Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781305961883
Author: Carl Warren
Publisher: Cengage Learning
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Textbook Question
Chapter 3, Problem 3.6.3P
Adjustment process and financial statements
Adjustment data for Ms. Ellen’s Laundry Inc. for the year ended December 31, 20Y8, are as follows:
a. Wages accrued but not paid at December 31. $2150
b.
c. Laundry supplies on hand at December 31. $1,500
d. Insurance premiums expired. $4600
Instructions
Prepare a classified
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Accounting for Assets: Receivables
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…
Accounting for Assets: Receivables
Johnson company's financial year ended on December 31, 201o. All the
transactions related to the company's uncollectible accounts are can be
found below:
Wrote of $44o account of Miller
Company as uncollectible
January 15
Re-establish the account of Louisa
April 2nd
Teller and record the collection of
$1,050 as payment in full for her
account which had been written off
earlier
Received 40% of the $700 balance
owed by William John and wrote
off the remainder as uncollectible
July 31
Wrote off as uncollectible the
accounts of Sherwin Company,
$1,700 and V. Vasell $2,200
Received 25% of the $1,140 owed
by Grant Company and wrote off
the remainder as uncollectible
August 15
September 26
Received $741 from M. Fuller in
full payment of his account which
had been written off earlier as
uncollectible
Estimated uncollectible accounts
October 16
expense for the year to be 1.5% of
net credit sales of $521,000
December 31
The accounts receivable account had a…
Accounting for Assets: Receivables
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…
Chapter 3 Solutions
Survey of Accounting (Accounting I)
Ch. 3 - Assume that a lawyer bills her clients $15000 on...Ch. 3 - On January 24, 20Y8, Niche Consulting collected...Ch. 3 - Prob. 3SEQCh. 3 - If the supplies account indicated a balance of...Ch. 3 - The balance in the unearned rent account for Jones...Ch. 3 - Would AT&T and Microsoft Use the cash basis or the...Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Fees for services provided are billed to a...Ch. 3 - Employees performed services in 20Y8, but the...Ch. 3 - Prob. 5CDQ
Ch. 3 - Is the Land balance before the accounts have been...Ch. 3 - Is the Supplies balance before the accounts have...Ch. 3 - Prob. 8CDQCh. 3 - Prob. 9CDQCh. 3 - Prob. 10CDQCh. 3 - If the effect of an adjustment is to increase the...Ch. 3 - Prob. 12CDQCh. 3 - (a) Explain the purpose of the accounts...Ch. 3 - Prob. 14CDQCh. 3 - Transactions using accrual accounting Terry Mason...Ch. 3 - Adjustment process Using the data from Exercise...Ch. 3 - Financial statements Using the data from Exercises...Ch. 3 - Prob. 3.4ECh. 3 - Accrual basis of accounting Margie Van Epps...Ch. 3 - Classify accruals and deferrals Classify the...Ch. 3 - Classify adjustments The following accounts were...Ch. 3 - Adjustment for supplies Answer each of the...Ch. 3 - Adjustment for prepaid insurance The prepaid...Ch. 3 - Adjustment for unearned fees The balance in the...Ch. 3 - Adjustment for unearned revenue For a recent year....Ch. 3 - Effect of omitting adjustment At the end of...Ch. 3 - Adjustment for accrued salaries Laguna Realty Co....Ch. 3 - Determine wages paid The balances of the two...Ch. 3 - Effect of omitting adjustment Accrued salaries of...Ch. 3 - Effect of omitting adjustment Assume that the...Ch. 3 - Effects of errors on financial statements For a...Ch. 3 - Effects of errors on financial statements The...Ch. 3 - Effects of errors on financial statements If the...Ch. 3 - Adjustment for accrued fees At the end of the...Ch. 3 - Adjustments for unearned and accrued fees The...Ch. 3 - Effect on financial statements of omitting...Ch. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Adjustments Clean Air Company is a consulting firm...Ch. 3 - Book value of fixed assets For a recent year....Ch. 3 - Classify assets Identify each of the following as...Ch. 3 - Balance sheet classification At the balance sheet...Ch. 3 - Classified balance sheet Pounds-Away Services Co....Ch. 3 - Prob. 3.29ECh. 3 - Balance sheet List any errors you can find in the...Ch. 3 - Accrual basis accounting San Mateo Health Care...Ch. 3 - Prob. 3.2PCh. 3 - Financial statements Data for San Mateo Health...Ch. 3 - Statement of cash flows Data for San Mateo Health...Ch. 3 - Statement of cash flows Data for San Mateo Health...Ch. 3 - Adjustments and errors At the end of May, the...Ch. 3 - Adjustment process and financial statements...Ch. 3 - Adjustment process and financial statements...Ch. 3 - Adjustment process and financial statements...Ch. 3 - Adjustment process and financial statements...Ch. 3 - Prob. 3.1MBACh. 3 - Prob. 3.2MBACh. 3 - Prob. 3.3MBACh. 3 - Prob. 3.4MBACh. 3 - Prob. 3.5.1MBACh. 3 - Prob. 3.5.2MBACh. 3 - Prob. 3.5.3MBACh. 3 - Prob. 3.5.4MBACh. 3 - Quick ratio The Gap Inc. (GPS)operates specialty...Ch. 3 - Prob. 3.6.2MBACh. 3 - Quick ratio The Gap Inc. (GPs)operates specialty...Ch. 3 - Quick ratio American Eagle Outfitters Inc. (AEO)...Ch. 3 - Quick ratio American Eagle Outfitters Inc. (AEO)...Ch. 3 - Prob. 3.7.3MBACh. 3 - Prob. 3.8MBACh. 3 - Prob. 3.9.1MBACh. 3 - Prob. 3.9.2MBACh. 3 - Prob. 3.9.3MBACh. 3 - Prob. 3.1CCh. 3 - Adjustments for financial statements Several years...Ch. 3 - Prob. 3.3.1CCh. 3 - Prob. 3.3.2CCh. 3 - Prob. 3.4.1CCh. 3 - Prob. 3.4.2CCh. 3 - Accrual versus cash net income. Cigna Corp. (CI)...Ch. 3 - Prob. 3.5.1CCh. 3 - Prob. 3.5.2C
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