g.EXERCISE 11-6 On December 31, the end of the year, the accountant for Firesideh Income SummaryAccui.Service Incomej. Prepaid Insuranceinventory system.a-b. On December 31, a physical count of inventory was taken. The physical countamounted to $22,624. The Merchandise Inventory account shows a balance of$21,696.c. On July 1 of this year, $2,400 was paid for a one-year insurance policy.d. On November 1 of this year, $420 was paid for three months of advertising.e. As of December 31, the balance of the Unearned Membership Fees account is$15,600. Of this amount, $9,200 has been earned.f. Equipment purchased on May 1 of this year for $8,000 is expected to have auseful life of five years with a trade-in value of $500. All other equipment hasbeen fully depreciated. The straight-line method is used.g. As of December 31, three days' wages at $250 per day had accrued.h. As of December 31, the balance of the supplies account is $4,200. A physicalinventory of the supplies was taken, with an amount of $1,650 determined to beon hand....

Preparing Adjusting Entries:- Butler Spa and Pool Accessories General Journal (Adjusting Entries)…

surance 1-5 Journalize the required adjusting entries fo Da and Pool Accessories. Butler Spa and Pool A em. ember 31, a physical count of inventory was ta. ed to $22,624. The Merchandise Inventory acc 1 of this year, $2,400 was paid for a one-year ember 1 of this year, $420 was paid for three r cember 31, the balance of the Unearned Men Of this amount, $9,200 has been earned. nurchased on May 1 of this vear for $8,00

surance 1-5 Journalize the required adjusting entries fo Da and Pool Accessories. Butler Spa and Pool A em. ember 31, a physical count of inventory was ta. ed to $22,624. The Merchandise Inventory acc 1 of this year, $2,400 was paid for a one-year ember 1 of this year, $420 was paid for three r cember 31, the balance of the Unearned Men Of this amount, $9,200 has been earned. nurchased on May 1 of this vear for $8,00

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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Prepare journal entries to record the following transactions. A. January 22, purchased, an asset, merchandise inventory B. on account for $2,800. C. February 10, paid creditor for part of January 22 purchase, $1,600
Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $591,010 Cost of merchandise sold during year 158,044 Accounts receivable, beginning of year 44,597 Accounts receivable, end of year 46,544 Merchandise inventory, beginning of year 92,783 Merchandise inventory, end of year 119,254
Selected accounts from the ledgers of Pharoah Company at July 31 showed the following. General Ledger Equipment No. 157 Date Ref. Debit Credit Balance July 1 G1 4,280       4,280 Accounts Payable No. 201 Date Ref. Debit Credit Balance July 1 G1       4,280 4,280 15 G1       385 4,665 18 G1 130       4,535 25 G1 105       4,430 31 P1       9,475 13,905 Inventory No. 120 Date Ref. Debit Credit Balance July 15 G1 385       385 18 G1       130 255 25 G1       105 150 31 P1 9,475       9,625 Accounts Payable Subsidiary Ledger Flaherty Equipment Co. Date Ref. Debit Credit Balance July 1 G1       4,280 4,280 Marsh Co. Date Ref. Debit Credit Balance July 3 P1       2,400 2,400 20 P1       1,760 4,160 Lange Corp. Date Ref. Debit…
At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998. Date AccountDebited Invoice Number PR Accounts Receivable Dr.Sales Cr. Cost of Goods Sold Dr.Inventory Cr. May 6 Aaron Reckers 190 4,160 3,162 10 Sara Reed 191 3,220 2,657 17 Anna Page 192 1,433 843 25 Sara Reed 193 573 337 31 Totals 9,386 6,999 Mountain View also recorded the return of defective merchandise with the following entry. Date.   General Journal     Debit.    Credit May 20. Sales Returns and Allowances. 425(debit) Accounts Receivable—Anna Page 425 (credit) Customer returned (worthless) merchandise.   3. Prepare a schedule of accounts receivable.
At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998. Date AccountDebited Invoice Number PR Accounts Receivable Dr.Sales Cr. Cost of Goods Sold Dr.Inventory Cr. May 6 Aaron Reckers 190 4,160 3,162 10 Sara Reed 191 3,220 2,657 17 Anna Page 192 1,433 843 25 Sara Reed 193 573 337 31 Totals 9,386 6,999 Mountain View also recorded the return of defective merchandise with the following entry. Date. General Journal Debit. Credit May 20. Sales Returns and Allowances. 425(debit) Accounts Receivable—Anna Page 425 (credit) Customer returned (worthless) merchandise.   2. Post the sales journal and any portion of the general journal entry that affects these accounts.
Current Attempt in Progress Blue Spruce Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. Purchased books on åccount for $ 2.265 from Catlin Publishers. June 1 Sold books on account to Garfunkel Bookstore for $ 1,000. The cost of the merchandise sold was $ 800. 6. Received $ 65 credit for books returned to Catlin Publishers. 9. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $ 1,000. The cost of the merchandise sold was $ 850. 20 Purchased books on account for $ 800 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. 26 28 Sold books on account to General Bookstore for $ 2,950. The cost of the merchandise sold was $ 830, 30 Granted General Bookstore $ 120 credit for books returned costing $ 60.
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