Chapter 3, Problem 2BE

Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data. A. depreciation on buildings and equipment, $17,500 B. advertising still prepaid at year end, $2,200 C. interest due on notes payable, $4,300 D. unearned rental revenue, $6,900 E. interest receivable on notes receivable, $1,200

On December 31, journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $89,000 and the company uses the analysis of receivables method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order.) (1) Type of Adjustment (2) Accounts Before Adjustment Services performed but unbilled totals $600. a. b. Store supplies of $160 are on hand. The supplies account shovs a $1,900 balance. c. Utility expenses of $275 are unpaid. d. Service performed of $490 collected in advance. e. Salaries of $620 are unpaid. f. Prepaid insurance totaling $400 has expired.

Assignment: 1. Present entries to record the following for a business that uses the Allowance Method: a) Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500 b) In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off. c) Six months later the $610 is reinstated and payment of that amount received 2. What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/19 3. Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b) 4. Record the entry for the reinstatement of the account written off in (3) under the direct write- off method

Assignment: 1. Present entries to record the following for a business that uses the Allowance Method: a) Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500 b) In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off. c) Six months later the $610 is reinstated and payment of that amount received 2. What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/19 3. Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b) 4. Record the entry for the reinstatement of the account written off in (3) under the direct write- off method Assignment:…

Assume the following data for Casper Company before its year-end adjustments: Journalize the adjusting entries for the following:a. Estimated customer allowancesb. Estimated customer returns

Present entries to record the following (a,b,c) for a business that uses the Allowance Method:  a: Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500.   b: In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off.  c: Six months later the $610 is reinstated and payment of that amount received What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/19 Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b) Record the entry for the reinstatement of the account written off in (3) under the direct write-off method Assignment: Record the…

Atlantic Company is completing adjusting entries at the end of the annual accounting period, December 31, 20X1. Four adjusting entries must be made at this date to update the accounts. The following accounts, selected from Atlantic's chart of accounts, are to be used for this purpose. They are coded below for easy reference. A. Office Supplies B. Trade Receivables C. Accumulated Depreciation D. Interest Receivable E. Notes Payable J. Office Supplies Expense K. Rent Expense L. Bad Debt Expense M. Depreciation Expense N. Interest Expense O. Sales Revenue P. Rent Revenue Q. Interest Revenue R. Equipment F. Interest Payable G. Property Tax Payable H. Unearned Rent 1. Rent Payable Below are the four adjusting entries: 1. On January 1, 20X1, equipment was purchased for $6,000. The equipment had an estimated useful life of five years with no residual value. It is depreciated using the straight-line method. Record depreciation. 2. On November 1, 20X1, collected $1,800 rent revenue in advance…

At the end of the year, a company's balance of Allowance for Uncollectible Accounts is $2,800 (debit) before adjustment. The company estimates future uncollectible accounts to be $14,000. What is the adjustment would the company record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal