FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- 11. Subject :- Accountingarrow_forwardA credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 19 Debit Creditarrow_forwardAt the end of the year, Dahir Incorporated’s balance of Allowance for Uncollectible Accounts is $1,100 (debit) before adjustment. The company estimates future uncollectible accounts to be $5,500. What is the adjustment Dahir would record for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forward
- Novak Corporation, during the year ended October 31, 2024, had the following transactions for money-market instruments purchased to earn interest: Jan. 2 Purchased a 110-day, $38,800 treasury bill maturing on May 1 for $38,567. May Aug. 1 Aug. 31 Sept. 30 Oct. 1 1 Oct. 15 The treasury bill matured. Invested $63,100 in a money-market fund. Received notification that $158 of interest had been earned and added to the fund. Received notification that $158 of interest had been earned and added to the fund. Purchased a 90-day, 3.10%, $29,100 treasury bill for $28,876. Cashed the money-market fund and received $63,495.arrow_forwardit was wrong i need helparrow_forwardAllowance for Uncollectible Accounts is a contra asset account, which means that its normal balance is a credit. However, it is possible for the account to have a debit balance before year-end adjustments are recorded. Explain how this could happen. How does an accountant calculate the year-end adjustment for Allowance for Uncollectible Accounts with a debit balance before year-end adjustments recorded? Please explain both answers in good detail answerarrow_forward
- Selected accounts of Beam Electrical, Inc., at November 30, 2018, follow. (Click the icon to view the accounts.) Read the requirements. Requirement 1. Prepare the entity's closing entries. Begin by closing out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Novarrow_forwardOn July 1, 2025, Novak Co. pays $10,200 to Splish Insurance Co. for a 2-year insurance policy. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Splish Insurance Co. Splish uses the accounts Unearned Service Revenue and Service Revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Creditarrow_forwardWhispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $54,000 are to be made at the beginning of each lease year (December 31). The interest rate used by the lessor in setting the payment schedule is 6%; Whispering's incremental borrowing rate is 8%. Whispering is unaware of the rate being used by the lessor. At the end of the lease, Whispering has the option to buy the equipment for $5,000, considerably below its estimated fair value at that time. The equipment has an estimated useful life of 7 years, with no salvage value. Whispering uses the straight-line method of depreciation on similar owned equipment. Click here to view factor tables.arrow_forward
- The following are selected 2020 transactions of Culver Corporation. Sept. Purchased inventory from Encino Company on account for $46,800. Culver records purchases gross and uses a periodic inventory system. 1 Issued a $46,800, 12-month, 8% note to Encino in payment of account. Oct. 1 Oct. 1 Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date tember 1 Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. tember 1 V er 1 Account Titles and Explanation Purchases Accounts Payable Accounts Payable Notes Payable Cash Discount on Notes Payable Notes Payable Debit 46800 46800 46800 3120 Credit 46800 46800 49920arrow_forwardSubject: accountingarrow_forwardPlease help me to solve this problemarrow_forward
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