Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. fill in the blank bde46203f010050_2 fill in the blank bde46203f010050_3 fill in the blank bde46203f010050_5 fill in the blank bde46203f010050_6 b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Adjusting Entry for Accrued Fees At the end of the current year, $59,500 of fees have been earned but have not been billed to clients. a. Journalize the adjusting entry to record the accrued fees. If an amount box does not require an entry, leave it blank. fill in the blank bde46203f010050_2 fill in the blank bde46203f010050_3 fill in the blank bde46203f010050_5 fill in the blank bde46203f010050_6 b. If the cash basis rather than the accrual basis had been used, would an adjusting entry have been necessary?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

See similar textbooks

Similar questions

UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. 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.
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--.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts A review of open invoices of Sketchers Inc. results in the following report. Invoice Amount Date(Each from this year) #496 $458.48 5-Dec #495 685.77 2-Dec #427 274.16 5-Nov #100 109.06 28-Jun #300 741.43 3-Oct #410 670.26 31-Oct #204 62.69 25-Aug #498 760.84 28-Dec #499 276.15 28-Dec #487 747.28 28-Nov #310 207.65 8-Oct #178 643.21 7-Aug #497 335.03 5-Dec #488 142.90 29-Nov #105 18.73 5-Jul $6,133.64 Required a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 30 days, (2) 31-60 days, (3) 60-90 days, and (4) greater than 90 days. b. Assume that the company estimates the allowance for doubtful accounts based upon the following percentages applied to the appropriate aging categories: (1) 1% for less than 30 days, (2) 5% for 31-60 days, (3) 30% for 60-90 days, and (4) 60% for greater…
1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 372,150 x 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 650 X Feedback V Check My Work 1 & 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense 3,850 X Allowance for Doubtful Accounts v 3,850 X
Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts A review of open invoices of Sketchers Inc. results in the following report. Date (Each from this Invoice Amount year) #496 $305.65 5-Dec #495 457.18 2-Dec #427 182.77 5-Nov #100 72.71 28-Jun #300 494.29 3-Oct #410 446.84 31-Oct #204 41.80 25-Aug #498 507.23 28-Dec #499 184.10 28-Dec #487 498.19 28-Nov #310 138.43 8-Oct # 178 428.81 7-Aug #497 223.36 5-Dec #488 #105 95.27 29-Nov 12.49 $4,089.12 5-Jul Required a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 31 days, (2) 31-60 days, (3) 61-90 days, and (4) greater than 90 days. b. Assume that the company estimates the allowance for doubtful accounts based on the following percentages applied to the appropriate aging categories: (1) 1% for less than 31 days, (2) 5% for 31-60 days, (3) 30% for 61-90 days, and (4) 60% for greater than 90 days. What is the ending balance of the…
On January 1, 2021, LLB Industries borrowed $400,000 from Trust Bank by issuing a two-year, 8% note, with interest payable quarterly. LLB entered into a two-year interest rate swap agreement on January 1, 2021, and designated the swap as a fair value hedge. Its intent was to hedge the risk that general interest rates will decline, causing iPhone USB ue of its debt to increase. The agreement called for the company to receive payment based on a 8% fixed interest rate on a notional amount of $400,000 and to pay interest based on a floating interest rate. The contract called for cash settlement of the net interest amount quarterly. Floating (LIBOR) settlement rates were 8% at January 1, 6% at March 31, and 4% June 30, 2021. The fair values of the swap are quotes obtained from a derivatives dealer. Those quotes and the fair values of the note are as indicated below. Fair value of interest rate swap Fair value of note payable January 1 0 $400,000 Required: 1. Calculate the net cash…
Coronado Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2020, Coronado entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $9,000 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $7,000. In addition, Walleye agrees to pay an additional $18,000 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modification). The extended contract services are similar to those provided in the first 2 years of the contract. (a) Your Answer Correct Answer Your answer is correct. Prepare the jourmal entries for Coronado in 2020 and 2021 related to this service contract. (Credit account titles are automatically indented when the amount is entered. Do not indent…
Required: 1. Calculate Ingrid's balance in accounts receivable on December 31, 2019, prior to the adjustment. 2$ 838,000 X 2. Calculate Ingrid's balance in allowance for doubtful accounts on December 31, 2019, prior to the adjustment. $
Journalize the adjusting entry of $121,600 for uncollectible accounts
Adjusting Entries for Prepaid Insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $8,950. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: If an amount box does not require an entry, leave it blank. a. The amount of insurance expired during the year is $6,800. b. The amount of unexpired insurance applicable to future periods is $2,150.
Adjusting entries for prepaid insurance The balance in the prepaid insurance account, before adjustment at the end of the year, is $21,910. Journalize the adjusting entry required under each of the following alternatives for determining the amount of the adjustment: a. The amount of insurance expired during the year is $16,650. If an amount box does not require an entry, leave it blank. b. The amount of unexpired insurance applicable to future periods is $5,260. If an amount box does not require an entry, leave it blank. Σ .