Swifty Surveillance Services had the following adjustments as of the end of the year. View the adjustments. 7. Journalize the adjusting entries needed. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) Accounts and Explanation Date (a) b. $2,600 of rent revenue was earned but not recorded or received. Accounts and Explanation Date (b) c. Salaries owed to employees but not yet paid, $4,700. Date Accounts and Explanation (c) Debit Debit Credit Credit Debit 11 Credit Adjustments a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) b. $2,600 of rent revenue was earned but not recorded or received. c. Salaries owed to employees but not yet paid, $4,700. Print Done - X

Swifty Surveillance Services had the following adjustments as of the end of the year. View the adjustments. 7. Journalize the adjusting entries needed. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) Accounts and Explanation Date (a) b. $2,600 of rent revenue was earned but not recorded or received. Accounts and Explanation Date (b) c. Salaries owed to employees but not yet paid, $4,700. Date Accounts and Explanation (c) Debit Debit Credit Credit Debit 11 Credit Adjustments a. $1,000 of advertising expense was incurred but not paid. (Use Advertising Payable.) b. $2,600 of rent revenue was earned but not recorded or received. c. Salaries owed to employees but not yet paid, $4,700. Print Done - X

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 13PB: Prepare adjusting journal entries, as needed, considering the account balances excerpted from the...

See similar textbooks

Similar questions

Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates that the estimated amount of uncollectible accounts is $16,000. Based on the estimate, which of the following adjusting entries should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800 b.debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800 c.debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800 d.debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
For a business that uses the allowance method of accounting for uncollectible receivables: Journalize the entries to record the following: Use correct journal format. Just use the month for the date. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200. In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible. In November of the next year, $400 of the Fronk Co. account 1s reinstated and payment of that amount is received. In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.
For a business that uses the allowance method of accounting for uncollectible receivables:Journalize the entries to record the following: Use correct journal format. Just use the month for the date.(1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200.(2)In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible.In November of the next year, $400 of the Fronk Co. account is reinstated and payment of that amount is received.In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.
At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $766. During the year, previously written off accounts of $138 are reinstated and accounts totaling $741 are written off as uncollectible. The end-of-year balance (before adjustment) in Allowance for Doubtful Accounts should be a.$741 b.$766 c.$138 d.$163
Present entries to record the following (a,b,c) for a business that uses the Allowance Method: a: Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500. b: In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off. c: Six months later the $610 is reinstated and payment of that amount received What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/19 Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b) Record the entry for the reinstatement of the account written off in (3) under the direct write-off method Assignment: Record the…
Allowance for Doubtful Accounts has a credit balance of $667 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $17,457. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Bad Debt Expense, $16,790; credit Allowance for Doubtful Accounts, $16,790 debit Allowance for Doubtful Accounts, $667; credit Bad Debt Expense, $667 debit Allowance for Doubtful Accounts, $18,124; credit Bad Debt Expense, $18,124 debit Bad Debt Expense, $667; credit Allowance for Doubtful Accounts, $667
Suppose a customer rents a vehicle for three months from Franklin Rental on November 1, paying $3,750 ($1,250/month). Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Deferred Revenue and Service Revenue (assuming the balance of Deferred Revenue at the beginning of the year is $0).
Journalize the following adjusting entries on December 31: A. The Supplies Account balance as of December 31 is $1,200. Actual supplies on hand equals $800. B. The company uses the allowance method for accounts receivable. A review of the accounts receivable aging report indicates that $50,000 of the accounts receivable will not be collectible. The allowance account has a current balance of $30,000. C. The trial balance indicates unearned revenue of $9,000. The company has determined that $3,000 of service has still not yet been provided. D. The company paid an annual insurance premium of $12,000 during the year. Six months of the insurance has expired. E. On January 1, the company purchased a delivery truck for 36,000. The company expects to use the truck for 3 years.
Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accou $148,000, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance f has: (a) a $2,516 credit balance before the adjustment. (b) a $740 debit balance before the adjustment. View transaction list Journal entry worksheet 1 Jhry Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $740 debit balance before the adjustment. <
Marcellus Purse conduct cleaning business on the credit basis. He provides the collects the sccount receivable in 60 days. The Allowance October 2019 is $3,993. The following information is available Douchd D 1. The business uses aging of account receivable method to count the bad de 2. The accountant is required to update the balance of allowance of dosud des OURE at the end of each month 3. On 5 October 2019 a total of $1.997 ewed by Lucy Frone has been deemed w uncollectable and therefore written off 4. The total sales recorded during 1 October 2019 to 31 October 2019 is $812577 The balance in the Account receivable on 31 October 2019 is $198.300 5. 6. On 31 October 2019 the accountant estimates that 3% of the account receivable is estimated as doubtful. Q3 Required (a) Prepare the Accounting Entries for the transactions or events relating to bad debt for the month ended 31 October 2019, ignore GST ( (b) Prepare and balance the T-account for Allowance for Doubtful Debts accounts as…
Hunter, inc., analyzed it’s accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible. The company handles credit losses using the allowance method. The credit balance of the allowance for doubtful accounts is $820 on December 31, before any adjustments. A. Prepare the adjusting entry for estimated credit losses on December 31. B. Prepare the journal entry to write off the Rose company’s account on April 10 of the following year in the amount of $650.
1. Present entries to record the following for a business that uses the Allowance Method:a) Record the adjusting entry at 12/31/19, the end of the fiscal year to provide for doubtful accounts. The accounts receivable account has a balance of $100,000 and the contra asset account, before adjustment has a debit balance of $700. Analysis of receivables indicates doubtful accounts of $4,500b) In March of the following fiscal year $610 owed by the Filthy Disgusting Yankees Inc was written off.c) Six months later the $610 is reinstated and payment of that amount received2. What is the estimated realizable value of the accounts receivable as reported on the Balance Sheet prepared as of 12/31/193. Assuming that the business had been following the direct write off method for accounting for uncollectibles, present the entry to record the write-off in (1b)4. Record the entry for the reinstatement of the account written off in (3) under the direct write-off method