Prepare a closing entries, post-closing trial balance and reversing entries, use your columnar paper to answer the assessment.

Adams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24

Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020

Data for item nos. 16 and 17 The following accounts and their balances in an unadjusted trial balance of Record of Youth Company as of December 31, 2020: Cash and cash equivalents- P400,000; Trade and other receivable P2,000,000; Subscription receivable- P375,000; Inventory- P500,000; Trade and other payables- P670,000; Income tax payable- P196,500. Additional information are as follows: • Trade and other receivables include long term advances to company officers amounting to P430,000. • The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. • Inventory of P500,000 was determined by physical count. At December 31, 2020, goods costing P125,000 are in transit from a supplier. Terms of purchase of said goods is FOB shipping point. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable…

What are the adjusting entries?

Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444

Data relating to the balances of various accounts affected by adjusting or closing entries appear below . Please journalize the missing entries.   Uneraned Rent at 1/1/2019 was $5,300 and at 12/31/2019 it was $8,000. The records indicate cash receipts from rental sources during 2019 amounted to $42,500, all of which was credited to Unearned Rent Account. Prepare the missing adjusting entry.   Allowance for Doubtful Accounts on 1/1/2019 was $50,000. The balance in the Allowance account on 12/31/2019 after making the annual adjusting entry was $58,000 and during 2019 bad debts written-off amounted to $30,000. Journalize the missing adjusting entry.   Accumulated Depreciation-Equipment at 1/1/2019 was $210,000. At 12/31/2019, the balance of the account was $260,000. During 2019, one piece of equipment was sold. The equipment had an original cost of $40,000 and was 75% depreciated when sold. Journalize the missing adjusting entry.   Retained earnings at 1/1/2019 was $140,000 and at…

Do a journal entry based on this transections, round interest amounts to the nearest dollar,

Subject - account  Please help me.  Thankyou.

Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.