FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1?arrow_forwardLycamobile Indicate how each of the items below should be reported using the following classifications: (a) cash, (b) restricted cash, (c) temporary investment, (d) receivable, (e) liability, or (f) office supplies. (1) Checking account at First Security $ (20) (2) Checking account at Second Security. 350 (3) U.S. t-bills.... 650 (4) Payroll bank account 100 (5) Sales tax bank account 150 (6) Foreign bank account-restricted (in equivalent U.S. dollars) 750 (7) Postage stamps... (8) Employee's postdated check 22 30 (9) IOU from president's brother 75 (10) Credit memo from a vendor for a purchase return 87 (11) Traveler's check. 50 (12) NSF check. 18 (13) Petty cash fund ($16 in currency and expense receipts for $84) 100 (14) Money order. 36arrow_forwardWhat should i do? Accounts payable were paid in the amount of $1,077,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 08arrow_forward
- Triple Company's accountant made an entry that included the following items: debit postage expense $12.52, debit office supplies expense $27.43, debit cash over/short $2.29. If the original amount in petty cash is $322, how much was the credit to cash for the reimbursement? Multiple Choice $203. $322. $42.24. $39.95. $29.72.arrow_forwardJervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300arrow_forwardJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,710 from Shawn McNeely and wrote off the remainder owed of $3,630 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Shawn McNeely and received $3,630 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 July 29arrow_forward
- 1a. Journalize the entries to record the 201 transactions. Round all amounts to the nearest dollar. Refer to the Chart of Accounts for exact wording of account titles. 1b. Journalize the entries to record the 20Y2 transactions. Refer to the Chart of Accounts for exact wording of account titles. Round all amounts to the nearest dollar.arrow_forwardWhen a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.arrow_forwardB. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.arrow_forward
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