Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 6, Problem 4R
Erase the aging information for October and enter the following information for November 30, 2012:
Save the results as AGING4. Print the worksheet. Has the estimated total uncollectible accounts increased or decreased in November? Explain.
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Create a chart that would show the fluctuation of revenue throughout the month.
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Post the journal entries for the transactions to the following t-accounts. Each of which started the month with a zero balance.
*****the drop down options for the first column are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i.
For columns 2 and 3 you input a number
for column 4 the drop down options are: a., b(1), b(2), c(1), c(2), d., e., f., g., h., i.
to clarify, column 1 starts at the top and ends with "ending balance"
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Please don't add numbers to columns 1 or 4 only the drop down letters. Thank you!
From the partial worksheet, journalize the closing entries for December 31 for A. Slow Co.
Start by journalizing the closing entry for revenues. (See attached images for clearer info)
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
31
Journalize the closing entry for the expense and contra-revenue accounts.
Journal Entry
Date
Accounts
PR
Dr.
Cr.
Dec.
31
Journalize the closing entry for the Income Summary account.
Journal Entry
Date
Accounts
PR…
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Excel Applications for Accounting Principles
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- The following information is for Bonnies Buds, a nursery and floral shop, for the month ended May 31, 2012: Click the Chart sheet tab on the FMERCH3 file. You will see a chart depicting the five-month trend in sales, gross profit, and net income. What favorable and unfavorable trends do you see in this month-to-month comparison? Comment on any unusual changes. When the assignment is complete, close the file without saving it again. Worksheet. Your boss would prefer to have the balance sheet shown before the income statement and the statement of retained earnings. Please make this change on the FMERCH3 file. Preview the printout to make sure that the worksheet will print neatly on two or three pages, and then print the worksheet. Save the completed file as FMERCHT. Chart. Using the FMERCH3 file, prepare a 3-D pie chart that shows the amount of each of the selling expenses in June. No Chart Data Table is needed. Select A57 to A62 as one range on the worksheet to be charted and then hold down the CTRL key and select E57 to E62 as the second range. Enter your name somewhere on the chart. Save the file again as FMERCH3. Select the chart and then print it out.arrow_forwardAt the end of the first year of operations, Mayberry Advertising had accounts receivable of $20,300. Management of the company estimates that 10% of the accounts will not be collected. What adjustment would Mayberry Advertising record to establish Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardAfter all revenue and expenses have been closed at the end of the fiscal period ended December 31, Income Summary has a debit of 45,550 and a credit of 36,520. On the same date, D. Mau, Drawing has a debit balance of 12,000 and D. Mau, Capital had a beginning credit balance of 63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance of D. Mau, Capital after closing the remaining temporary accounts? Show your calculations.arrow_forward
- Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year.arrow_forwardplease answer it with a solution. REQUIRED: COMPUTE THE TOTAL INCREASE OR (DECREASE) FOR THE HOME OFFICE ACCOUNT BALANCES ON DECEMBER 31, 2021arrow_forwardAfter all revenue and expenses have been closed at the end of the fiscal period and December 31, income summary has a debit of 45550 and a credit of $36,520. On the same date, D. Mau, drawing has a debit balance of $12,000 and D. mau, capital had a beginning credit balance of $63,410. a. Journalize the entries to close the remaining temporary accounts. b. What is the new balance D. Mau, capital after the remaining temporary accounts?arrow_forward
- Maxwell Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $100,000 1% 31-60 days past due 18,000 3% 61-120 days past due 20,000 6% 121-180 days past due 7,000 10% Over 180 days past due 2,000 20% $147,000 The company handles credit losses using the allowance method.The credit balance of the Allowance for Doubtful Accounts is $840 on December 31, before any adjustments.a. Determine the amount of the adjustment for estimated credit losses on December 31.$Answerb. Determine the financial statement effect of a write off of Porter Company’s account on the following May 12, in the amount of $480.Use negative signs with answers, when appropriate.If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the…arrow_forwardPlease Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. The schedule that needs to be comis attached to this post below References: 1 Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 2 Past 3 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 4 AAA Outfitters 20,700.00 20,700.00 5 Brown Trout Fly Shop 7,100.00 7,100.00 6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7 8 Zigs Fish Adventures 3,900.00 3,900.00 9 Subtotals 1,307,400.00 756,200.00 292,000.00 118,400.00 41,000.00 18,100.00 81,700.00 The following accounts were unintentionally omitted…arrow_forwardAt the end of the year, Mercy Cosmetics’ balance of Allowance for Uncollectible Accounts is $420 (credit) before adjustment. The balance of Accounts Receivable is $16,000. The company estimates that 10% of accounts will not be collected over the next year. What adjusting entry would Mercy Cosmetics 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.)arrow_forward
- Post the journal entries for the transactions to the following T-accounts, each of which started the month with a zero balance.arrow_forwardPreparing an Aging Schedule to Estimate Allowance for Doubtful Accounts A review of open invoices of Sketchers Inc. results in the following report. Invoice Amount Date(Each from this year) #496 $458.48 5-Dec #495 685.77 2-Dec #427 274.16 5-Nov #100 109.06 28-Jun #300 741.43 3-Oct #410 670.26 31-Oct #204 62.69 25-Aug #498 760.84 28-Dec #499 276.15 28-Dec #487 747.28 28-Nov #310 207.65 8-Oct #178 643.21 7-Aug #497 335.03 5-Dec #488 142.90 29-Nov #105 18.73 5-Jul $6,133.64 Required a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 30 days, (2) 31-60 days, (3) 60-90 days, and (4) greater than 90 days. b. Assume that the company estimates the allowance for doubtful accounts based upon the following percentages applied to the appropriate aging categories: (1) 1% for less than 30 days, (2) 5% for 31-60 days, (3) 30% for 60-90 days, and (4) 60% for greater…arrow_forwardComplete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y1 Customer Balance NotPastDue DaysPastDue 1-30 DaysPastDue 31-60 DaysPastDue 61-90 DaysPastDue 91-120 DaysPast DueOver 120 Subtotals fill in the blank f8971cfe306afa1_1 fill in the blank f8971cfe306afa1_2 fill in the blank f8971cfe306afa1_3 fill in the blank f8971cfe306afa1_4 fill in the blank f8971cfe306afa1_5 fill in the blank f8971cfe306afa1_6 fill in the blank f8971cfe306afa1_7 Arcade Beauty fill in the blank f8971cfe306afa1_8 fill in the blank f8971cfe306afa1_9 fill in the blank f8971cfe306afa1_10 fill in the blank f8971cfe306afa1_11 fill in the blank f8971cfe306afa1_12 fill in the blank f8971cfe306afa1_13 fill in the blank f8971cfe306afa1_14 Creative Images fill in the blank f8971cfe306afa1_15 fill in the blank…arrow_forward
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