INTERMEDIATE ACCOUNTING(LL)-W/2 ACCESS
9th Edition
ISBN: 9781260180657
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 2, Problem 2.20E
Worksheet
• Appendix 2A
The December 31, 2018, unadjusted
| Account Title | Debits | Credits |
| Cash | 20,000 | |
| Accounts receivable | 35,000 | |
| Prepaid rent | 5,000 | |
| Inventory | 50,000 | |
| Equipment | 100,000 | |
| 30,000 | ||
| Accounts payable | 25,000 | |
| Salaries and wages payable | –0– | |
| Common stock | 100,000 | |
| 29,000 | ||
| Sales revenue | 323,000 | |
| Cost of goods sold | 180,000 | |
| Salaries and wages expense | 71,000 | |
| Rent expense | 30,000 | |
| Depreciation expense | –0– | |
| Utility expense | 12,000 | |
| Advertising expense | 4,000 | |
| Totals | 507,000 | 507,000 |
The following year-end
a. Depreciation expense for the year on the equipment is $10,000.
b. Accrued salaries and wages payable at year-end should be $4,000.
Required:
1. Prepare and complete a worksheet similar to Illustration 2A–1.
2. Prepare an income statement for 2018 and a
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Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:
Customer
Amount
J. Jackson
$10,000
L. Stanton
9,500
C. Barton
13,100
S. Fenton
7,400
Total
$40,000
Required:
a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank.
Bad Debt Expense
Bad Debt Expense
Accounts Receivable-J. Jackson
Accounts Receivable-J. Jackson
Accounts Receivable-L. Stanton
Accounts Receivable-L. Stanton
Accounts Receivable-C. Barton
Accounts Receivable-C. Barton
Accounts Receivable-S. Fenton
Accounts Receivable-S. Fenton
b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made…
Problem 6-3: The Kissagram Corporation
The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021:
Customer
Total $
Notes
Aniston
9000
25% over 30-60 days; Remainder 90.
Leblanc
9000
100% > 90 days outstanding.
Required
1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent).
2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category
of 0.7%, 7%, 12% and 22%.
Upon completion, enter the following data here:
Allowance for Doubtful Accounts
submit
Week 7 Discussion question
Accounting for Assets: Receivables
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible…
Chapter 2 Solutions
INTERMEDIATE ACCOUNTING(LL)-W/2 ACCESS
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Income determination LO24 If none of the...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Financial statements LO26 The following account...Ch. 2 - Financial statements LO26 The following account...Ch. 2 - Closing entries LO27 The year-end adjusted trial...Ch. 2 - Prob. 2.13BECh. 2 - Transaction analysis LO21 The following...Ch. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Journal entries LO22 The following transactions...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Transaction analysis; debits and credits LO22...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; solving for unknowns LO24,...Ch. 2 - Adjusting entries LO25 The Mazzanti Wholesale...Ch. 2 - Financial statements and closing entries LO26,...Ch. 2 - Closing entries LO27 American Chip Corporations...Ch. 2 - Prob. 2.14ECh. 2 - Cash versus accrual accounting; adjusting entries ...Ch. 2 - External transactions and adjusting entries LO22,...Ch. 2 - Accrual accounting income determination LO24,...Ch. 2 - Cash versus accrual accounting LO28 Stanley and...Ch. 2 - Prob. 2.19ECh. 2 - Worksheet Appendix 2A The December 31, 2018,...Ch. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Reversing entries Appendix 2B Refer to E 29 and...Ch. 2 - Reversing entries Appendix 2B Refer to E 29 and...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.25ECh. 2 - Accounting cycle through unadjusted trial balance ...Ch. 2 - Accounting cycle through unadjusted trial balance ...Ch. 2 - Adjusting entries LO25 Pastina Company sells...Ch. 2 - Accounting cycle; adjusting entries through...Ch. 2 - Adjusting entries LO25 Howarth Companys fiscal...Ch. 2 - Accounting cycle LO22 through LO27 The general...Ch. 2 - Adjusting entries and income effects LO22, LO25...Ch. 2 - Adjusting entries LO25 Excalibur Corporation...Ch. 2 - Accounting cycle; unadjusted trial balance through...Ch. 2 - Prob. 2.10PCh. 2 - Prob. 2.11PCh. 2 - Cash versus accrual accounting LO28 Zambrano...Ch. 2 - Worksheet Appendix 2A Using the information from...Ch. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Prob. 2.2BYPCh. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Continuing Cases Target Case LO24, LO28 Target...
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