xercise 13-19A (Algo) Prepare a trial balance LO 13-3 Required On December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land $ 23,400 Unearned revenue 17,500 Dividends 5,350 Prepaid rent 6,400 Cash 59,960 Salaries expense 18,000 Accounts payable 1,800 Common stock 20,500 Operating expense 17,750 Office supplies 1,850 Advertising expense 2,400 Retained Earnings, 1/1/Year 2 17,070 Service revenue 84,940 Accounts receivable 6,700

xercise 13-19A (Algo) Prepare a trial balance LO 13-3 Required On December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land $ 23,400 Unearned revenue 17,500 Dividends 5,350 Prepaid rent 6,400 Cash 59,960 Salaries expense 18,000 Accounts payable 1,800 Common stock 20,500 Operating expense 17,750 Office supplies 1,850 Advertising expense 2,400 Retained Earnings, 1/1/Year 2 17,070 Service revenue 84,940 Accounts receivable 6,700

Name: Exercise 13-19A (Algo) Prepare a trial balance LO 13-3 Required On Dec
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Exercise 13-19A (Algo) Prepare a trial balance LO 13-3 Required On December 31, Year 2, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land $ 23,400 Unearned revenue 17

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 12SPB

See similar textbooks

Similar questions

Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submit
After Vaughn Company had completed all posting for the month of December, the sum of the balances in the following accounts payable subsidiary ledger did not agree with the balance of the control account in the general ledger. Name Ryker's Address 286 Buck Avenue Date Item Dec. 2 Name Geordie Company Address 818 Western Avenue Date Item Dec. 1 Balance 10 20 29 Name La Forge Company Address 90210 Baker Boulevard Date Item Dec. 1 Balance 18 29 Name Deanna Troi Address 2720 Sommers Avenue Date Item 27 Ref. Debit Credit Balance 3,400 3,400 P25 Ref. Debit Credit Balance 8,600 CP23 8,600 P32 G15 CP28 10,900 P34 900 Ref. Debit Credit Balance 10,900 P27 4,300 R33 4,300 11,600 5,200 Ref. Debit Credit Balance 7.000 7,000 9.000 700 14000
On May 2, 20X1, HPF Vacations received its April bank statement from First City Bank and Trust. Enclosed with the bank statement, which appears below, was a debit memorandum for $160 that covered an NSF check issued by Doris Fisher, a credit customer. The firm's checkbook contained the following information about deposits made and checks issued during April. The balance of the Cash account and the checkbook on April 30, 20X1, was $3,972. DATE TRANSACTIONS April 1 Balance 1 Check 1207 3 Check 1208 5 Deposit 5 Check 1209 $6,089 100 300 350 275 10 Check 1210 17 Check 1211 19 Deposit 2,000 50 150 22 Check 1212 23 Deposit 150 26 Check 1213 200 28 Check 1214 18 30 Check 1215 15 30 Deposit 200
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventory
Exercise 6-15 (Algo) Liquid assets and accounts receivable LO A1 Barga Company's net sales for Year 1 and Year 2 are $665,000 and $749,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $64,000; and Year 2, $91,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. Note: Do not round intermediate calculations. Round your "Days' Sales Uncollected" answers to 1 decimal place. Year 1: Year 2: Choose Numerator: Accounts receivable $ $ Days' Sales Uncollected 1 Choose Denominator: X 1 60,000 1 94,000 / 1 X X X Days 365 365 365 = = = Days' Sales Uncollected Days' sales uncollected 31.3 days days
Problem 6 Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding % Uncollectible Estimated Amount 1,200,000 0-60 1% 2% 61-120 900,000 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relatingto both receivables and payables are included in a single controlling account called“Receivables control” that has a debit balance of P4,850,000. An analysis of the make-upof this account revealed the following:Debit Accounts receivable – customers 7,800,000Accounts receivable – officers 500,000Debit balances – creditors 300,000Postdated checks from customers 400,000Subscriptions receivable 800,000CreditAccounts payable for merchandise 4,500,000Credit balances in customer’s accounts 200,000Cash received in advance from customers 100,000Expected bad debts 150,000After further analysis of the aged accounts receivable, it is determined that the allowancefor doubtful accounts be P200,000. What is the correct total of current net receivables?__________.
Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterling Forest Landscaping designs and installs landscaping. The landscape designers and office staff use office supplies, while field supplies (rock, bark, etc.) are used in the actual landscaping. Purchases on account completed by Sterling Forest Landscaping during October are as follows: Oct. 2. Purchased office supplies on account from Meade Co., $4,720. 5. Purchased office equipment on account from Peach Computers Co., $6,790. 9. Purchased office supplies on account from Executive Office Supply Co., $490. 13. Purchased field supplies on account from Yamura Co., $5,370. 14. Purchased field supplies on account from Omni Co., $710. 17. Purchased field supplies on account from Yamura Co., $12,780. 24. Purchased field supplies on account from Omni Co., $3,600. 29. Purchased office supplies on account from Executive Office Supply Co., $320. 31. Purchased field supplies on account from Omni Co., $4,710. Note:…
Current Attempt in Progress Kingbird, Inc's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $18240 O $35910 O $37050 O $36480 O $37620 570 2850 2280 3420 5700 570 25080 14250 Total credits on Kingbird, Inc's trial balance are
Question Content Area After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $702,763 and Allowance for Doubtful Accounts has a balance of $22,123. What is the net realizable value of the accounts receivable? a. $702,763 b. $680,640 c. $724,886 d. $22,123
Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relating to both receivables and payables are included in a single controlling account called "Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this account revealed the following: Debit Credit 7,800,000 500,000 300,000 400,000 800,000 Accounts receivable – customers Accounts receivable – officers Debit balances – creditors Postdated checks from customers Subscriptions receivable Accounts payable for merchandise Y Y OF 4,500,000 200,000 100,000 Credit balances in customer's accounts Cash received in advance from customers Expected bad debts After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables? 150,000
Required information Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, [The following information applies to the questions displayed below.] The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,060 17,245 2,295 24,980 10,130 21,000 13,860 Transactions for Year 3 1. Acquired an additional $9,100 cash from the issue of common stock. 2. Purchased $60,100 of inventory on account. 3. Sold inventory that cost $62,300 for $96,600. Sales were made on account. 4. The company wrote off $1,450 of uncollectible accounts. 5. On September 1, LGS loaned $10,500 to Eden Company. The note had an 8 percent interest rate and a one-year term. 6. Paid $15,740 cash for operating expenses. 7. The company collected $84,960 cash from accounts receivable. 8. A cash payment of $50,610 was paid on…