10:084 64%+ FAR PROBLEM 2..FAR PROBLEM 2Jared Hawk established an insurance agency on July 1 of the current year and completed the followingtransactions during July:a. Opened a business bank account with a deposit of P50.000 from personal funds.b. Purchased supplies on account, P1.600.c. Paid creditors on account, P500d. Received cash from fees earned on insurance commissions, P9,250.e. Paid rent on office and equipment for the month, P2,50.f. Paid automobile expenses for the month, P900, and miscellaneous expenses, P300.8. Paid office salaries, P1,900.h. Determined that the cost of supplies on hand was P550, therefore, the cost of supplies used wasP1,050.I. Billed insurance companies for sales commission earned P11,150.J. Withdrew cash for personal use, P2,700.Seatwork:1. Prepare the followinga. Journal Entryb. T-accountC. Unadjusted Trial Balanced. Balance sheete.Income Statement

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Answered: Jared Hawk established an insurance…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2020 Jan 01 Balance brought forward from last month: Cash OMR 10000; Bank OMR 20000. 30 We returned goods to Mr. Zahir OMR 500. 09 Withdrew OMR 5000 from the bank for business use. 11 Paid insurance by cheque OMR 1000. 29 Goods returned to us by Mr. Fatima OMR 500. 12 Zara lent us OMR 2000 in cash. 13 Cash sales paid directly in to the bank OMR 1000. 2 Credit purchase from Mr. Zahir OMR 8000. 5 Credit purchase from Mr. Saalim OMR 2000 7 Credit sales to Mr. Waleed OMR 500 15 Vahab paid us by cheque OMR 500. 21 Cash sales OMR 500. 30 Withdrew OMR 500 from the bank for personal use. 1 Credit sales to Ms. Fatima OMR 5000. 25 Mr. Waleed returned goods to us OMR 1000. 27 We returned goods to Mr. Saalim OMR 1000…
b. 8,275,000 c. 7,725,000 d. 7,875,000 PART III. PROBILEM SOLVING. Answer what is being asked. Please show your solutions. 1. Easy Company sells directly to retail customers. On January 1, 2020, the balance of the accounts receivable was P2,070,000 while the allowance for doubtful accounts was a credit of P78,000. The following data are gathered. Credit Sales Writeoffs Recoveries 22,000 2017 11,100,000 12,250,000) 260,000 295,000 300,000 2018 37,000 36,000 2019 14,650,000 15,000,000 2020 310,000 42,000 Doubtful accounts are provided for as a percentage of credit sales. The entity calculated the percentage annually by using the experience of the three years prior to the current year. Required: a. What is the percentage of credit sales to be used in computing doubtful accounts expense for 2020? b. What amount should be reported as doubtful expense for 2020? c. What amount should be reported as allowance for doubtful accounts on December 31, 2020? CS Scanned with CamScanner
Saved TB EX Qu. 4-171 A company had the following sales... A company had the following sales transactions: 1. Total debit card sales = $270.000. 2. Total credit card sales = $490,000. 3. Total cash sales = $830,000. 4. Total check sales = $150,000. There is a charge of 4% on all credit card transactions. Calculate total sales revenue recorded for the year.
%24 ... Check my w [The following information applies to the questions displayed below.] Tyrell Co. entered into the following transactions involving short-term liabilities. Year 1 Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $66,000 cash from NBR Bank by signing a 120-day, 12%, $66,000 note payable. Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 7%, $30,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 Paid the amount due on the note to Fargo Bank at the maturity date. 4. Determine the interest expense recorded in Year 2. (Do not round intermediate calculations and round your final answers to nearest whole…
Question 7 ✔) Listen You have just deposited X dollars in your bank account that pays interest of 22 percent p.a.You discover that at the end of one year you have $ 21,859 in the account. What was X, that is, the amount of money that you deposited today? (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85). Your Answer: Answer Question 8 Listen You want to withdraw $ 23,714 from your account at the end of one year and $ 57,667 at the end of the second year. How much should you deposit in your account today so that you can make these withdrawals? Your account pays 5 percent p.a. (Record your answer without a dollar sign, without commas and round your answer to 2 decimal places; that is, record $3,245.847 as 3245.85).
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13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31st March, 2008 Debit Balances Amt? Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries 500 10,000 20,000 2,06,300 50,000 To Wages To Furniture To Machinery To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 4,500 10,000 2,97,800 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for…
17. Find the ending balance if the original balance was $425.32 and the followingtransactions occurred over the space of a week: wrote a check, $16;paycheck deposit, $235.21; check deposit, $30; ATM, $20; wrote a check,$63.45; deposit, $30; maintenance fee, $11; interest, $0.32.A. $609.76B. $610.40C. $650.08D. $649.76
Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References…
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-k -/1 E Question 1 of 5 View Policies Current Attempt in Progress The following information pertains to Lily Video Company. Cash balance per bank, July 31, $8,183. July bank service charge not recorded by the depositor $35. Cash balance per books, July 31, $8,204. 2. 3. Deposits in transit, July 31. S1.960. Bank collected $1.360 note for Lily in July. plus interest $43, less fee $27. The collection has not been recorded by Lily, and no interest has been accrued. 6. Outstanding checks. July 31. $598. (a) Prepare a bank reconciliation at July 31. (List items that increase cash balance first.) LILY VIDEO COMPANY PeokPeconcilletion. search 1. 45.
Problem 6 Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding % Uncollectible Estimated Amount 1,200,000 0-60 1% 2% 61-120 900,000 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?

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