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Concept explainers
S3-5 Identifying types of
Learning Objective 3 |
A select list of transactions for Anuradha’s Goals follows.
Apr. 1 |
Paid six months of rent, $4,800. |
10 |
Received $1,200 from customer for six-month service contract that began April 1. |
15 |
Purchased a computer for $1,000. |
18 |
Purchased $300 of office supplies on account. |
30 |
Work performed but not yet billed to customer, $500. |
30 |
Employees earned $600 in salaries that will be paid May 2. |
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries, deferred expense, deferred revenue, accrued expense, and accrued revenue.
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Chapter 3 Solutions
Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
Additional Business Textbook Solutions
Construction Accounting And Financial Management (4th Edition)
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
Financial Accounting
Principles of Accounting Volume 1
Principles of Accounting Volume 2
- E5-57 O E-F:5-23 Journalizing sales transactions (Learning Objective 3) Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. 4 & 4 7 8 13 20 20 29 Sold $16,000 of antiques on account, credit terms are n/30, to Cavalli Designs. Cost of goods is $8,000. Received a $300 sales return on damaged goods from Cavalli Designs. Cost of goods damaged is $150. Antique Mall received payment from Cavalli Designs on the amount due from Jan. 4, less the return. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination, to White Furniture. Cost of goods is $2,450. Antique Mall paid $70 on freight out to White Furniture. Received payment from White Furniture on the amount due from Jan. 20, less the discount. 4+ 8 144 9 ▶|| F5-57 U A لا insert ← prt sc backspace 9:28 PM 9/21/2022 delete homarrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward
- (Learning Objective 5: Evaluate collectibility using the allowance for uncollectibleaccounts) At the end of the current year (before adjusting entries), Autumn Corporation hada balance of $76,000 in Accounts Receivable and a credit balance of $11,000 in Allowance forUncollectible Accounts. Service revenue (all on credit) for the year totaled $490,000.RequirementsConsider each of the following two independent situations.1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expenseif Autumn Corporation estimates its uncollectible-account expense using a rate of 2% ofcredit sales. What is the ending balance of the Allowance for Uncollectible-Accounts underthis scenario?2. Now assume that Autumn Corporation uses the aging-of-receivables method. AutumnCorporation estimates that its Allowance for Uncollectible Accounts should have a creditbalance of $21,000. Calculate the amount of its Uncollectible-Account Expense. What isthe ending balance of the Allowance for…arrow_forwardd Learn 1 Question 4 - Week 8 homework X C Raintree Cosmetic Company Sel X G EI Gato Painting Company maint X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser30&launchUrl=https%... mework i Saved Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $12,000 at the beginning of 2021 No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $200,000, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 22,000. Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021.…arrow_forwardAssignment - 7. Savings Accounts SECTION 4 OF 4 QUESTION ASSIGNMENTS COURSES Attempt 1 of 1 1 4 6 Walley opens an account and deposits $50 each month for 12 months and withdraws $300 at the end of the year for holiday shopping. What type of account does Walley likely have? O regular savings account O money market account O two-year certificate of deposit O three-year certificate of deposit SUBMIT ANSWER O ASK FOR HELP TURN IT IN e here to searcharrow_forward
- Q E-F:5-22 Journalizing purchase transactions (Learning Objective 2) Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. W Jun. 20 20 Jul. 4 14 & 16 18 Received a $300 allowance from Southboro Diamonds for damaged but usable goods. 24 Paid Southboro Diamonds, less allowance and discount. 4- Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $400. Returned $600 of inventory to Sanders. 7 Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. 4+ 8 144 ( F5-56 A B insert ← prt sc backspace 9:28 PM 9/21/2022 delete homarrow_forwardSage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forwardE3-21 Journalizing adjusting entries Learning Objective 3 Consider the following situations: Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31. Total salaries for all employees is $3,600 per month. Employees are paid on the 1st and 15th of the month. Work performed but not yet billed to customers for the month is $1,600. The company pays interest on its $16,000, 4% note payable of $53 on the first day of each month. Assume the company records adjusting entries monthly. Journalize the adjusting entries needed as of January 31.arrow_forward
- > Problems Group A Learning Objectives 3, 4 P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance 2. Cash Balance $69,880 Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions: Jul. 1 Yung contributed $68,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid $1,300 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $240. 28 31 Revenues earned during the month included $6,500 cash and $5,800 on account. Paid employees' salaries $2,500, office rent $1,000, and utilities, $400. Record as a compound entry. The business…arrow_forwardDigital Learning * CengageNOwv2 | Online teachir * Cengage Learning + Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false A eBook Show Me How Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,500,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable 24 Allowance for Doubtful Accounts Bad Debt Expense %24 c. Determine the net realizable value of accounts receivable. Feedback Check My Work a. Remember that since accounts receivable are created by credit sales, uncollectible accounts çan be estimated as a percent of credit sales. If the portion of credit sales to sales id relatively constant, the…arrow_forwardOdysseyware Ô https://sfdr.owschools.com/ows00/studentAssignment/index?eh=65534412 San Felipe Del RIO CISD-TIS JALYN GARCIA Odysseyware LEARN MESSAGE HELP SIGN OUT Assignment - 3. Automobile Loens Attempt 1 of 1 ASSIGNMENTS COURSES SECTION 2 OF 4 QUESTION 2 OF 6 《く 11 4 5 6 3 > » Miguel takes a car loan for $16,000. The loan is for 60 months and has an interest rate of 4%. There are an additional $1,000 of fees. What is the APR for this loan? O 6.25% O 6.4% O 8.6% O 10.25% NEXT QUESTION O ASK FOR HELP TURN IT IN P Type here to search 11:20 PM G 10 ENG 2/6/2021 G C 2N M 中 oarrow_forward
- Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
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