivables are reported in the balance sheet as the current assets of the business.
Q: Presented below is information for Sunland Company. 1. Beginning-of-the-year Accounts Receivable…
A: Journal: Recording of a business transactions in a chronological order.
Q: Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account…
A: (a)Prepare a single column revenue journal and a cash receipts journal of L Summer Incorporation.
Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…
A: Introduction: Revenue (sometimes known as sales revenue) is a term used to describe the amount of…
Q: :Company provided the following information related to its accounts receivable. Last year 12/31…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The following account balances come from the records of Ourso Company: Beginning Balance $2,945…
A: Given that, sales revenue = $12,350 wroteoff accounts receivable = $183…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Post the following July transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts): A. sold products to customers for cash, $8,500 B. sold products to customers on account, $2,900 C. collected cash from customer accounts, $1,600Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of June 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of June 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for June. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer accounts agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a control account as performed in step 5 for Accounts Receivable?
- Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. sold products to customers for cash, $7,500 B. sold products to customers on account, $12,650 C. collected cash from customer accounts, $9,500Transactions related to revenue and cash receipts completed by Albany Architects Co. during the period November 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of November 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
- For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billTransactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
- Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of December 2016 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444