May 31, 2018 Balance Account Title Debit Credit Cash 24 2,800 Accounts Receivable 2,000 Office Supplies 600 Computer Equipment 15,800 Accounts Payable 2$ 11,100 Utilities Payable 800 McDowell, Capital 11,600 McDowell, Withdrawals 10,400 Service Revenue 9,600 Salaries Expense 1,900 Rent Expense 800 Utilities Expense 700 Total $ 35,000 $ 33,100 Print Done

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Swaggy Steve's Clothing Company just completed their fiscal year ending August 31, 2019. The company's controller, when reviewing the trial balance, has discovered that the following four errors were made: 1. Swaggy recorded a $400 purchase of supplies on account by debiting Accounts Payable and crediting Supplies. 2. A cash receipt of $1,800 received from a customer as payment on their account was debited to cash and credited to sales revenue. 3. Swaggy recorded the payment of $750 in salaries expense as $570 (the correct accounts were debited and credited). 4. A payment of $1,200 for October's rent was debited to rent expense. Required: A. Using the space provided below, indicate how each element of the basic accounting equation is affected by the error by writing the amount and whether it is overstated (higher than what it is supposed to be) or understated (lower than what it is supposed to be), e.g., if the error caused assets to be overstated by $100 write "$100 Overstated" under…

Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Leer Company 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad d Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 Record write off of Leer Company account Note: Enter debits before credits. Date General Journal Debit Credit March 11 Record entry Clear entry View general journal 2

[The following Information applles to the quIestions alsplayed below Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and It reported two checks outstanding, No. 5888 for $1,028.05 and No. 5893 for $494.25. The following Information Is avallable for Its September 30 reconcilation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,800.45 9,628.85 11,272.85 18,453.25 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Anount Date Aпount 09/03 09/04 09/07 09/17 09/28 09/22 09/22 09/28 69/29 5888 1,e28.es 69/05 09/12 1,183.75 5982 719.90 2.226.90 5981 1,824,25 09/21 4,093.ee 2,351.7e 09/25 09/30 09/30 6e0.25 NSF 5985 937.00 12.5e IN 1,485.ee CM 5983 399.10 2,e90.ee 5984 5987 213.85 5989 1,807.65 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit 1,183.75 2,226.90 4,093.ee 2,351.7e 1,682.75 Sep. 5 12 21 25 30 11,458.18 Cash Disbursenents Check…

Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required:   On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…

Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200.  DR     CR     On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR     DR     DR     DR     DR     DR or CR?      CR     On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR     DR     DR     DR     DR     DR or CR?…

If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.

Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work

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