Rivers Company had $2,400 of supplies on hand on January 1. During the year, the company purchased $3,900 of supplies, and on December 31, determined that only $800 of supplies were still on hand. The adjusting entry for Rivers Company on December 31 will Include a. Debit Supplies $3,900 b. Credit Supplies Expense $5,500 c. Debit Supplies Expense $5,500 d. Debit Supplies Expense $2,300

On January 1, 2022, Sunland Company had Accounts Receivable of $54,800 and Allowance for Doubtful Accounts of $3,800. Sunland Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan.  5   Sold $4,700 of merchandise to Rian Company, terms n/30. Feb.  2   Accepted a $4,700, 4-month, 9% promissory note from Rian Company for balance due. 12   Sold $10,140 of merchandise to Cato Company and accepted Cato’s $10,140, 2-month, 10% note for the balance due. 26   Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr.  5   Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12   Collected Cato Company note in full. June  2   Collected Rian Company note in full. 15   Sold $1,800 of merchandise to Gerri Inc. and accepted a $1,800, 6-month, 11% note for the amount due. Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is…

On January 1, 2022, Harvee Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Harvee Company prepares financial statements annually. During the year, the following selected transactions occurred: Jan.  5   Sold $4,000 of merchandise to Rian Company, terms n/30. Feb.  2   Accepted a $4,000, 4-month, 9% promissory note from Rian Company for balance due. 12   Sold $12,000 of merchandise to Cato Company and accepted Cato’s $12,000, 2-month, 10% note for the balance due. 26   Sold $5,200 of merchandise to Malcolm Co., terms n/10. Apr.  5   Accepted a $5,200, 3-month, 8% note from Malcolm Co. for balance due. 12   Collected Cato Company note in full. June  2   Collected Rian Company note in full. 15   Sold $2,000 of merchandise to Gerri Inc. and accepted a $2,000, 6-month, 12% note for the amount due. - Journalize the transactions (Omit cost of good sold entries)

On January 1, 2022, Nash's Trading Post, LLC had Accounts Receivable of $57,300 and Allowance for Doubtful Accounts of $3,500. Nash's Trading Post, LLC prepares financial statements annually. During the year, the following selected transactions occurred: Sold $4,500 of merchandise to Rian Company, terms n/30. Accepted a $4,500, 4-month, 10% promissory note from Rian Company for balance due. Sold $14,400 of merchandise to Cato Company and accepted Cato's $14,400, 2-month, 10% note for the balance due. Sold $5,700 of merchandise to Malcolm Co., terms n/10. Accepted a $5,700, 3-month, 8% note from Malcolm Co. for balance due. Jan. 5 Feb. 2 12 26 Apr. 5 12 Collected Cato Company note in full. June 2 Collected Rian Company note in full. 15 Sold $2,100 of merchandise to Gerri Inc. and accepted a $2,100, 6-month, 11% note for the amount due.

ook ht rint rences In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Bad debts expense 8 Allowance for doubtful accounts Debit Credit

At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,283 Allowance for Doubtful Accounts (XA) 8,474 Accounts Receivable (Net) (A) $ 39,809 During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,059, and the bad debt expense adjustment was $4,775. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.

prepare these entries for Sarah's plant services. prepare general journal entries for the needed balance dy adjustments for the year ending 30/6/21: A stocktake of the inventory on hand was completed on 30/6/21. The value of the stocktake was $17,000. The inventory asset account as at 30/6/21 before adjustments was $18.000 The allowance for Doubtful debts should be 5% of the balance of Accounts Receivable. The accounts receivable balance at 30/6/21 is $76,120 and the balance of the Allowance for Doubtful Debts was $3,450

On January 1, 2022, Kingbird, Inc. had Accounts Receivable of $49,900 and Allowance for Doubtful Accounts of $3,500. Kingbird, Inc. prepares financial statements annually. During the year, the following selected transactions occurred: Jan.  5   Sold $3,450 of merchandise to Rian Company, terms n/30. Feb.  2   Accepted a $3,450, 4-month, 8% promissory note from Rian Company for balance due. 12   Sold $11,800 of merchandise to Cato Company and accepted Cato’s $11,800, 2-month, 9% note for the balance due. 26   Sold $5,300 of merchandise to Malcolm Co., terms n/10. Apr.  5   Accepted a $5,300, 3-month, 8% note from Malcolm Co. for balance due. 12   Collected Cato Company note in full. June  2   Collected Rian Company note in full. 15   Sold $2,200 of merchandise to Gerri Inc. and accepted a $2,200, 6-month, 11% note for the amount due.     Journalize the transactions. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is…

In its first year of operations, Cloudbox has credit sales of $200,000. Its year-end balance in accounts receivable is $10,000, and the company estimates that $1,500 of its accounts receivable is uncollectible.a. Prepare the year-end adjusting entry to estimate bad debts expense.b. Prepare the current assets section of Cloudbox’s classified balance sheet assuming Inventory is $22,000, Cash is $14,000, and Prepaid Rent is $3,000. Note: The company reports Accounts receivable, net on the balance sheet.

In its first year of operations, Cloudbox has credit sales of $200,000. Its year-end balance in accounts receivable is $10,000, and the company estimates that $1,500 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $22,000, Cash is $14,000, and Prepaid Rent is $3,000. Note: The company reports Accounts receivable, net on the balance sheet.