The items making up the balance sheet of Phillips Truck Rental at December 31 are listed below in tabular form. Assets Liabilities Owners' Equi Office Equipment $3,800 Accounts Accounts + Receivable $13,900 Cash Capital Sto $65, Trucks = Notes Payable + $28,000 Payable $10,200 + Balances $9,500 $68,000 During a short period after December 31, Phillips Truck Rental had the following transactions. 1. Bought office equipment at a cost of $2,600. Paid cash. 2. Collected $4,800 of accounts receivable. 3. Paid $3,000 of accounts payable. 4. Borrowed $10,000 from a bank. Signed a note payable for that amount. 5. Purchased two trucks for $31,000. Paid $15,000 cash and signed a note payable for the balance. 6. Sold additional stock to investors for $99,000. Required: b. Record the effects of each of the six transactions in the preceding tabular arrangement. (Enter decreases to accounts as a negative.)
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- The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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 (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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 (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
- Maxwell Inc. analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $100,000 1% 31-60 days past due 18,000 3% 61-120 days past due 20,000 6% 121-180 days past due 7,000 10% Over 180 days past due 2,000 20% $147,000 The company handles credit losses using the allowance method.The credit balance of the Allowance for Doubtful Accounts is $840 on December 31, before any adjustments.a. Determine the amount of the adjustment for estimated credit losses on December 31.$Answerb. Determine the financial statement effect of a write off of Porter Company’s account on the following May 12, in the amount of $480.Use negative signs with answers, when appropriate.If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the…On January 1, 2021, the general ledger of Big Blst Fireworks includes the following account balances: Debit $ 23, 300 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 48, e00 $ 4, 580 37,e00 72,100 28,900 37,8ee 63,0ne 39,eee Common Stack Retained Earnings Totals $172, 488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, esch costing $100. During Janusry 2021, Big Blest Fireworks had the following inventory transactions: January 3 Purchase 1,688 units for $168,888 on account ($18s each). January 8 Purchase 1,78e units for $187, 800 on account ($118 cach). January 12 Purchase 1,88e units for $287, e00 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,2ee units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…AN Jensen Company's general ledger included the following selected accounts (in thousands) at December 31, 2021: Accounts payable $1,077.3 Accounts receivable 590.4 Accumulated depreciation—equipment 858.7 Allowance for doubtful accounts 35.4 Bad debt expense 91.3 Cash 395.6 Cost of goods sold 660.4 Equipment 1,732.8 Interest revenue 19.7 Merchandise inventory 630.9 Notes receivable—due in 2022 96.0 Notes receivable—due in 2025 191.1 Prepaid expenses 20.1 Sales 4,565.5 Sales discounts 31.3 Short-term investments 194.9 Supplies 21.7 Unearned revenue 56.3 Additional information: 1.On December 31, 2020, Accounts Receivable was $611.1 thousand and the Allowance for Doubtful Accounts was $36.6 thousand. 2.The receivables turnover was 8.3 the previous year. Instructions a. Prepare the assets section of the balance sheet. b. Calculate the receivables turnover and average collection period. Compare these results with the previous year's results and comment on any trends
- Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.You are provided with the following information:Sales for the year $400 000Discounts provided during the year to customers for early payment $10 000Doubtful debts expense for the year $5 000Opening balance of accounts receivable $90 000Closing balance of accounts receivable $80 000Opening balance of the provision for doubtful debts $9 000Closing balance of the provision for doubtful debts $8 000Cost of goods sold for the year $60 000Purchases for the year (on credit terms) $80 000Discounts received for early payment to suppliers $2 000Stock write-offs owing to water damage caused by melting ice inthe Antarctic$5 000HI5020 Corporate Accounting Tutorial Assignment T1 2021 Page 3 of 5Opening balance of trade creditors $40 000Closing balance of trade creditors $35 000Opening balance of inventory $10 000Closing balance of inventory $25 000Required:(a) Calculate the cash receipts from customers during the year. (3.5 marks)(b) Calculate the cash payments to suppliers during the year. (3.5…On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Debit Credit Cash $ 23, 308 Accounts Receivable Allowance for Uncollectible Accounts 48, B00 $ 4, 580 Inventory Land Accounts Payable Notes Payable (6%, due in 3 years) 37, e00 72,100 28,980 37,000 Comnon Stack Retained Earnings 63, eee 39,eee Totals $172,400 $172,400 The $37,000 beginning belance of inventory consists of 370 units, each costing S100. During Janusry 2021, Big Blast Fireworks had the following inventory transactions: January 3 Purchase 1,68e units for 168,088 on account ($10s cach). January 8 Purchase 1,78e units for $187, 880 on account ($110 cach). January 12 Purchase 1,88e units for $287,000 on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defccts. January 19 Sell 5,2ee units on account for $788,8ee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…
- Tania’s year end trial balance includes the following balances: $ Opening inventory 12,964 Trade receivables 43,728 Bank overdraft 5,872 Trade payables 28,627 Tania’s closing inventory is valued at $11,625 Based on the above figures, what is the value of Tania’s current assets?The details of the accounts receivable of AA Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 Sales on account made to customers 2,800,000 Collection of accounts receivable during the year 4,200,000 Accounts written off as uncollectible 90,000 The following transactions were included in the recorded transactions during the year: 1. Invoice dated December 28, 2022 for P350,000 was shipped and received by the buyer on December 31, 2022, this invoice was recorded in the book at P35,000. 2. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered which were received on December 10, 2022. The agreed price should be at P22 per unit only. AA's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and there is beginning balance of allowance for bad debts of P40,000. Statement 1: The amount of bad debt expense in 2022 is P158,250. Statement 2: The…The following data was generated as of December 31Accounts receivable, Jan 1 550,000.00Accounts receivable collected 875,000.00Cash Sales 350,000.00Inventory, January 1 450,000.00Inventory, December 31 275,000.00Purchases 950,000.00Gross Margin on Sales 375,000.00 a.) How much is the total sales?b.) How much is the cost of sales?c.) How much is the ending Receivable as of Dec 31?d.) How is the credit sales?