The following transactions were completed by Firas Redhwan Bhd during the fiscial year ended December 31: Feb. 8. Received 40% of the RM18,000 balance owed by Ahmed Co., a bankrupt business, and wrote off the reminder as uncollectable. 2 BKAR1013 FINANCIAL ACCOUNTING AND REPORTING I May 27. Reinstated the account of Jamal, which had been written off in the preceding year as uncollectible. Journalize the receipt of RM7,350 cash in full payment of Jamal's account. Aug. 13. Wrote off the RM6,400 balance owed by Yasmeen Co., which has no assets. Oct. 31 Reinstated the account of Nur Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of RM3,880 cash in full payment of the account. Dec. 31. Wrote off the following accounts as uncollectible (compound entry): A Co., RM7,190; B Co., RM5,500, C Co., RM9,400; D Co., RM1,110. Dec 31. Based on an analysis of the RM1,785,000 of account receivable, it was estimated that RM35,700 will be uncollectable. Journalize the adjusting entry.

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,354,200 of merchandise on credit (that had cost $977,000), terms n/30. Wrote off $20,100 of uncollectible accounts receivable. Received $670,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible.  Year 2 Sold $1,569,600 of merchandise (that had cost $1,341,800) on credit, terms n/30. Wrote off $32,600 of uncollectible accounts receivable. Received $1,225,700 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…

Speedware Corporation A friend of yours reviewed the 20X5 Annual Report for Speedware Corporation. The following are extracts from the Report. 7. Finance Subsidiaries (continued) At December 31, 20x5, receivables of $898 included $595 of notes and accounts receivable and $303 due under non-cancelable leases, maturing as follows: Year ended December 31: 20x6 Years 2-5 Thereafter Less unearned income 18. Commitments Lease receivables ($millions) Total receivables $ 159 $ 357 190 535 15 364 61 $303 67 959 61 $ 898 At December 31, 20x5, the future minimum lease payments under finance leases and operating leases consisted of: Year ended December 31: 20x6 Years 2-5 Thereafter Total future minimum lease payments Less: imputed interest Present value of net minimum lease payments Finance leases Operating leases $ 5 14 $ 132 290 9 154 28 $576 8 $20 Rental expense on operating leases for the years ended December 31, 20x5, 20x4, and 20x3, amounted to $172, $170, and $131, respectively. Your friend…

Kevin Smith, financial officer of Benson Inc., showed the following unadjusted account balances at January 31, 2023, its year end. Other information: There was one reconciling item on the bank reconciliation: an NSF cheque for $800. A review of the Prepaid Rent account showed that the balance represents rent for two months beginning January 1, 2023. Annual depreciation on the boats is $3,780. Annual depreciation on the furniture is $3,560. Use this information to prepare the January 31, 2023 classified balance sheet. xxx F 团 + (select one) Balance Sheet (select one) Account Balance Accounts payable 24,800 Accounts receivable 5,600 Accumulated depreciation, boats, 41,820 Accumulated depreciation, furniture, 30,360 Boats 49,220 Bonds payable (due August, 2031). 24,800 Cash 12,400 Commissions earned 19,400 Consulting revenue earned 6,700 Copyright 14,300 Dividends 6,600 Furniture 46,360 Insurance expense 3,800 Land 13,300 Long-term notes payable, 25,000 Long-term investment in shares…

The trial balance of Sam’s Deli Inc. at October 31, 2020, does not balance: The accounting records contain the following errors: -Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. -Posted a $1,000 credit to Accounts Payable as $100. -Did not record utilities expense or the related account payable in the amount of $200. -Understated Share Capital by $1,100. -Omitted insurance expense of $1,000 from the trial balance. Q1: Prepare the correct trial balance at October 31, 2020, complete with a heading. Journal entries are not required but will be helpful in correcting the trial balance. Q2: Organize the elements of the trial balance in a way that would assist a bank manager who has to decide whether to loan money to Sam’s Deli.

Record the Year 1 transactions in general journal form.

At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,346,100 of merchandise on credit (that had cost $983,000), terms n/30. Wrote off $21,100 of uncollectible accounts receivable. Received $673,300 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. Year 2 Sold $1,577,400 of merchandise (that had cost $1,329,500) on credit, terms n/30. Wrote off $25,000 of uncollectible accounts receivable. Received $1,122,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end…