he unadjusted trial balance of PS Music as of July 31, 2019, along with the adjustment data for the two months ended July 31, 2019, are shown in Chapter 3. Based upon the adjustment data, the following adjusted trial balance was prepared: PS Music ADJUSTED TRIAL BALANCE July 31, 2019   ACCOUNT TITLE DEBIT CREDIT 1 Cash 9,945.00   2 Accounts Receivable 4,150.00   3 Supplies 275.00   4 Prepaid Insurance 2,475.00   5 Office Equipment 7,500.00   6 Accumulated Depreciation-Office Equipment   50.00 7 Accounts Payable   8,350.00 8 Wages Payable   140.00 9 Unearned Revenue   3,600.00 10 Peyton Smith, Capital   9,000.00 11 Peyton Smith, Drawing 1,750.00   12 Fees Earned   21,200.00 13 Wages Expense 2,940.00   14 Office Rent Expense 2,550.00   15 Equipment Rent Expense 1,375.00   16 Utilities Expense 1,215.00   17 Music Expense 3,610.00   18 Advertising Expense 1,500.00   19 Supplies Expense 925.00   20 Insurance Expense 225.00   21 Depreciation Expense 50.00   22 Miscellaneous Expense 1,855.00   23 Totals 42,340.00 42,340.00   Note: Peyton Smith made investments in PS Music on June 1 and July 1, 2019.)* Prepare a statement of owner’s equity. Refer to the list of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $670,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,020,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $29,400. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. %24 %24 %24 %24 %24

Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…

The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500