Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 3, Problem 17QS
Preparing an adjusted
Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the adjusted trial balance by entering the adjusted balance for each of the following accounts.
| Unadjusted Trial Balance | Adjustments | Adjusted Trial Balance | |||||
| No. | Account Title | Dr. | Cr. | Dr. | Cr. | Dr. | Cr. |
| 101 | Cash | $8,000 | |||||
| 106 | 2,000 | $4,000 | |||||
| 126 | Supplies | 4,500 | $2,500 | ||||
| 209 | Salaries payable | $0 | 400 | ||||
| 301 | B. Wells. Capital | 9,000 | |||||
| 403 | Consulting revenue | 11,000 | 4,000 | ||||
| 622 | Salaries expense | 5,500 | 400 | ||||
| 652 | Supplies expense | 0 | 2,500 | ||||
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Question content area top right
Part 1
Requirement
Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance.
Question content area bottom
Part 1
Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…
Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts
A review of open invoices of Sketchers Inc. results in the following report.
Date
(Each
from
this
Invoice Amount year)
#496
$305.65 5-Dec
#495
457.18 2-Dec
#427
182.77 5-Nov
#100
72.71 28-Jun
#300
494.29 3-Oct
#410
446.84 31-Oct
#204
41.80 25-Aug
#498
507.23 28-Dec
#499
184.10 28-Dec
#487
498.19 28-Nov
#310
138.43 8-Oct
# 178
428.81 7-Aug
#497
223.36 5-Dec
#488
#105
95.27 29-Nov
12.49
$4,089.12
5-Jul
Required
a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 31 days, (2) 31-60 days, (3) 61-90 days, and (4) greater than 90 days.
b. Assume that the company estimates the allowance for doubtful accounts based on the following percentages applied to the appropriate aging categories: (1) 1% for less than 31 days, (2) 5% for 31-60 days, (3) 30% for 61-90 days, and (4) 60% for greater than 90 days. What is the ending balance of the…
Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts
A review of open invoices of Sketchers Inc. results in the following report.
Invoice
Amount
Date(Each from this year)
#496
$458.48
5-Dec
#495
685.77
2-Dec
#427
274.16
5-Nov
#100
109.06
28-Jun
#300
741.43
3-Oct
#410
670.26
31-Oct
#204
62.69
25-Aug
#498
760.84
28-Dec
#499
276.15
28-Dec
#487
747.28
28-Nov
#310
207.65
8-Oct
#178
643.21
7-Aug
#497
335.03
5-Dec
#488
142.90
29-Nov
#105
18.73
5-Jul
$6,133.64
Required
a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 30 days, (2) 31-60 days, (3) 60-90 days, and (4) greater than 90 days.
b. Assume that the company estimates the allowance for doubtful accounts based upon the following percentages applied to the appropriate aging categories: (1) 1% for less than 30 days, (2) 5% for 31-60 days, (3) 30% for 60-90 days, and (4) 60% for greater…
Chapter 3 Solutions
Principles of Financial Accounting.
Ch. 3 - Prob. 1MCQCh. 3 - Prob. 2MCQCh. 3 - Prob. 3MCQCh. 3 - Prob. 4MCQCh. 3 - Prob. 5MCQCh. 3 - What is the difference between the cash basis and...Ch. 3 - Prob. 2DQCh. 3 - What type of business is most likely to select a...Ch. 3 - What is a prepaid expense and where is it reported...Ch. 3 - What type of assets requires adjusting entries to...
Ch. 3 - What contra account is used when recording and...Ch. 3 - Prob. 7DQCh. 3 - If a company initially records prepaid expenses...Ch. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Samsung Assume Samsung has unearned revenue. What...Ch. 3 - Prob. 12DQCh. 3 - Question: QUICK STUDY Periodic reporting C1 Choose...Ch. 3 - Prob. 2QSCh. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 6QSCh. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QSCh. 3 - Prob. 11QSCh. 3 - Accrued expenses adjustments For each separate...Ch. 3 - Prob. 13QSCh. 3 - Accrued revenues adjustments For each separate...Ch. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Preparing an adjusted trial balance P5 Following...Ch. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 1ECh. 3 - Classifying adjusting entries P1 P2 P3 P4 In the...Ch. 3 - Question: Adjusting and paying accrued wages P3...Ch. 3 - Question: Determining cost flows through accounts...Ch. 3 - Prob. 5ECh. 3 - Preparing adjusting entries P1 P2 P3 Prepare...Ch. 3 - Prob. 7ECh. 3 - Analyzing and preparing adjusting entries P5...Ch. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Question: Computing and interpreting profit margin...Ch. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Preparing adjusting entries P1 P2 P3 P4 For each...Ch. 3 - Prob. 1APCh. 3 - Prob. 2APCh. 3 - Prob. 3APCh. 3 - Prob. 4APCh. 3 - Prob. 5APCh. 3 - Prob. 1BPCh. 3 - Prob. 2BPCh. 3 - Prob. 3BPCh. 3 - Prob. 4BPCh. 3 - Prob. 5BPCh. 3 - Question: SERIAL PROBLEM Business Solutions P1 P2...Ch. 3 - Prob. 1AACh. 3 - Prob. 2AACh. 3 - Prob. 3AACh. 3 - Question: TAKING IT TO THE NET A1 Access EDGAR...
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