uop acc 422 week 1 wileyplus,uop acc 422 week 1,acc 422 week 1,uop acc 422 week 1 tutorial,uop acc 422 week 1 assignment,uop acc 422 week 1 help

1. UOP ACC 422 Week 1 Wilevplus BE 7-1, BE 7-7, Ex
7-4, Ex 7-9, Ex 7-22, Ex 7-24, CA 7-2, Pr 7-4 (with
Excel File) NEW
Check this A+ tutorial guideline at
http://www.acc422entirecourse.com/acc-422-
uop/acc-422-week-1-wileyplus-new
For more classes visit
http:// www.acc422entirecourse.com
www.acc422entirecourse.com
ACC 422 Week 1 Wileyplus BE 7-1, BE 7-7, Ex 7-4,
Ex 7-9, Ex 7-22, Ex 7-24, CA 7-2, Pr 7-4 (with Excel
File) NEW
"This Tutorial contains Excel File which can be used
to solve for any values"
Complete the following assignments in
WileyPLUS:
Brief Exercise 7-1

2. Brief Exercise 7-7
■ Exercise 7-4
■ Exercise 7-9
■ Exercise 7-22
■ Exercise 7-24 (Part Level
Submission)
■ Concept for Analysis 7-2
(Essay)
■ Problem 7-4 (Part Level
Submission)
Brief Exercise 7-1
Marin Enterprises owns the
following assets at
December 31, 2017.
Cash in bank—savings account
65,800
Checking account balance
23,800
Cash on hand 8,920 Postdated
checks
900

3. Brief Exercise 7-7
Blossom Family Importers sold goods to Tung
Decorators for $34,200 on November 1, 2017,
accepting Tung's $34,200, 6-month, 5% note.
Prepare Blossom's November 1 entry, December
31 annual adjusting entry, and May 1 entry for the
collection of the note and interest. (If no entry is
required, select "No Entry" for the account titles
and enter 0 for the amounts. Credit account titles
are automatically indented when the amount is
entered. Do not indent manually. Record journal
entries in the order presented in the problem.)
Exercise 7-4
Your accounts receivable clerk, Mitra Adams, to
whom you pay a salary of $3,255 per month, has
just purchased a new Acura. You decide to test the
accuracy of the accounts receivable balance of
$177,940 as shown in the ledger.
The following information is available for your
first year in business.
(1) Collections from customers
$429,660

4. (2) Merchandise purchased
694,400
(3) Ending merchandise inventory
195,300
(4) Goods are marked to sell at 40%
above cost
Compute an estimate of the ending balance of
accounts receivable from customers that should
appear in the ledger and any apparent
shortages. Assume that all sales are made on
account.
Exercise 7-9
The trial balance before adjustment of Buffalo
Inc. shows the following balances.
Give the entry for estimated bad debts
assuming that the allowance is to provide for
doubtful accounts on the basis of (a) 5% of
gross accounts receivable and (b) 6% of gross
accounts receivable and Allowance for Doubtful
Accounts has a $1,731 credit balance. Exercise
7-22 Sheridan, Inc. decided to establish a petty
cash fund to help ensure internal control over
its small cash expenditures. The following
information is available for the month of April.

5. 1. On April 1, it established a petty cash fund in
the
amount of $249.
2. A summary of the petty cash expenditures
made by the petty cash custodian as of April 10 is
as
follows.
Delivery charges paid on merchandise purchased
$73
Supplies purchased and used 38
The petty cash fund was replenished on April 10.
The balance in the fund was $7.
3. The petty cash fund balance was increased by
$113 to $362 on April 20.
Prepare the journal entries to record
transactions related to petty cash for the month
of April.
Postage expense
I.O.U. from employees
Miscellaneous expense
46
30
49
Exercise 7-24 (Part Level Submission)

6. Swifty Lansbury Company deposits all receipts
and makes all payments by check. The following
information is available from the cash records.
Prepare a bank reconciliation going from balance
per bank and balance per book to correct cash
balance. Concept for Analysis 7-2 (Essay)
Kimmel Company uses the net method of
accounting for sales discounts. Kimmel also offers
trade discounts to various groups of buyers.
On August 1, 2017, Kimmel sold some accounts
receivable on a without recourse basis. Kimmel
incurred a finance charge.
Kimmel also has some notes receivable bearing an
appropriate rate of interest. The principal and
total interest are due at maturity. The notes were
received on October 1, 2017, and mature on
September 30, 2019. Kimmel's operating cycle is
less than one year.
Using the net method, how should Kimmel account
for the sales discounts at the date of sale? What is
the rationale for the amount recorded as sales
under the net method?

7. Using the net method, what is the effect on
Kimmel's sales revenues and net income when
customers do not take the sales discounts?
What is the effect of trade discounts on sales
revenues and accounts receivable? Why?
How should Kimmel account for the accounts
receivable factored on August 1, 2017? Why?
How should Kimmel account for the note
receivable and the related interest on December
31, 2017? Why?
Problem 7-4 (Part Level Submission) (2 parts)
From inception of operations to December 31,
2017, Vaughn Corporation provided for
uncollectible accounts receivable under the
allowance method. The provisions are recorded,
based on analyses of customers with different risk
characteristics. Bad debts written off were
charged to the allowance account; recoveries of
bad debts previously written off were credited to
the allowance account, and no year-end
adjustments to the allowance account were made.
Vaughn's usual credit terms are net 30 days.

8. The balance in Allowance for Doubtful Accounts
was $147,500 at January 1, 2017. During 2017,
credit sales totaled $9,175,300, the provision for
doubtful accounts was determined to be
$183,506, $91,753 of bad debts were written off,
and recoveries of accounts previously written off
amounted to $19,230. Vaughn installed a
computer system in November 2017, and an aging
of accounts receivable was prepared for the first
time as of December 31, 2017. A summary of the
aging is as follows.
Based on the review of collectibility of the account
balances in the “prior to 1/1/17" aging category,
additional receivables totaling $63,700 were
written off as of December 31, 2017. The 81%
uncollectible estimate applies to the remaining
$97,700 in the category. Effective with the year
ended December 31, 2017, Vaughn adopted a
different method for estimating the allowance for
doubtful accounts at the amount indicated by the
year-end aging analysis of accounts receivable.