Wohoo Publishers uses the allowance method to estimate uncollectible accounts receivables. The company produced the following aging of the accounts receivable at year-end (Y in thousands). Accounts receivable % uncollectible Estimated bad debts Total 200,000 0-30 days 77,000 2% 31-60 days 46,000 5% 61-90 days 91-120 days 39,000 6% 23,000 10% Over 120 days 15,000 25%

Wohoo Publishers uses the allowance method to estimate uncollectible accounts receivables. The company produced the following aging of the accounts receivable at year-end (Y in thousands). Accounts receivable % uncollectible Estimated bad debts Total 200,000 0-30 days 77,000 2% 31-60 days 46,000 5% 61-90 days 91-120 days 39,000 6% 23,000 10% Over 120 days 15,000 25%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A. Started a petty cash fund in the amount of $250.B. Replenished petty cash fund using the following expenses: Auto Expense $17, Office Expense $15, Postage Expense $86, Miscellaneous Expense $74. Cash on hand is $35.C. Increased petty cash by $150. Record these transactions. If an amount box does not require an entry, leave it blank.
Under the imprest system, which amount the following situations when accounting entry is/are made? a. petty cashier accommodated and encashed the check of her friend from the purchasing department b. Christmas party contributions made the custodian's circle of friends where the custodians is in charge of its safekeeping c. it is a reporting period and the fund aren't replenished yet d. pending request of the petty cash custodian to increase the petty cash fund e. request and disbursement of fun by the company's messenger for the week
A. Started a petty cash fund in the amount of $550.B. Replenished petty cash fund using the following expenses: Auto Expense $22, Office Expense $45, Postage Expense $24, Miscellaneous Expense $33. Cash on hand is $426.C. The company has decided to reduce the petty cash fund to $350. Record these transactions. If an amount box does not require an entry, leave it blank. A. - Select - - Select - - Select - - Select - B. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - C. - Select - - Select -
The company records a deposit of $34,956 as $33,956 in the book. What isthe entry to correct the cash balance?
1. A check involves three parties. The person directed to receive the money is called the a.endorser. b.payee. c.drawer. d.drawee. 2. The time an asset is expected to last is called its a.fiscal period. b.depreciation. c.useful life. d.net loss value. 3. In reconciling a bank statement, the bank statement balance is $1,000 and the balance per books is $1,205. A bank service charge is $5; a deposit in transit totals $500; and outstanding checks total $300. The journal entry for a bank service charge would include a.debiting Cash and crediting Miscellaneous Expense. b.debiting Miscellaneous Expense and crediting Cash. c.debiting Cash and crediting Owner's Capital. d.debiting Accounts Payable and crediting Cash. 4. The journal entry to close revenue accounts includes a.debiting the revenue accounts and crediting the drawing account. b.debiting the revenue accounts and crediting Cash. c.debiting the revenue accounts and crediting Income Summary. d.debiting Income Summary…
Indicate with Yes or No whether each of items should be included in the cash balance presented on the balance sheet. If yes is selected for the Included in Cash Balance column for NSF checks, Savings account,Compensating balance,post dated checks,IOU,cash on hand,cash in sinking fund, travel advance, bank draft and prepaid debit card. Include the Classification items excluded?
27. Which of the following is/are helpful to control cash receipts of a company? a. Prepare a record of all cash receipts as soon as cash is received b. Deposit all cash receipts as soon as possible c. Encourage the cash receipts through cheque d. All the options
1. Brooks Agency set up a petty cash fund for $270. At the end of the current period, the fund contained $192 and had the following receipts: entertainment, $33; postage, $21; and printing, $24. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. View transaction list Journal entry worksheet 1 2 > Record the establishment of the petty cash fund. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 2. Identify the two events from the following that cause a Petty Cash account to be credited in a journal entry. (Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.)
The actual cash received from cash sales was $13,712 and the amount indicated by the cash register total was $13,688. Journalize the entry to record the cash receipts and cash sales. For a compound transaction, if an amount box does not require an entry, leave it blank.
The actual cash received from cash sales was $32,443, and the amount indicated by the cash register total was $32,473. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank