April 30, 2021. The notes payable was correctly booked but the equipment was erroneously recorded under Other Operating Expenses. No other entries were made in 2020 related to the equipment. b. Cash collected for an accounts receivable amounting to P80,000 was booked as a credit to unearned service revenue. c. A transposition error was made in recording advertising expense amounting to 67,000. It was booked as a debit to advertising expense, P76,000, and credit to cash, P76,000. d. Supplies purchased in 2020 were expensed outright. After a count at year end, it was revealed that there are still P42,500 worth of unused supplies. 2. The following item were not recorded: a. The owner, infused additional capital into the business amounting to P100,000. b. The December 2020 utility bill worth P28,000 for water and electricity was received on January 8, 2021. c. Total salaries for a 5-day work week (Monday to Friday) amount to P16,000 paid out every Friday. The end of the year fell on a Thursday. d. There were two unrecorded and unbilled cleaning projects totaling P110,000 that were completed on December 29, 2020 and will be collected on January 6, 2021. e. A 12-month insurance contract amounting to P144,000 was purchased and coverage starts November 1, 2020. No adjustments have been made. f. Notes payable other than the one from la was issued on January 1, 2020 with a rate of 15% and payable on December 31, 2024. Interest is paid every January 1. Accrual of interest expense for the 4th quarter has not yet been recorded for all notes payable. g. Aside from 1b, unearned service revenue is composed of the following contracts: Amount Notes 260,000 60% has not yet Contract # Effectivity 1 October 1, 2020 2 December 1, 2020 540,000 Services to be been fulfilled. 3 January 1, 2021 rendered monthly for 12 months 300,000 Service to be No adjusting entries have been made related to these contracts. rendered monthly for 9 months. Prepare all necessary adjusting and/or correcting journal entries for the company based on findings. Omit explanations. Use only the accounts in the chart of accounts below. There will be deductions for entries in excess of what is necessary. The chronological order of the journal entries is not important.

On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $122,535; Allowance for Doubtful Accounts, credit balance of $1,198. What amount should be debited to Bad Debts Expense, assuming 7% of outstanding accounts receivable at the end of the current year will be uncollectible?

On December 31, 2017, when its accounts receivable were $252,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,700, Oak Ridge Corp. estimated that $14,100 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Oak Ridge determined that Fei Ya Cheng’s account was uncollectible and wrote off $1,600. On November 12, 2018, Cheng paid the amount previously written off.   What is the carrying amount of the receivables on (1) December 31, 2017; (2) May 11, 2018; and (3) November 12, 2018, assuming that the total amount of accounts receivable of $252,000 is unchanged on each of these three dates except for any changes recorded above.

An aging of a company's accounts receivable indicates that $9700 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $3010 balance, the adjustment to record bad debts for the period will require a(n)

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ear to December 31. c. RecRoom receives the principal and interest on the note's maturity date. M8-12 Reporting Accounts and Notes Receivable in a Classified Balance Sheet LO8-2 Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2020, year-end financial statements. Prepare the current assets section of a classified balance sheet. Assume that the Allowance for Doubtful Accounts relates to Accounts Receivable rather than Notes Regeivable. Accounts Payable Accounts Receivable Accumulated Depreciation Allowance for Doubtful Accounts Cash and Cash Equivalents Inventories Loans Payable-Current $ 4,827 Long-Term Debt 9,788 Long-Term Notes Receivable 10,963 Notes Receivable-Current 391 Other Current Assets 2,736 Other Current Liabilities 8,781 Other Non-current Assets 7,209 Property, Plant, and Equipment $22,834 15,743 8,731 1,988 14.033 9,105 23,487 Page 393 M8-13 Determining the Effects of Credit Policy Changes on Receivables Turnover…

Prior to recording the following. E. Perry Electronics, Incorporated, had a credit balance of $2.600 in its Allowance for Doubtful Accounts 1. On August 31, 2017, a customer balance for $540 from a prior year was determined to be uncollectable and was written off 2. On December 15, 2017, the customer balance for $540 written off on August 31, 2017, was collected in full Required: Using the following categories, indicate the accounts affected and the amounts (Enter any decreases to accounts with a minus sign.) Transaction 2a (Reversal of write-off) 2b (Collection from customer) Assets Liabilities Shareholders Equity Che

At December 31, 2022, the trial balance of Concord Corporation contained the following amounts before adjustment. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Debit (b) (c) $189,800 Credit $ 1,570 871,700 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $11,020 of accounts receivable will be uncollectible. Repeat part (a), assuming that instead of a credit balance there is a $1,570 debit balance in Allowance for Doubtful Accounts. During the next month, January 2023, a $2,050 account receivable is written off as uncollectible. Prepare the journal entry to record the write-off. (d) Repeat part (c), assuming that Concord Corporation uses the direct write-off method instead of the allowance method in accounting for uncollectible accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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