plz help this is all the information for the question McCleary Industries completed the following transactions during 2024:i (Click the icon to view the transactions.)Journalize the transactions. Explanations are not required. Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.)Nov. 1: Made sales of $7,000. McCleary estimates that warranty expense is 6% of sales. (Record only the warranty expense.)DateNov. 1AccountsCashEmployee Bonus ExpenseEmployee Bonus PayableEstimated Warranty PayableSales RevenueVacation Benefits ExpenseVacation Benefits PayableWarranty ExpenseDebitCreditMore infoNov. 1Nov. 20Dec. 31Dec. 31Made sales of $7,000. McCleary estimates that warranty expense is6% of sales. (Record only the warranty expense.)Paid $200 to satisfy warranty claims.Estimated vacation benefits expense to be $3,500.McCleary expected to pay its employees a 5% bonus on net incomeafter deducting the bonus. Net income for the year is $30,000.PrintDone

Nov. 1: Based on sales, this entry estimates the warranty expense. The amount incurred is debited…

Answered: McCleary Industries completed the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Accounts Receivable balance for Wedge Company at December 31, 2023, was $27,000. During 2024, Wedge earned revenue of $461,000 on account and collected $324,000 on account. Wedge wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the reguirements. Requirement 1. Assume Wedge had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Assume Wedge had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first,…
Outstanding Publishing completed the following transactions during 2024: i (Click the icon to view the transactions.) Journalize the transactions (explanations are not required). Round to the nearest dollar. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 1: Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. (Prepare a single compound entry for this transaction.) Credit Date Accounts and Explanation Debit Oct. 1 More info Oct. 1 Nov. 15 Dec. 31 Sold a six-month subscription (starting on November 1), collecting cash of $300, plus sales tax of 4%. Remitted (paid) the sales tax to the state of Tennessee. Made the necessary adjustment at year-end to record the amount of subscription revenue earned during the year. Print Done X
(Bonus Question 02) Record the sale by Verity Springs, Inc. of $136,000 in accounts receivable on May 1. Verity Springs is charged a 3.00% factoring fee. View transaction list Journal entry worksheet < 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 General Journal Debit Credit
During August 2024, Yond Company recorded the following: • Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold. • Collections on account, $33,800. • Write-offs of uncollectible receivables, $1,900. • Recovery of receivable previously written off, $200. Date Aug. Accounts and Explanation Debit Credit Requirements Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 1. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method.
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Consider the following note payable transactions of Cabico Video Productions. Data table: 2017 Sep.1 Purchased equipment costing $26,000 by issuing a one-year, 6% note payable. Dec. 31 Accrued interest on the note payable. 2018 Sep.1 Paid the note payable plus interest at maturity. Requirements: Journalize the transactions for the company. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
On April 1, Online Travel issues $12.5 million of commercial paper with a maturity on December 31 and a 7% interest rate. Record the issuance of the commercial paper and its repayment at maturity. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 Record the issuance of the commercial paper. Note: Enter debits before credits.
1. Kinney Corporation estimates its uncollectible accounts as a percentage of its credit sales. The rate it uses is 3% and in 2018, its credit sales were $1,500,000. Required: a. Prepare journal entries to record the bad debts expense for the year. b. If Allowance for an uncollectible account has a credit balance of $60,000 before entries in (a) above, show how Accounts Receivable will be presented in the Balance Sheet of Kinney Corporation.
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…
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On October 1, Ramos Co. signed a $90,000, 60-day note at the bank to be paid on November 30. (Assume a 360-day year is used for interest computations.) a. Journalize the entries for October 1 and November 30, assuming the note was discounted at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 9b46170d8ff6049_2 fill in the blank 9b46170d8ff6049_3 fill in the blank 9b46170d8ff6049_5 fill in the blank 9b46170d8ff6049_6 fill in the blank 9b46170d8ff6049_8 fill in the blank 9b46170d8ff6049_9 Nov. 30 fill in the blank 9b46170d8ff6049_11 fill in the blank 9b46170d8ff6049_12 fill in the blank 9b46170d8ff6049_14 fill in the blank 9b46170d8ff6049_15 b. Journalize the entries for October 1 and November 30, assuming the note was interest-bearing at 6%. If an amount box does not require an entry, leave it blank. Oct. 1 fill in the blank 213f6401ef9900d_2 fill in the blank 213f6401ef9900d_3 fill in…
At June 1, 2022, Whispering Winds Corp. had an Accounts Receivable balance of $19,100. During the month, the company had credit sales of $22,000 and collected Accounts Receivable of $27,700. What is the balance in Accounts Receivable at June 30, 2022? Ending Accounts Receivable $

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