Alamosa Security Co. offers security services to business clients. After all the accounts have been closed on November 30, 2019, the end of the current fiscal year, the balances of selected accounts from the ledger of Alamosa Security Co. are as follows: Accounts Payable 78,600 Land 355,000 Prepaid Insurance Prepaid Rent Salaries Payable Accounts Receivable 42,581 16,600 Accumulated Depreciation - Equipment 106,800 650 Cash 15,400 3,560 15,000 Equipment 250,000 Supplies John Smith, Capital 650,000 Unearned Fees Prepare a classified balance sheet that includes the correct balance for Cash.

Alamosa Security Co. offers security services to business clients. After all the accounts have been closed on November 30, 2019, the end of the current fiscal year, the balances of selected accounts from the ledger of Alamosa Security Co. are as follows: Accounts Payable 78,600 Land 355,000 Prepaid Insurance Prepaid Rent Salaries Payable Accounts Receivable 42,581 16,600 Accumulated Depreciation - Equipment 106,800 650 Cash 15,400 3,560 15,000 Equipment 250,000 Supplies John Smith, Capital 650,000 Unearned Fees Prepare a classified balance sheet that includes the correct balance for Cash.

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 12SPA: SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a...

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n.com AliExpress Lazada a Agoda.com Open with Google Docs - Intermediate Accounting 1.docx C PI8,000 d. P24,800 For Nos. 28-30 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these accounts. On December 15, 2020, the entity assigned the remalnder of the accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000, 12% annual interest rate loan. The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts has been collected by the end of the year. Allowance for bad debts before adjustment, 12/31/2020 Estimated uncollectible, 12/31/2020 Accounts receivable not indluding factored and assigned accounts Accounts recelvable - assigned Accounts receivable- factored 100,000 10% of accounts receivable 1,000,000 5,000,000 1,500,000 28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d.…
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Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving Kings assistance. King estimates that 2% of its $675,000 credit sales in 2019 will be uncollectible. During 2020, King wrote off $2,700 related to services performed in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. 2. Prepare the adjusting entry to record the bad debt expense for 2019.
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