FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Po.24.
Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Round answers to O decimal places, eg. 1,527) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Services performed for customers through February 27, 2025, but unbilled and uncollected were $4,680. Received notice that a customer who was billed $250 for services performed February 10 has filed for bankruptcy. Marin Cleaning Services does not expect to collect any portion of this outstanding receivable. Marin Cleaning Services uses the allowance method to estimate bad debts. Marin Cleaning Services estimates that 3% of its month-end receivables will not be collected. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $460 salvage value. Record 1 month of insurance expense. An inventory count shows $500 of supplies on hand at February 28, One week of services were performed for the customer who paid in advance on February 17. Accrue for wages owed through February 28, 2025. Accrue for interest expense for 1 month Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to "income before taxes" to help with the income tax calculation)
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Transcribed Image Text:Journalize the following adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. Round answers to O decimal places, eg. 1,527) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Services performed for customers through February 27, 2025, but unbilled and uncollected were $4,680. Received notice that a customer who was billed $250 for services performed February 10 has filed for bankruptcy. Marin Cleaning Services does not expect to collect any portion of this outstanding receivable. Marin Cleaning Services uses the allowance method to estimate bad debts. Marin Cleaning Services estimates that 3% of its month-end receivables will not be collected. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 4 years, and $460 salvage value. Record 1 month of insurance expense. An inventory count shows $500 of supplies on hand at February 28, One week of services were performed for the customer who paid in advance on February 17. Accrue for wages owed through February 28, 2025. Accrue for interest expense for 1 month Karen estimates a 20% income tax rate. (Hint: Prepare an income statement up to "income before taxes" to help with the income tax calculation)
No. Account Titles and Explanation 1. 2. 3. 5. 6. Debit Credit
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Transcribed Image Text:No. Account Titles and Explanation 1. 2. 3. 5. 6. Debit Credit
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