ZELDEN GENERAL SERVICES has been operating for 5 years. It is engaged in various Repairs of equipment and furniture and fixtures on cash basis and on account. Shown below are selected ledger accounts as of December 31, 2021: P 576,930 Sale of services during the year (30% are cash sales) Cash collection on accounts receivable 358,700 Accounts Receivable, January 1, 2021 142,850 Allowance for Doubtful Accounts, January 1, 2021 5,350 REQUIRED: Prepare the adjusting entry as of December 31, 2021 under each of the following independent cases. Case 1: 10% of outstanding accounts receivable are estimated to be doubtful of collection. Case 2: The allowance account is to be increased by 13,500. Case 3: The allowance account is to be increased by 7,850.

York Company engaged in the following transactions for Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100. 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending balance was $90,000. 2. Salaries expense for the period was $232,000. The beginning salaries payable balance was $16,000 and the ending balance was $8,000. 3. Other operating expenses for the period were $236,000. The beginning other operating expenses payable balance was $16,000 and the ending balance was $10,000. 4. Recorded $30,000 of depreciation expense. The beginning and ending balances in the Accumulated Depreciation account were $12,000 and $42,000, respectively. 5. The Equipment account had beginning and ending balances of $44,000 and $56,000, respectively. There were no sales of equipment during the period. 6. The beginning and ending balances in the Notes Payable account were $36,000 and $44,000, respectively. There were no payoffs of…

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Record these transactions in general journal ledger: Dec 1: Purchased equipment costing $15,608 by taking out a 4-month installment note with First Bank. Dec 4: Accepted a sales return from Eastern for an item having an original gross sales price of $6,000. The original sale to Eastern occurred in November with terms 2/15, n/30. Dec 5: Specifically wrote off the receivable balance owed by Baker as uncollectible. Dec 7: Returned defective inventory with a gross cost of $4,000 back to Hunt Corp. Dec 14: Wilson returned an item originally purchased on Dec 12 with a gross sales price of $7,000. Dec 14: Returned inventory with a gross cost of $2,000 back to Nelson Industries. Dec 18: Bought office supplies on account for $9,000 from Staples Inc. (open a new Accounts Payable in the subsidiary ledger--Vendor # 210-30). Invoice # is OM1218.  Staples Inc.’s terms are n/30 Dec 19:  Received the December utilities bill for the amount of $15,000.  The bill will be paid in January of next year.…

In the first year of operations, Ralph's Repair Service recognized $482,000 of service revenue earned on account. The ending accounts receivable balance was $88,900. Ralph estimates that 2% of sales on account will not be collected. During the year, Ralph wrote off a $200 receivable that was determined to be uncollectible. Assume there were no other transactions affecting accounts receivable. Required: a. What amount of cash was collected in Year 1? b. What amount of uncollectible accounts expense was recognized In Year 1? c. What will be Ralph's net realizable value of receivables on the December 31, Year 1 balance sheet? a. Cash collected b. Uncollectible accounts expense c. Net realizable value of receivables

On January 1, 2025, the ledger of Wildhorse Co. contained these liability accounts. Accounts Payable $44,700 Sales Taxes Payable 8,800 Unearned Service Revenue 21,200 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $5,512, which includes 6% sales taxes. 12 14 20 20 Performed services for customers who had made advance payments of $13,000. (Credit Service Revenue.) Paid state treasurer's department for sales taxes collected in December 2024, $8,800. Sold 720 units of a new product on credit at $49 per unit, plus 5% sales tax. During January, the company's employees earned wages of $58,000. Withholdings related to these wages were $4,437 for FICA, $4,200 for federal income tax, and $1,614 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during…

During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,800. January 30 Firework sales for the second half of the month total $163,000. Sales include $17,000 for cash and $146,000 on account. The cost of the units sold is $89,500. January 31 Pay cash for monthly salaries, $54,000. 4. Prepare a multiple-step income statement for the period ended January 31, 2021.

Presented below is a partial trial balance for the Messenger Corporation on December 31, 2024. Account Title Debits Credits Cash and cash equivalents 30,000   Accounts receivable 195,000   Raw materials inventory 36,000   Notes receivable 120,000   Interest receivable 4,000   Interest payable   7,000 Investments 48,000   Land 100,000   Buildings 1,500,000   Accumulated depreciation–buildings   740,000 Work in process inventory 38,000   Finished goods inventory 98,000   Equipment 400,000   Accumulated depreciation–equipment   230,000 Franchise (net of amortization) 120,000   Prepaid insurance (for the next year) 60,000   Deferred revenue   48,000 Accounts payable   240,000 Notes payable   500,000 Salaries payable   6,000 Allowance for uncollectible accounts   24,000 Sales revenue   900,000 Cost of goods sold 500,000   Salaries expense 48,000   Additional information: The notes receivable, along with any accrued interest, are due…