FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 2, Problem 20E
To determine
Introduction: The financial statements of a company include a
To prepare: The
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Transactions for the Oleg Thorn Company for the month of June are presented as follows.
June 1
2
3
12
June 1
Identify the accounts to be debited and credited for each transaction.
2
3
12
Oleg Thorn invests $5,000 cash in a small welding business of which he is the sole proprietor.
Purchases equipment on account for $3,600.
$800 cash is paid to landlord for June rent.
Sends a bill to K. Johnsen for $400 after completing welding work done on account.
Cash (5,000)
Equipment (3,600)
Save for Later
Rent Expense (800)
e Textbook and Media
Account Debited
Accounts Receivable (400)
List of Accounts
H
Capital (5,000)
Account Credited
Accounts Payable (3,600)
Cash (800)
Service Revenue (400)
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Follow-up for Q1 Submission
The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year
on December 31, 20X1:
LUCERO COMPANY
Schedule of Accounts Receivable by Age
December 31, 20X1
Past Due-Days
31-60
Account
1-30
Balance
660.00 $
Current
Over 60
Adson, Paul
Allen, Alfred
Ash, John
$
620.00
326.00
350.00
106.00
351.00
78.00
47,009.00
660.00
$ 510.00 $ 110.00
$ 326.00
Вае, John
Barker, Kelsie
Bentley, Maggie
Blair, Herman
(All other accts.)
350.00
75.00
125.00
31.00
155.00
71.00
55.00
23.00
38,790 5,304.00 1,764.00 1,151.00
Totals
$49,500.00 $40,000.00 $6,000.00 $2,000.00 $1,500.00
2. As of December 31, 20X1, there is a credit balance of $118 in Allowance for Doubtful Accounts. Compute the amount of the
adjustment for uncollectible accounts expense that must be made as part of the adjusting entries.
3. Prepare a journal entry to record the adjustment for the estimated losses. Use Uncollectible Accounts Expense and…
Chapter 2 Solutions
FUND.ACCT.PRIN.
Ch. 2 - Identifying source documents C1 Identify the items...Ch. 2 - Identifying financial statement accounts C2...Ch. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Identifying normal balance C4 Identify the normal...Ch. 2 - QS 2–5
Linking debit or credit with normal...Ch. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 21 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Exercise 2-3 Identifying a ledger and chart of...Ch. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Exercise 2-10 Preparing a trial balance P2 After...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Problem 2-5B Computing net income from equity...Ch. 2 - Prob. 6PSBCh. 2 - Problem 2-7B Preparing an income statement,...Ch. 2 - SP 2 On October 1, 2019, Santana Rey launched a...Ch. 2 - Using transactions from the following assignments...Ch. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 8GLPCh. 2 - Refer to Apple's financial statements in Appendix...Ch. 2 - Prob. 2AACh. 2 - Key comparative figures for Apple, Google, and...Ch. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - What kinds of transactions can be recorded in a...Ch. 2 - Are debits or credits typically listed first in...Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - If assets are valuable resources asset accounts...Ch. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Identify the four financial statements of a...Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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