Bundle: Accounting, 27th + Cengagenowv2, 2 Terms Printed Access Card
27th Edition
ISBN: 9781337587419
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 2.20EX
Errors in
Identify the errors in the following trial balance. All accounts have normal balances.
Mascot co. Unadjusted Trail Balance For the Month Ending July 31, 2019 |
||||
Account No. |
Debit balances | Credit Balances | ||
Cash | 11 | 36,000 | ||
Accounts Receivable | 12 | 112,600 | ||
Prepaid insurance | 13 | 18,000 | ||
Equipment | 14 | 375,000 | ||
Accounts payable | 21 | 53,300 | ||
Salaries payable | 22 | 7,500 | ||
Samuel parson, Capital | 31 | 297,200 | ||
Samuel parson, Drawing | 32 | 17,000 | ||
Fees Earned | 41 | 682,000 | ||
Salary Expense | 51 | 392,800 | ||
Advertising Expense | 52 | 73,000 | ||
Miscellaneous Expense | 59 | 11,600 | ||
1,189,300 | 1,189,300 |
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[The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age.
Accounts Receivable
Age of Accounts Receivable
Expected Percent Uncollectible
$ 820,000
Not yet due
1.25%
328,000
1 to 30 days past due
2.00
65,600
31 to 60 days past due
6.50
32,800
61 to 90 days past due
32.75
13,120
Over 90 days past due
68.00
3. On June 30 of the next year, Jarden concludes that a customer’s $5,350 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
Required information
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[The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age.
Accounts Receivable
Age of Accounts Receivable
Expected Percent Uncollectible
$ 820,000
Not yet due
1.25%
328,000
1 to 30 days past due
2.00
65,600
31 to 60 days past due
6.50
32,800
61 to 90 days past due
32.75
13,120
Over 90 days past due
68.00
Required:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.
Required information
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[The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age.
Accounts Receivable
Age of Accounts Receivable
Expected Percent Uncollectible
$ 820,000
Not yet due
1.25%
328,000
1 to 30 days past due
2.00
65,600
31 to 60 days past due
6.50
32,800
61 to 90 days past due
32.75
13,120
Over 90 days past due
68.00
2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.)
Chapter 2 Solutions
Bundle: Accounting, 27th + Cengagenowv2, 2 Terms Printed Access Card
Ch. 2 - What is the difference between an account and a...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Assume that a trial balance is prepared with an...Ch. 2 - Assume that when a purchase of supplies of 2,650...Ch. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are a common form of deposits...
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for owner's withdrawal Prepare a...Ch. 2 - Journal entry for owner's withdrawal Prepare a...Ch. 2 - Prob. 2.5APECh. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Horizontal analysis Two income statements for...Ch. 2 - Horizontal analysis Two income statements for...Ch. 2 - Chart of accounts The following accounts appeared...Ch. 2 - Chart of accounts Oak Interiors is owned and...Ch. 2 - Chart of accounts Outdoor Leadership School is a...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Concrete Consulting Co. has the...Ch. 2 - Journalizing and posting On September 18, 2019,...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Prob. 2.10EXCh. 2 - Account balances a.During February, 186,500 was...Ch. 2 - Capital account balance As of January 1, Terrace...Ch. 2 - Identifying transactions National Park Tours Co....Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Errors in trial balance The following preliminary...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Prob. 2.23EXCh. 2 - Prob. 2.24EXCh. 2 - Entries into T accounts and trial balance Connie...Ch. 2 - Journal entries and trial balance On January 1,...Ch. 2 - Journal entries and trial balance On June 1, 2019,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Colby Group has the...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Prob. 2.1CPCh. 2 - Prob. 2.5CPCh. 2 - Prob. 2.6CPCh. 2 - Prob. 2.7CP
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