Question 14 of 36 Fill in the blanks: The accountant was tasked to reconstruct the books of Refresh Co. after a virus attacked their accounting system. The following information were available. HINT: An increase in the balances represents the ending balance while a decrease represents the beginning balance. Payments made to suppliers P 70,000 Decrease in accounts payable. 8,000 Increase in inventory 16,000 Compute for the: 1). Net purchases 2) Cost of goods sold.

Question 14 of 36 Fill in the blanks: The accountant was tasked to reconstruct the books of Refresh Co. after a virus attacked their accounting system. The following information were available. HINT: An increase in the balances represents the ending balance while a decrease represents the beginning balance. Payments made to suppliers P 70,000 Decrease in accounts payable. 8,000 Increase in inventory 16,000 Compute for the: 1). Net purchases 2) Cost of goods sold.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…
A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo
US Kimmel, Financial Accounting, 8e Helo I System Announcements CALCULATOR PRINTER VERSION 4BACK NEXT Multiple Choice Question 187 Pharoah Company had net credit sales during the year of $1407600 and cost of goods sold of $424000. The balance in accounts receivable at the beginning of the year was $115200 and at the end of the year was $190800. What was the accounts receivable turnover? О 6.00 7.90 О 1.20 O 9.20 Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 1 used SAVE FOR LATER SUBMIT ANSWER
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
Question 6 Caruana Ltd uses control accounts for its purchases and sales ledgers which it balances at the end of each month. At 1 November 2020, the balances of the control accounts were: Purchases ledger Sales ledger Debit (€) Credit (€) 22,200 450 250 32,600 The following transactions took place during November 2020: € 65,500 99,600 Credit Purchases Credit Sales Cash received from trade receivables Cash paid to trade payables Bad debts written off Sales returns Purchases returns Discount allowed Discount received Dishonoured cheques Purchases ledger credits transferred to sales ledger 54,200 53,800 3,200 1,800 950 2,200 1,750 200 350 At 30 November 2020, there were debit balance in the purchases ledger of €550 and credit balance in the sales ledger of €300. Required: From the information presented above prepare for the month of November 2020: a. The Sales Ledger Control Account. b. The Purchases Ledger Control Account.
Hide or show questions Progress:11/15 items Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense Bad Debt Expense Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton Accounts Receivable-C. Barton Accounts Receivable-C. Barton Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made…
PLEASE ANSWER ASAP Problem No. 3 You are auditing the accounts receivable and the related allowance for bad debts account of AACA Company. The following data are available: General Ledger Accounts Receivable 2022 Dec. 31 381,600 Allowance for Bad Debts 2022 2022 Jul. 31 GJ Write-off 7,200 Jan. 1 Balance 9,000 Dec. 31 GJ - Provision 21,600 Summary of Aging Schedule The summary of the subsidiary ledger balances as of December 31, 2022, is shown below: Debit balances Under one month P 162,000 One to six months 165,600 Over six months 68,400 P 396,000 Credit balances Mark Co. P 3,600 OK; additional billing in Jan. 2023 Lady Co. 6,300 Should have been credited to Ivan Co.* 8,100 Advance on a sales contract P 18,000 *Account is in “one to six months” classification. The…
CHPT#8_5 At December 31, the Azuza Company had a balance of $754,000 in its Accounts Receivable account and a credit balance of $9,000 in the Allowance for Doubtful Accounts account. The company aged its accounts as follows: Current $608,000 0–60 days past due 88,000 61–180 days past due 40,000 Over 180 days past due 18,000 $754,000 In the past, the company has experienced credit losses as follows: one percent of current balances, five percent of balances 0–60 days past due, 20 percent of balances 61–180 days past due, and 40 percent of balances over six months past due. The company bases its allowance for doubtful accounts on an aging analysis of accounts receivable.Requireda. Prepare the adjusting entry to record the allowance for doubtful accounts for the year. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet.
K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500 300 5 550 At the beginning of the period, ABC had balances in Accounts Receivable of $100,000 and in Allowance for Doubtful Accounts of $56 (credit). Prepare a journal entry to record the above estimate using the following Chart of Account. Chart of Account 200 200 2,050 500 2% Description Cash $600 $200 150 Sales Revenue Credit 200 600 350 200 400 5% 10% 25% 50% Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Sales Return and Allowance Sales Discount Enter the Account No. and amount for the entry. 400 Amount 269
A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts has a credit balance of $20,000. If a specific customer's account with a balance of $8,000 is written off as uncollectible, what is the cash (or net) realizable value of the accounts receivable? a. $160,000 O b. $175,000 c. $172,000 Od. $200,000
Accounts Receivable At the beginning of the current year, Nikka Company reported the following information:Accounts receivable P1,800,000Allowance for doubtful accounts 72,000The following summary transactions affecting accounts receivable occurred during the current year:Sales – all on account 2/10, 1/15, n/60 P8,935,000Cash received from customers 8,000,000The cash received from customers including the following:Customers paying within the 10 day discount period 4,410,000Customers paying within the 15 day discount period 2,475,000Recovery of accounts written off 15,000Customers paying beyond the discount period ?Accounts receivable written off as worthless 55,000Credit memorandum for sales return 30,000The entity follows the percentage of accounts receivable consistently for the allowance for doubtfulaccount.Required:a) Prepare all necessary entries related to the above transactions affecting the accountsreceivable. (Observe the correct way of journalizing, use appropriate account…
Problem 20 During the annual audit of Garcia Company, you encountered the following account, entitled “Receivables and Payables”: Debit Credit Due from customers P156,000 Payable to creditors for merchandise P62,000 Note receivable, long term 80,000 Expected cumulative losses on bad debts 4,000 Due from employees, current 2,200 Cash dividends payable 24,000 Special receivable, dishonored* 22,000 Accrued wages 2,400 Rent received in advance 1,600 Insurance premium paid in advance 1,200 Mortgage payable 40,000 *Collection probable in 2 years. Compute the amount to be reported as trade and other receivables under current assets.