n June 1, Wildhorse Company Ltd. borrows from Scotiabank on a 6-month, $48,800, 9% note. The note matures on December 1terest is due monthly starting July 1. Wildhorse only prepares adjusting entries at its fiscal year end.Prepare the entry on June 1. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)DateAccount TitlesJune 1eTextbook and MediaList of AccountsDebitCreditPrepare the adjusting entry on June 30, Wildhorse's fiscal year end. (Credit account titles are automatically indented when the amountis entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debitentry before credit entry.)

The objective of this question is to prepare the journal entries for Wildhorse Company Ltd. when it…

Answered: n June 1, Wildhorse Company Ltd.…

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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At the end of the year, a company has a balance in Allowance for Uncollectible Accounts of $220 (credit) before any year-end adjustment. The balance of Accounts Receivable is $15,900. The company estimates that 14% of accounts receivable will not be collected over the next year. Record the adjustment for uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment for uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 30 F3 888 F7 F9 F10 # 2$ % & 3 4 6 7 8 9. E R Y P { F K L < ? C V alt command option + || .. .. | H
Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the Interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round Intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Maturity Rate (%) 7% Time 180/360 Total interest 4 General Journal >
4. AB company receives $10,000 for a 6 month, 8% note on 11/1/20. Prepare the journal entry for the receipt. Account Debit Credit 5. Prepare the journal entry to accrue interest on the above note at 12/31/20. Account Debit Credit 6. Prepare the entry to record payment of the above note in full on it's due date of 5/1/21. Account Debit Credit 7. AB Company purchases a truck in the amount of $15,000. Additional costs include sales tax of $1500, painting of $2500, license of $150 and a 1 year auto insurance policy of $1200. Complete the journal entry for the auto purchase. Account Debit Credit
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Davis, Inc. borrows $49,071 on July 1 from the bank by signing a $49,071, 5%, 1- year note payable. Calculate the accrued interest at December 31st assuming adjusting entries are only made at the end of the year. Round your answer to the nearest whole number (zero decimal places). Your Answer: Answer
Bramble Company closes its books on its July 31 year-end. The company does not make entries to accrue for year-end. On June 30, the Notes Receivable account balance is $24,400. Notes Receivable include the following. Date April 21 May 25 June 30 July 5 14 20 Maker 24 Coote Inc. Brady Co. BMG Corp. Face Value $6,400 7,200 During July, the following transactions were completed. 10,800 Term 90 days 60 days 6 months Maturity Date July 20 July 24 December 31 Interest Rate Made sales of $4,300 on Bramble credit cards. Made sales of $600 on Visa credit cards. The credit card service charge is 2%. Received payment in full from Coote Inc. on the amount due. Received payment in full from Brady Co. on the amount due. 7% 9% 5%
Casper Company uses its receivables in estimating uncollectible accounts (Bad Debt) expense. The company prepares an adjusting entry to recognize this expense at theend of the month. The beginning credit balance in the Allowance for Doubtful Accounts at July 1 was $64,000. During the month of July, the company wrote of 9,000 in Accounts Receivable but also collected a receivable of 3,000 that had been written off back in April. An aging analysis at July 31 indicated that the new credit balance in the Allowance for Doubful Accounts should be $69,000. On the adjusting entry on July 31, the debt to the Bad Debt Expense would be:
Apr. 15. Received $1,800 from Joe Brown and wrote off the remainder owed of $2,700 as uncollectible. Aug. 7. Reinstated the account of Joe Brown and received $2,700 cash in full payment. Required: Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Joe Brown 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…
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On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112.500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of Loudoun's recording the restablishment of the receivable on April 4, Year 2? Cash 蛋蛋蛋白 NA a. b. NA C. NA d. NA Assets Multiple Choice + Net Realizable Value - 1,050 (1,050) (1,050) (1,050) 1,050 (1,050) Option A Option Balance Sheet Option C Liabilities + Accounts Payable + NA + NA (1,050) 1,050 + Stockholders' Equity Retained earnings NA (1,050) NA NA Common Stock NA NA NA (1,050) Revenue NA (1,050) NA NA Income Statement Expenses NA NA NA 1,050. = Net Income NA (1,050) NA (1,050) Statement of Cash Flows NA NA NA NA
Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months andwants you to update her records on August 31, 2020.On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr withan Allowance for Doubtful Debts of $462 Cr. In the last two monthsSales (net of GST)S4 800Sales Returns & Allowances (net of GST) 400Cash Collected3 550Bad Debts to be written off (Including GST) 660The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED:Prepare the following General Journal entries to1. account for the write off of the bad debt during the past two months2. the adjusting entry on August 31 using the information Minnie has provided. b. Update the Accounts Receivable and Allowance for doubtful debts accounts.
A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $27,000. Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of the uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 4). F12 F7 Fo F3 # 2$ 5 6 7 8 9 { E R Y F G H. K S < M C V alt command option command + lI .. .-

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