please answer do not image. 6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is asfollows:For the Quarter ended 31" March, 2015Account TitlesDebit TKMr. SarifTrial BalanceCashAccounts Receivable.SuppliesOffice EquipmentAccumulated DepreciationNotes payableAccounts PayableInterest PayableSarif's CapitalSarif's DrawingsService RevenueSalaries expensePurchaseTransportation expenseUnearned RevenueAdvertising ExpenseShowroom ExpensePrepaid InsuranceMiscellaneous expense1360015400150034000Requirements: i) Prepare a complete work sheet.10000400026000250028008004800120001,27,400Adjustments:a) Insurance expires at the rate of TK 500 per monthb) Depreciation is TK. 1000 per monthc) A physical count reveals that supplies on hand 500 taka.d) Interest accrued on 6-month note payable, at the rate of 10%e) Unearned revenue earned during the year is taka 1900.f) Service Provided but unbilled at Dec 31 total TK 750g) Salaries expense is for one year period starting from Jan. 1 2010.h) Create a provision for tax 25%.Credit TK8000160009000500250006590030001,27,400ii) Journalize the closing entry on the basis of work sheet.

According to the question given, we need to prepare the worksheet, and, close entry. Closing…

6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: Mr. Sarif Trial Balance For the Quarter ended 31" March, 2015 Account Titles Debit TK Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense. Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month 13600 15400 1500 34000 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 Credit TK g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. 8000 16000 9000 500 25000 65900 3000 1,27,400

6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: Mr. Sarif Trial Balance For the Quarter ended 31" March, 2015 Account Titles Debit TK Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense. Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month 13600 15400 1500 34000 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 Credit TK g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. 8000 16000 9000 500 25000 65900 3000 1,27,400

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

See similar textbooks

Similar questions

The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Balance, May 1 8 at $32 Received, May 11 23 at $33 Received, May 25 15 at $35 Issued, May 17 14 Issued, May 27 18 Determine the cost of each of the issuances under a perpetual system, using the FIFO method.
The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…
Use the trial balance, adjustments and additional information to prepare the Statement ofComprehensive Income for the year ended 28 February 2022.Liat TradersPRE-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 2022Balance sheet accounts section Debit CreditR RCapital 550 854Drawings 75 150Land and buildings 477 164Vehicles at cost 91 000Equipment at cost 67 000Accumulated depreciation on vehicles 31000Accumulated depreciation onequipment 23800Trading inventory 68 800Debtors control 45 850Provision for bad debts 1900Bank 15 560Cash float 1 250Petty cash 250Creditors control 38 860Loan: MUFG Bank (15%) 21600Nominal accounts sectionSales 498 000Cost of sales 244 000Sales returns 8 000Wages 42 500Bank charges 2 300Rent income 26000Packing materials 12 000Advertising 8 500Rates 3 000Bad debts 900Discount allowed 750Discount received 980Stationery 8 500Interest on loan 2 970Water and electricity 5 550Insurance 5 000Telephone 7 0001 192 994 1 192 994Adjustments and additional information1. A…
ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places): (a) Accounts receivable turnover (b) Merchandise inventory turnover (c) Asset turnover
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
1. A note receivable due in 18 months is listed on the balance sheet under the caption A. current assets B. investments C. long-term liabilities D. fixed assets 2. Two methods of accounting for uncollectible accounts are the A. direct write-off method and the accrual method B. direct write-off method and the allowance method C. allowance method and the accrual method D. allowance method and the net realizable method 3. What is the type of account and normal balance of Allowance for Doubtful Accounts? A. contra asset, debit B. asset, credit C. contra asset, credit D. asset, debit
Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
How to calculate the total outstanding receivables?? For example if at the Dec 31 2013, total sales on account and invoiced during the year, the account receivable balance outstanding at the year end, the date when the invoice was issued and the date when the invoice was paid off was given!
Instructions: 1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor. 2. Round the total accrual to the nearest 10. 3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022. 4. Format/change/improve this tab however you like to make it easier to understand. This is a list of all invoices received and paid related to Q1 for the respective vendors: Invoice/Start Date Vendor Invoice Number Amount 2/1/2021 California Roofing 3AD24DF982D 1/1/2022 Hot Cakes LLC 1/6/2022 Jammer Joes Pools D48F5A4D8 1/10/2022 Else's Hammer Sho 1/19/2022 Washmart Co 2/4/2022 Hot Cakes LLC 2/5/2022 ABC Plumbing 2/16/2022 Else's Hammer Sho 3/17/2022 Spooner forks Inc UUTTRSFS 3/19/2022 Else's Hammer Sho Washmart Co California Roofing Jammer Joes Pools Spooner forks Inc Total Accrual 2. Rounded Total 3. JE(s) needed at 3/31/2022: Account Type Debit Expense…
Required information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
ah6 please help me. Thankyou. Aurora Company received a four-month 6%, 2,800 note receivable on December 1. The adjusting entry on December 31 will include Question content area bottom Part 1 A. debit Interest Receivable 14. B. credit Interest Revenue 14. C. both a and b. D. credit Interest Revenue 168 .
Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31