ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
14th Edition
ISBN: 9781119709954
Author: Weygandt
Publisher: WILEY
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Chapter 4, Problem 2BE
To determine
Introduction: A worksheet is a multiple-column form that is prepared by the companies at the end of an accounting year to use as a device in preparing the
To prepare: A partial worksheet.
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The ledger of Cullumber Company includes the following unadjusted balances: Prepaid Insurance $4,300, Service Revenue $56,700,
and Salaries and Wages Expense $24,200. Adjusting entries are required for (a) expired insurance $1,600, (b) services performed
$1,900 are billed and not yet collected, and (c) accrued salaries payable $800.
Enter the unadjusted balances and adjustments into a worksheet and complete the worksheet for all accounts.
Trial Balance
Adjustments
Account Titles
Dr.
Cr.
Dr.
Prepaid Insurance
Service Revenue
Salaries and Wages Expense
Accounts Receivable
Salaries and Wages Payable
Insurance Expense
Required:
(a) What is the total estimated uncollectible amount of accounts receivable?
(b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach.
(c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable.
(d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.
Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to:
a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
Chapter 4 Solutions
ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
Ch. 4 - Prob. 1QCh. 4 - 2. Explain the purpose of the worksheet.
Ch. 4 - 3. What is the relationship, if any, between the...Ch. 4 - Prob. 4QCh. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - 9. Which of the following accounts would not...Ch. 4 - 10. Distinguish between a reversing entry and an...
Ch. 4 - Prob. 11QCh. 4 - Prob. 12QCh. 4 - Prob. 13QCh. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - Prob. 16QCh. 4 - Prob. 17QCh. 4 - Prob. 18QCh. 4 - Prob. 20QCh. 4 - Prob. 21QCh. 4 - BE4-1 The steps in using a worksheet are presented...Ch. 4 - Prob. 2BECh. 4 - Prob. 3BECh. 4 - Prob. 4BECh. 4 - Prob. 5BECh. 4 - Prob. 6BECh. 4 - Prob. 7BECh. 4 - BE4-8 The steps in the accounting cycle are listed...Ch. 4 - Prob. 9BECh. 4 - Prob. 10BECh. 4 - Prob. 11BECh. 4 - Prob. 12BECh. 4 - Prob. 1DIECh. 4 - Prob. 2DIECh. 4 - DO IT! 4-3 Hanson Company has an inexperienced...Ch. 4 - Prob. 4DIECh. 4 - Prob. 1ECh. 4 - E4-2 The adjusted trial balance columns of the...Ch. 4 - E4-3 Worksheet data for Savaglia Company are...Ch. 4 - E4-4 Worksheet data for Savaglia Company are...Ch. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - E4-10 Renee Davis has prepared the following list...Ch. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - P4-1A The trial balance columns of the worksheet...Ch. 4 - P4-3A The completed financial statement columns of...Ch. 4 - P4-5A Anya Clark opened Anya’s Cleaning Service on...Ch. 4 - Prob. 7EYCTCh. 4 - Prob. 1ISTQCh. 4 - Prob. 2ISTQCh. 4 - Prob. 3ISTQCh. 4 - Prob. 4ISTQCh. 4 - Prob. 1IFRECh. 4 - Prob. 2IFRECh. 4 - Prob. 3IFRECh. 4 - Prob. 4IFRE
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