Solve and explain the reason why it is the answer. 7. Anger Co.'s accounts payable on December 31, 20x1 had abalance of P2,300,000 before any possible adjustment for thefollowing:a) Goods in transit purchased on credit for P23,000 under an FOBdestination term were recorded and included in the inventorycount on December 31, 20x1 as “goods in transit."b) Anger Co. checks, drawn for P32,000, were found in the safe boxduring the Dec. 31, 20x1 securities count.c) Goods purchased under an 'FOB destination, freight collect' termwere received and recorded at the invoice cost of P60,000 on Dec.29, 20x1. The cash payment for the related freight of P5,000 wasdebited to the 'Freight-out account.d) Goods worth P90,000 received on consignment from DishonorCo. were recorded as an increase in accounts payable. The goodsremain unsold as of Dec. 31, 20x1.e) The balance of accounts payable includes P64,000 cost of goodspurchased under an FOB shipping point term that were lost intransit. Anger Co. recorded a corresponding claim against thecarrier.How much is the adjusted balance of accounts payable?b. 2,214,000a. 2,150,000c. 2,240,000d. 2,304,000

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Answered: Anger Co.'s accounts payable on Decemb…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter15: Preparing Adjusting Entries And A Trial Balance

Section: Chapter Questions

Problem 1AFE

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Entity B’s accounts payable on December 31, 20x1 had a balance of P2,300,000 before any possible adjustment for the following: a)Goods in transit purchased on credit for P23,000under an FOB destination term were recorded and included in the inventory count on December 31, 20x1 as “goods in transit” Entity B checks, drawn for P32,000 were found in the safe box during the December 31, 20x1 securities count Goods purchased under an FOB destination, freight collect term were received and recorded at the invoice cost of P60,000 on December 29, 20x1. The cash payment for the related freight of P5,000 wasdebited to the “Freight-out’ account. Goods worth P90,000 received on consignment from Entity D were recorded as an increase in accounts payable. The goods remainunsold as of December 31, 20x1 The balance of accounts payable includes P64,000 cost of goods purchased under an FOB shipping point term that were lost in transitEntity B recorded a corresponding claim against the carrier. How…
On December 31, 20X1, certain account balances at England Company were as follows before year-end adjustments: Accounts Receivable Allowance for Uncollectible Accounts (credit) Sales Sales Returns and Allowances $ 470,750 930 4,602,750 319,325 A further examination of the records showed that the "Sales" included $478,100 of cash sales during the year. Of the sales returns and allowances, $16,650 came from credit sales. Assume that England Company makes its estimate of uncollectible accounts on December 31 as 3.2 percent of total accounts receivable. Required: Compute the estimated amount of uncollectible accounts and prepare the general journal entry to record the provision for uncollectible accounts. Complete this question by entering your answers in the tabs below. Uncollect Accounts General Journal Compute the estimated amount of uncollectible accounts. Note: Round your "Estimated uncollectible rate" to 3 decimal places, I Accounts receivable Estimated uncollectible rate Estimated…
7 Anger Co.'s accounts payable on December 31, 20x1 had a balance of P2,300,000 before any possible adjustment for the following: a) Goods in transit purchased on credit for P23,000 under an FOB destination term were recorded and included in the inventory count on December 31, 20x1 as "goods in transit." b) Anger Co. checks, drawn for P32,000, were found in the safe box during the Dec. 31, 20x1 securities count. ). Goods purchased under an 'FOB destination, freight collect' term were received and recorded at the invoice cost of P60,000 on Dec. 29, 20x1. The cash payment for the related freight of P5,000 was debited to the 'Freight-out account. d) Goods worth P90,000 received on consignment from Dishonor Co. were recorded as an increase in accounts payable. The goods remain unsold as of Dec. 31, 20x1. e) The balance of accounts payable includes P64,000 cost of goods purchased under an FOB shipping point term that were lost in transit. Anger Co. recorded a corresponding claim against the…
The ledger of Sheffield Corp. at the end of the current year shows Accounts Receivable $80,300; Credit Sales $769,390; and Sales Returns and Allowances $41,700. If Sheffield Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sheffield Corp. determines that Matisse's $820 balance is (a) uncollectible. If Allowance for Doubtful Accounts has a credit balance of $1,112 in the trial balance, journalize the adjusting entry at December 3L, assuming bad debts are expected to be 11% of accounts receivable. (b) If Allowance for Doubtful Accounts has a debit balance of $450 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. (c) (Credit account titles are automatically Indented when amount s entered. Do not Indent manually.) No. Account Titles and Explanation Debit Credit (a) VA 3:00
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MKE Goods’ year-end unadjusted trial balance shows accounts receivable of $198,000, allowance for doubtful accounts of $1,200 (credit), and sales of $560,000. Uncollectibles are estimated to be 1.5% of accounts receivable. 1. Prepare the December 31 year-end adjusting entry for uncollectibles.2. What amount would have been used in the year-end adjusting entry if the allowance account had a year-end unadjusted debit balance of $600?
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Anger Co.'s accounts payable on Decemb balance of P2,300,000 before any possible a following: Goods in transit purchased on credit for P23 destination term were recorded and include count on December 31, 20xl as “goods in trans Anger Co choolco di