Current Attempt in Progress. At December 31, 2024, Culiumber Imports .pdf

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Current Attempt in Progress. At December 31, 2024, Culiumber Imports reported this information on its balince sheet. During 2025, the compary had the following transactions related to recelvables. Prepare the journal ertries to record eachof these five transactions. Assume that no cash disoounts were taken ca the collections. of accounts receivabie. (Omit cost of goods sold entries.) (List oll debit entries before credit entries, Credit account tieles are dutomaticaliy indented when amount is entered. Do not indent manually . If no entry is required, seiect "No Entry. for the occount tities and enter 0 for the amounts.) Question 2 of 4 Acopurts Receivible 4. 5. 17000 (To reinstate account previously written off) \begin{tabular}{l} Cash \\ Accounts Receivatile \\ \hline \end{tabular} (To rocord collection of accounts recelvable) efextbook and Media List of Accounts Attemptsi unlimited Enter the January 1, 2025, balances in Accounts Recelvable and Alowance for Doubtful Accounts, post the entries to the twe? accounts and determine the balances. (Aost entries in the order of journal entries presented in the previous port.) List of Accounts Attempts: inlimited (c) The parts of this question must be completed in order. This part will be available when you complete the part above..

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Current Attempt in Progress At December 31, 2021, Monty Imports reported this information on its balance sheet. During 2022, the company had the following transactions related to receivables. Prepare a tabular summary that includes the following accounts: Cash, Accounts Recelvable, Allowance for Doubtful Accounts. Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negotive amounts using either a negative sign preceding the number e.s. -45 or porentheses eg. (45) Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable. Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number es -45 or parentheses es. (45).

Ch02Azka Furnindo

The following information is available for Cullumber Company at Decem.pdf

guptahimanshu382

The following information is available for Cullumber Company at December 31, 2025, regarding its investments: The company did not have any investments prior to 2025. Your answer is partially correct. Prepare the adjusting entry (if any) for 2025 , assuming neither investment results in significant influence over the companies whose equity is held. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Indicate how the amounts reported in the financial statements are affected by the entries in (a). The account is reported in the income statement under " The account is added to the cost of the account on the balance sheet to arrive at eTextbook and Media List of Accounts.

urrent Attempt in Progress At December 31, 2021, Martinez Imports rep.pdf

amazingkidstoys

urrent Attempt in Progress At December 31, 2021, Martinez Imports reported this information on its balance sheet. During 2022, the company had the following transactions related to receivables. Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).).

Illustration of the Accounting Cycle In this section, the complete ac.pdf

fakhrifoam

Illustration of the Accounting Cycle In this section, the complete accounting cycle for one period is Blustrated. Assume that for several years Kelly Pitney has operated a part-time consulting business from her hime, As of April 1, 20Y8, Kelly decided to move to rented quarters and to operate the besiness is a full-time basis. The business will be known as Kelly Consulting. During April, Kelly Consultion entered into the following transactions: Apr. 1. The following assets were received from Kelly Pitney as an investment in Kelly Cin. sulting: cash, \$13,100, accounts receivable, \$3,000; supplies, \$1,400, and office eqpip ment, $12,500. There were no liabilities received. 1. Paid three month' rent on a lease rental contract, $4,800. 2. Paid six months' premiums on property and casualty insurance policies, $1,800. 4. Received cash from clients as an advance payment for services to be provided and recorded it as uneamed fees, $5,000. 5. Purchased additional office equipment on account from Office Station Co0,32,000 6. Received cash from clients on account, $1,800. 10. Paid cash for a newspaper advertisement, $120. 12. Paid Office Station Ca. for part of the debt incurred on April 5,$1,200. 12. Recorded services provided on account for the period April 1-12,\$4,200. 14. Paid part-time receptionist for two weeks' salary, $750. 17. Recorded cash from cash clients for fees eamed during the period April 1-16, 46,250. 18. Paid cash for supplies, $800. 20. Recorded services provinfed cur account for the period April 13-20, \$2,100. 24. Recorded cash from wash suents for fees earned for the period April 17-24, $3,850. 27. Paid part-time receptlomint for two weeks' salary, $750. 29. Paid telephone bill for April, $130. 30. Paid electricity bill for April, $200. 30. Recorded cash from cash clients for fees earned for the period April 25-30, \$3,050. 30. Recorded services provided on account for the remainder of April, \$1,500, 30. Paid cash to Kelly Pitney for personal use, $6,000. Step 1. Analyzing and Recording Transactions in the Journal The first step in the accounting cycle is to analyze and record transactions in the journal using the double-entry accounting system. As illustrated in Chapter 2, transactions are analyzed and journalized as follows: - Step 1. Carefully read the description of the transaction to determine whether an asket. liability, owner's equity (capital or drawing), revenue, or expense account is affected. - Step 2. For each account affected by the transaction, determine whether the accoust increases or decreases. - Step 3. Determine whether each increase or decrease should be recorded as a debir er 1 credit, following the rules of debit and credit shown in Exhibit 3 of Chapter 2. - Step 4. Record the transaction using a journal entry. The company's chart of accounts is useful in determining which accounts are alfectrd by the transaction. The chart of accounts for Kelly Consulting is shown in Exhibit 9. 11 Cash 12 Accounts Recei.

Exercise 7-11 (Algo) Establish an allowance and account for bad debts.pdf

Johnzf8Mackenzies

Exercise 7-11 (Algo) Establish an allowance and account for bad debts [LO7-5, 7-6] Pincus Associates uses the allowance method to account for bad debts. 2024 was the first year of operations for Pincus, so it had a $0 opening balance in its allowance for uncollectible accounts. During 2024, Pincus provided a total of $233 , 000 of services on account. In 2024 , the company wrote off uncollectible accounts of $9 , 400 . By the end of 2024 , cash collections on accounts receivable totaled $197 , 400 . Pincus estimates that 10% of the accounts receivable balance at 12/31/2024 will prove uncollectible. Required: 1. What journal entry did Pincus record to write off uncollectible accounts during 2024 ? 2. What journal entry should Pincus record to recognize bad debt expense for 2024 ? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the write-offs of allowance for uncollectible accounts during 2024. Note: Enter debits before credits..

Give short answers to the following questions (16) i. Who is an a.pdf

ezzi97

Give short answers to the following questions: (16) i. Who is an accountant? ii. Describe various roles and activities that accountants perform. iii. What type of duties does a controller perform? iv. What is a double entry system? Outline the steps involved in Double entry system. v. What is the meaning of ‘Debit’ and ‘Credit’ in accounting? vi. What is meant by ‘Hybrid basis’ accounting? How the entries are recorded using this method? vii. What is the difference between ‘Real Accounts’ and ‘Personal Accounts’? viii. How do we record the entries using cash basis accounting method Solution i) Accountant: Accountant is a person who has the the kwoledge of Accounting. He records business transactions on behalf of an organization, He reports the company performance to management, and prepares financial statements(profit & loss account,balance sheet, notes to accounts etc). (ii)Examples of various functions performed by accountant iv)Double entry system: Double entry system of book-keeping has emerged in the process of evolution of various accounting techniques. It is the only scientific system of accounting. According to it, every transaction has two-fold aspects–debit and credit and both the aspects are to be recorded in the books of accounts. For example, if a business acquires something then either it must have been given by someone or it must have been acquired by giving up something. On purchase of furniture either the cash balance will be reduced or a liability to the supplier will arise. This has been made clear already, the Double Entry System is so named since it records both the aspects. We may define the Double Entry System as the system which recognises and records both the aspects of transactions. This system has proved to be systematic and has been found of great use for recording the financial affairs for all institutions requiring use of money. V)Debit and Credit In single line it is impossible to explain/understand, you need to understand the total concept because entire accounting is depends on debit and credit . accounting equation. Assets = Liabilities + Capital or Assets – Liabilities = Capital i) Increases in assets are recorded on the left-hand side and decreases in them on the right-hand side; and (ii) in the case of liabilities and capital, increases are recorded on the right-hand side and decreases on the left-hand side. When two sides are put together in T form, the left-hand side is called the ‘debit side’ and the right hand side is ‘credit side’. When in an account a record is made on the debit or left-hand side, one says that one has debited that account; similary to record an amount on the right-hand side is to credit it. From the above, the following rules can be obtained: (i) When there is an increase in the amount of an asset, its account is debited; the account will be credited if there is a reduction in the amount of the asset concerned : Suppose a firm purchases furniture for ` 800, the furniture account will.

This case is designed to reinforce certain technical accounting .docx

christalgrieg

This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements. You are tasked with the preparation of a set of 2015financial statements for BRONX BOMBERS, INC. a company that purchases merchandise inventory for resale. You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance,financial statements, and closing entries in order to ready the general ledger for 2015 activity.BRONX BOMBERS, INC. uses the following chart of accounts: Account NumberAccount Title 100 Cash 110 Accounts Receivable 115 Allowance for Doubtful Accounts (AFDA) 120 Interest Receivable 130 Inventory 135 Supplies 140 Prepaid Rent 145 Prepaid Insurance 150 Available for Sale Investments (non-current) 160 Land 170 Buildings 175 Accumulated Depreciation – Buildings 180 Equipment 185 Accumulated Depreciation – Equipment 190 Patents 210 Accounts Payable 220 Salaries Payable 225 Utilities Payable 230 Interest Payable 235 Unearned Rent 240 Income Taxes Payable 245 Dividends Payable 250 Notes Payable (non-current) 300 Common Stock 310 Additional Paid-In Capital 320 Retained Earnings 325 Dividends 330 Accumulated Other Comprehensive Income 350 Treasury Stock 400 Sales Revenue 402 Sales Returns & Allowances 404 Sales Discounts 410 Interest Revenue 420 Rent Revenue 430 Dividend Revenue 500 Cost of Goods Sold 505 Purchases 507 Purchase Returns & Allowances 508 Purchase Discounts 510 Salaries Expense 515 Bad Debt Expense 520 Rent Expense 530 Depreciation Expense – Buildings 535 Depreciation Expense – Equipment 540 Patent Amortization Expense 550 Utilities Expense 555 Supplies Expense 560 Insurance Expense 570 Interest Expense 590 Income Tax Expense Bronx Bombers, Inc. is a calendar-year firm that has been in business in the USA for the past ten years. Your job is to maintain the accounting records of Bronx Bombers, Inc. for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows—using the direct method) as of December 31, 2015, and then close the nominal accounts to prepare the accounting records for 2015 entries. BRONX BOMBERS, INC.utilizes the following five journals: · Sales journal – this journal is exclusively used to record all credit sales · Purchases journal – this journal is exclusively used to record all purchases of inventory items on credit · Cash Receipts journal – this journal is exclusively used to record all transactions that involve a receipt of cash · Cash Disbursements journal – this journal is exclusively used to record all transactions that involve a cash payment · Gen ...

AC1220 ACCOUNTING I Lab 4.2 AC1220 Lab 4.2 Introduction Jake’s Computer Sales and Repair has an accounts receivable balance of $6,520 as of May 31, 20x1. Jake maintains an aging-of-accounts schedule listing a time outstanding (or “age”) of the invoice amounts that make up each customer’s receivable balance. Requirement 1 a. Compute the estimated uncollectible amount for each customer in the aging schedule. Enter amounts in the appropriate cells, rounding to the nearest dollar. b. Compute the total estimated allowance for the uncollectible account balance. Enter the amount in the appropriate cell. Uncollectible Accounts Schedule at May 31, 20x1 Customer Name Account Number 1-30 Days 31-60 Days 61-90 Days Over 90 Days Totals Atterbury 1001 $850 $250 - - $1,100 Smith 1002 1,320 2,900 $480 - $4,700 Walten 1003 - - 50 40 $90 Total $2,170 $3,150 $530 $40 $6,520 Estimated percent uncollectible x 2% x 5% x 10% x 90% Estimated allowance for uncollectible accounts Requirement 2 a. Make the necessary journal entry to establish an allowance for the uncollectible accounts account. Use the target allowance for the uncollectible accounts balance computed in Requirement 1. DATE DETAILS DEBIT CREDIT 5/31/x1 b. Post the entry from Requirement 2a and account receivable balance to the following T-Accounts: Uncollectible Account Expense Allowance for Uncollectible Accounts Accounts Receivable c. Show the disclosure of net accounts receivable in the following partial balance sheet: In the current assets section of the balance sheet: Accounts Receivable, Net Requirement 3 Jake is informed in writing that a customer, Walten, has filed for bankruptcy and will be unable to settle an account receivable of $90. Make the journal entry necessary to write off this amount. DATE DETAILS DEBIT CREDIT 5/31/x1 Requirement 4 Jake receives notice from Walten’s attorney that Jake’s Computer Sales and Repair will receive $0.50 on the dollar of the $90 account receivable previously written off. A check for that amount is included. Journalize the partial reinstatement and recovery of Walten’s account receivable. DATE DETAILS DEBIT CREDIT 5/31/x1 Requirement 5 Customer Smith’s account receivable balance of $480 is more than 60 days old. Jake and Smith agree to reclassify this amount as a note payable with a six-month maturity and a 15 percent annual interest rate. Jake makes the following journal entry: DATE DETAILS DEBIT CREDIT 5/31/x1 Note Receivable $480 Accounts Receivable $480 To record 15% note receivable Compute the interest and principle components of the payment that Smith will make on June 30, 20x1, on the note payable. Hint: Principal x Interest Rate x Days/365 = Amount of Interest Requirement 6 Requirement 6 Jake considers using the direct write-off method to account for uncollectible accounts. He would debit the uncollectible account expense a.

Daring its fint year of operations- Wintae Retreat inc- had sabes of 5.docx

cmichael14

Daring its fint year of operations, Wintae Retreat inc. had sabes of 51 , 050 , 000 , all on account. Induatry exporience suggests that Winter Retrears bad dect erpense wit be 519.960 . At December 31. 2010. Winter Retreat's accounts receivable total $90 , 000 . The company uses the alowance method to acocunt for uncolectibles. Requirements 1. Make Winter Retreat's journal entry for bad debt expense. 2. Show how Winter Rotreat could report accounts recelvable on its balance sheet at December 31, 2010, by diaclosing the allowance for uncelinctible accounta. 1. Make Winter Retrears jounal entry for bad debt expense. (Record debils first, then credits. Explanations are not required) 2. Show how Winter Retreat could teport accounts receivable on its balance sheet at December 31,2019 , by disclosing the allowance for unoollectible accounts. (Use parentheses or a minus sign te indicate numbers to be subtracted.) .

Following are two income statements for Alexis Company for the year en.docx

SUKHI5

Following are two income statements for Alexis Company for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared after adjusting entries. The company records cash receipts and payments related to unearned and prepaid items in balance sheet accounts. Analyze the statements and prepare the seven adjusting entrles a. through g. that llkely were recorded. Hint. The entry for a. refers to revenue that has been earned but not yet bllled. No adjusting entry involves cash. revenue that has been earned but not yet billed. Noo adjusting entry involves cash. 1 Record the adjusting entry for accrued revenues. 2 Record depreciation on computers. 3 Record depreciation on office furniture. 4 Record the adjusting entry related to salaries. 5 Record the adjusting entry related to insurance. Credit 6 Record the adjusting entry related to office supplies. 7 Record the adjusting entry related to utilities. Note: = journal entry has been entered .

Exercise 9-08On July 1, 2019, Sheridan Company purchased new equ.docx

elbanglis

Exercise 9-08 On July 1, 2019, Sheridan Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment’s remaining useful life was 10 years, with a revised salvage value of $5,000. Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Prepare the journal entry to record depreciation on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ Prepare the journal entry to record depreciation on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount Compute the balance in Accumulated Depreciation—Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation—Equipment $ Problem 9-03A Ivanhoe Company had the following assets on January 1, 2022. Item Cost Purchase Date Useful Life (in years) Salvage Value Machinery $73,000 Jan. 1, 2012 10 $ 0 Forklift 32,000 Jan. 1, 2019 5 0 Truck 38,400 Jan. 1, 2017 8 3,000 During 2022, each of the assets was removed from service. The machinery was retired on January 1. The forklift was sold on June 30 for $12,200. The truck was discarded on December 31. Journalize all entries required on the above dates, including entries to update depreciation, where applicable, on disposed assets. The company uses straight-line depreciation. All depreciation was up to date as of December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an ac ...

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