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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:On June 1, Rogers Company purchased $2,990 of supplies on account and debited Supplies. At the end of the calendar year, $2,410 of supplies remained. If the
appropriate adjusting entry is not made at the end of the year, what will be the effect on:
(a) Income statement accounts (overstated, understated, or no effect)?
(b) Net income (overstated, understated, or no effect)?
(c) Balance sheet accounts (overstated, understated, or no effect)?
F
Income Statement Accounts
Revenue:
Choose One O
Expense:
Choose One C
Net Income:
Choose One O
Balance Sheet Accounts
Assets:
Choose One
Liabilities:
Choose One C
Retained Earnings:
Choose One C
Explanation
X
S ?
Check
::
20
990
DOD
F4
-
F5
MacBook Air
F6
F7
© 2022 McGraw Hill LLC. All Rights Reserved. Terms of Use | Privacy Cer
DII
DD
FB
F10
FI
(
59
U
1
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- Pomona inc. uses the aging method in accounting for uncollectible accounts. On March 31, the company wrote off an uncollectible account of $2,600. What effect does the write-off have on the company's financial statements?arrow_forward1arrow_forwardBefore the year-end adjustment the Allowance for Doubtful Accounts has a debit balance of $5,000. Using the aging of receivables method, the desired balance of the Allowance for Doubtful Accounts is estimated as $35,000. a) What is the uncollectible accounts expense for the period? b) What is the journal entry required? c) What is the balance of the Allowance for Doubtful Accounts after adjustment? d) If the accounts receivable balance is $325,000, what is the net realizable value of the receivables after adjustment?arrow_forward
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