Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter 3, Problem 16AP
1 and 2
To determine
Prepare T accounts for
3.
To determine
Prepare an adjusted trial balance, an income statement, a statement of owner’s equity, and a balance sheet of Company “J” for the year ended December 31, 2014.
4.
To determine
State the reason for not showing the effects of the given transaction on the statement of
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000
The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000
The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
January 15
Wrote of $440 account of Miller Company as uncollectible
April 2nd
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier
July 31
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible
August 15
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200
September 26
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible
October 16
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible
December 31
Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000
The accounts…
Chapter 3 Solutions
Principles of Accounting
Ch. 3 - Prob. 1DQCh. 3 - Will the carrying value of a long-term asset...Ch. 3 - If, at the end of the accounting period, you were...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Match the concepts of accrual accounting that...Ch. 3 - The Prepaid Insurance account began the year with...Ch. 3 - The Supplies account began the year with a balance...Ch. 3 - Prob. 4SE
Ch. 3 - Prob. 5SECh. 3 - During the month of August, deposits in the amount...Ch. 3 - Prob. 7SECh. 3 - Malesherbes Companys adjusted trial balance on...Ch. 3 - Prob. 9SECh. 3 - Prob. 10SECh. 3 - Carlos Companys accountant makes the assumptions...Ch. 3 - Four conditions must be met before revenue should...Ch. 3 - Prob. 3EACh. 3 - Prob. 4EACh. 3 - Prob. 5EACh. 3 - Prob. 6EACh. 3 - Prob. 7EACh. 3 - Prob. 8EACh. 3 - Prepare year-end adjusting entries for each of the...Ch. 3 - Prob. 10EACh. 3 - Prob. 11EACh. 3 - Wipro Companys income statement included the...Ch. 3 - At the end of the first three months of operation,...Ch. 3 - On November 30, the end of the current fiscal...Ch. 3 - Kinokawa Consultants Companys trial balance on...Ch. 3 - Hertz Limo Service was organized to provide...Ch. 3 - At the end of its fiscal year, Berwyn Cleaners...Ch. 3 - Brave Advisors Services trial balance on December...Ch. 3 - Prob. 7PCh. 3 - Prob. 8PCh. 3 - Prob. 9APCh. 3 - On March 31, the end of the current fiscal year,...Ch. 3 - Lee Technology Corporations trial balance on...Ch. 3 - Prob. 12APCh. 3 - Prob. 13APCh. 3 - Scoop Consulting Services trial balance on...Ch. 3 - Prob. 15APCh. 3 - Prob. 16APCh. 3 - Never Flake Company provided a rust-prevention...Ch. 3 - Prob. 2CCh. 3 - Prob. 3CCh. 3 - Prob. 4CCh. 3 - Prob. 5CCh. 3 - Prob. 6C
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…arrow_forwardJohnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 Prepare the…arrow_forwardJohnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…arrow_forward
- Hardy's Landscape Service's total revenue on account for 2018 amounted to $273,205. The company, which uses the allowances method, estimates bad debts at 1/2 percent of total revenue on account. Required: Journalize the following selected entries: 2012 Dec. 12 Record services performed on account for E.E. Morton, $245. Dec. 31 Record the adjusting entry for Bad Debts Expense. Dec. 31 Record the closing entry for Bad Debts Expense. 2013 Feb. 18 Write off the account of E.E. Morton as uncollectible, $245.arrow_forwardAdjusting and Correcting Entries Upon inspecting the books and records for Wernli Company for the year ended December 31, 2013, you find the following data: (a) A receivable of $640 from Hatch Realty is determined to be uncollectible. The company maintains an allowance for bad debts for such losses. (b) A creditor, E. F. Bowcutt Co., has just been awarded damages of $3,500 as a result of breach of contract by Wernli Company during the current year. Nothing appears on the books in connection with this matter. (c) A fire destroyed part of a branch office. Furniture and fixtures that cost $12,300 and had a book value of $8,200 at the time of the fire were completely destroyed. The insurance company has agreed to pay $7,000 under the provisions of the fire insurance policy. (d) Advances of $950 to salespersons have been previously recorded as sales salaries expense. (e) Machinery at the end of the year shows a balance of $19,960. It is discovered that additions to this account during the…arrow_forwardJohnson company's financial year ended on December 31, 2010. All the transactions related to the company's uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 April 2d July 31 August 15 September 26 October 16 December 31 The accounts receivable account had a balance of $114,630 and the beginning…arrow_forward
- Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote off $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…arrow_forwardJohnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:January 15 Wrote of $440 account of Miller Company as uncollectibleApril 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlierJuly 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectibleAugust 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectibleOctober 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectibleDecember 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000The accounts receivable account had a balance of $114,630 and the beginning balance…arrow_forwardTake me to the text For the following independent transactions, determine the amount of current and long-term liabilites. Do not enter dollar signs or commas in the input boxes. No. Transaction 1 On February 28, 2022, Frederick Flowers borrowed $225,500 from the bank. The entire amount is due on February 27, 2023. NOP Company purchased a small building at a cost of $190,000. The 2 down payment is $90,000. The remaining balance is payable in 5 years with an annual payment of $20,000. A business owner borrowed $11,000 from a close friend for a business 4 expansion. They both signed an agreement that the full payment will be made after 4 years. Chack Current Liability Long-Term Liability 225500 During March 2022, a business owner obtained an interest-free loan from 3 a financing company. The loan amount was $79,000. The agreed terms of 15800 payment are 5 annual installments of $15,800. 20000 0 0 11000 xarrow_forward
- Your client is preparing financial statements to show the bank. You know that he has incurred a refrigeration repair expense during the month, but you see no such expense on the books. When you question the client, he tells you that he has not yet paid the 1,255 bill. Your client is on the accrual basis of accounting. He does not want the refrigeration repair expense on the books as of the end of the month because he wants his profits to look good for the bank. Is your client behaving ethically by suggesting that the refrigeration repair expense not be booked until the 1,255 is paid? Are you behaving ethically if you agree to the clients request? What principle is involved here?arrow_forwardAron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000 on August 1. On December 31, Bank Enterprises determines the loan to be uncollectible. Larson had not paid anything toward the balance due on account. What is the journal entry recording the bad debt write-off?arrow_forwardAt the end of 2019, Framber Company received 8,000 as a prepayment for renting a building to a tenant during 2020. The company erroneously recorded the transaction by debiting Cash and crediting Rent Revenue in 2019 instead of 2020. Upon discovery of this error in 2020, what correcting journal entry will Framber make? Ignore income taxes.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
The KEY to Understanding Financial Statements; Author: Accounting Stuff;https://www.youtube.com/watch?v=_F6a0ddbjtI;License: Standard Youtube License