E4-5 (Multiple-step and Extraordinary Items) The following balances were taken from the books Ul Maria Conchita Alonzo Corp. on December 31, 2007. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building $ 86,000 51,000 1,380,000 150,000 20,000 150,000 7,000 45,000 100,000 200,000 140,000 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage $ 40,000 28,000 155,000 194,000 170,000 100,000 97,000 32,000 60,000 100,000 150.000

E4-5 (Multiple-step and Extraordinary Items) The following balances were taken from the books Ul Maria Conchita Alonzo Corp. on December 31, 2007. Interest revenue Cash Sales Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Building $ 86,000 51,000 1,380,000 150,000 20,000 150,000 7,000 45,000 100,000 200,000 140,000 Accumulated depreciation-equipment Accumulated depreciation-building Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable Loss from earthquake damage $ 40,000 28,000 155,000 194,000 170,000 100,000 97,000 32,000 60,000 100,000 150.000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PA: Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable....

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(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
Required Information P6-1 (Algo) Reporting Net Sales and Expenses with Discounts, Returns, and Bad Debts LO6-1, 6-2 [The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $123,000 7,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10. n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $240,000. b. Sold merchandise to R. Smith; invoice price, $11,000. c. Sold merchandise to K. Miller; invoice price, $32,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $29,000. f. R. Smith paid his account in full…
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
E6.5 receivable? Record transactions in sales and purchases journal. L09,10,13 Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September 2023. Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600. 2 Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/30 10 12 Purchased office equipment on account from B. Piazza $13000. Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold 21 was $960 25 27 Required Purchased inventory on account from F. Sage $1800, terms n/30. Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840. (a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalised in the sales journal and the purchases journal…
NO. : Date : | The following was the trial balance extract from ABC Tradina as at 31 March 2019 Particulars Purchases and sales Inventory on IAprl 2018 Capital Bank overdraft Cash Discount allowad and received Return inwards and outwards Carriage outwards Office expenses Fixturos and fittings Delivery van Account receivables and account payab les Rent and insurance Credit CRm) 41,000 Debit CRM) 22/860 5, 100 8,170 4,300 140 1.440 790 2/180 930 570 450 1/210 2,000 IL, 900 1.790 6,720 Drawings Wages and Sal aries Total 2,850 8,980 611690 61.690 Additional information as at 31 March 2019 : ca) Inventory on 31 March 2019 was (b) Wages and salaries accrued as at 31 March 2019 was Rm210 ; Outstanding office expen ses was RM 30 Cc) Rent and insurance prepaid was km 150 RM 4250 Raquired: (1) Preapare the Statement of Piofit or Loss and Other Comprehensive Income for the year ended 31 March 2019 |(ii) Preapare statement of Financial Position as at 31 March 2019 .
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
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PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019. EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 600,538 Accounts Receivable Equipment Merchandise Inventory Accounts Payable 50,689 199,430 169,744 $ 234,893 502,200 393,426 100,976 65,500 Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense 26,750 4,903 Sales Discounts 61,347 Interest Expense 3,570 Sales Returns and Allowances 55,432 90,333 Cost of Goods Sold Rent Expense 10,400 8,560 3,421 Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 11,878 $1,296,995 $1,296,995 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year…
Q7. Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.