A company's post-closing trial balance as of December 31, 2021 is shown below:   Accounts Debit   Credit Cash $ 22,600             Accounts receivable   23,100             Prepaid insurance   4,700             Supplies   210,000             Long-Term Investments   54,000             Land   47,000             Buildings   280,000             Accumulated depreciation           88,000     Accounts payable           37,400     Notes payable, due 2022           61,000     Interest payable           10,000     Notes payable, due 2031           126,000     Common stock           210,000     Retained earnings           109,000     Totals $ 641,400     $ 641,400       Prepare a classified balance sheet at December 31, 2021. (Amounts to be deducted should be indicated with a minus sign.)

The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380.   Question 1 of 8   What follows is a fill in the blank question with 16 blanks. Prepare the journal entry for sales. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read…

The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11.…

Cordova, Incorporated, reported the following receivables in its December 31, 2023, year-end balance sheet: Current assets: Accounts receivable, net of $62,000 in allowance for uncollectible accounts $ 394,000 Interest receivable 31,100 Notes receivable 510,000 Additional information: The notes receivable account consists of two notes, a $110,000 note and a $400,000 note. The $110,000 note is dated October 31, 2023, with principal and interest payable on October 31, 2024. The $400,000 note is dated March 31, 2023, with principal and 10% interest payable on March 31, 2024. During 2024, sales revenue totaled $2,220,000, $2,080,000 cash was collected from customers, and $51,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 9% of year-end gross accounts receivable. Required: In addition to sales revenue, what revenue and expense amounts related…

On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts                                                 Debit                    CreditCash                                                       $ 25,100Accounts Receivable                                 46,200Allowance for Uncollectible Accounts                                 $ 4,200Inventory                                                   20,000Land                                                          46,000Equipment                                                15,000Accumulated Depreciation                                                   1,500Accounts Payable                                                                28,500Notes Payable (6%, due April 1, 2022)                                50,000Common Stock                                                                    35,000Retained Earnings…

Analysis of Loss Allowance Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2021, the credit balance in Loss Allowance was $130,000. During 2022, credit sales totaled $10,000,000, $90,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $15,000. An aging of accounts receivable at December 31, 2022, showed the following Classification of Receivable Current 1-30 days past due 31-60 days past due. Over 60 days past due Accounts Receivable Balance Percentage Estimated As of December 31, 2022 $1,140,000 600,000 400,000 120,000 $2,260,000 Uncollectible 2% 10 23 75 Required: 1. Prepare the journal entry to record expected credit loss for 2022, assuming that the aging of the receivable method is applied. 2. Record journal entries to account for the write-off of $90,000 uncollectible accounts receivable and the collection of $15,000 in receivables that had…

You are considering two possible companies for investment purposes. The following data is available for each company.   Company A                      Net credit sales, Dec. 31, 2019                                  $540,000                    Net Accounts receivable, Dec 31, 2018                    $120,000        Net accounts receivable, Dec 31, 2019                     $180,000  Number of days sales in receivables ratio, 2018      103 days  Net Income, Dec. 31, 2018                                        $250,000 Company B Net credit sales, Dec. 31, 2019                                 $620,000 Net Accounts receivable, Dec 31, 2018                   $145,000 Net accounts receivable, Dec 31, 2019                    $175,000 Number of days sales in receivables ratio, 2018     110 days Net Income, Dec. 31, 2018                                       $350,000 Additional Information: Company A: Bad debt estimation percentage using the income statement method is 6%, and the balance sheet…

Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.

On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit Cash $ 59,000 Accounts Receivable 25,600 Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 $294,800 Totals $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,30O. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500. Information for adjusting entries: a. Depreciation on the equipment…