FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.arrow_forwardplease answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On December 31, a company has outstanding accounts receivable of $69,000, and it estimates that 3% of its receivables will be uncollectible. Prepare the adjusting journal entry at year-end to record bad debts expense if the Allowance for Doubtful Accounts has a: $1,173 credit balance before the adjustment. $345 debit balance before the adjustment.arrow_forwardSpring 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…arrow_forward
- Record the following transactions for Concord Co. in the general journal. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2020 May 1 Received a $33,000, 12 months, 10% note in exchange for Mark Chamber’s outstanding accounts receivable. Dec. 31 Accrued interest on the Chamber note. Dec. 31 Closed the interest revenue account. 2021 May 1 Received principal plus interest on the Chamber note. (No interest has been accrued in 2021.) Date Account Titles and Explanation Debit Credit May 1, 2020Dec. 31, 2020May 1, 2021 May 1, 2020Dec. 31, 2020May 1, 2021 (To record accrued interest on note.) May 1, 2020Dec. 31, 2020May 1, 2021 (To close the…arrow_forwardDO NOT GIVE SOLUTION IN IMAGEarrow_forwardWhat is the answer in D?arrow_forward
- DO NOT GIVE SOLUTION IN IMAGEarrow_forwardPrepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.arrow_forwardOn January 1, 2022, Sunland Company had Accounts Receivable of $54,800 and Allowance for Doubtful Accounts of $3,800. Sunland Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan. 5 Sold $4,700 of merchandise to Rian Company, terms n/30. Feb. 2 Accepted a $4,700, 4-month, 9% promissory note from Rian Company for balance due. 12 Sold $10,140 of merchandise to Cato Company and accepted Cato’s $10,140, 2-month, 10% note for the balance due. 26 Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr. 5 Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $1,800 of merchandise to Gerri Inc. and accepted a $1,800, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is…arrow_forward
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