Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 3, Problem 3.12MCE
To determine
Concept Introduction:
In balance sheet accounts receivable shown on asset side. Its mean amount of payment due in companies’ customers. Accounts receivables are of two types one is short term and another is long term accounts receivable.
To classify: The beginning balance of accounts receivable.
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Students have asked these similar questions
On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
can someone help me with journal entry with the following entries?
Prepare journal entries for the following:
Beginning Balance in Accounts Receivable: 12,000
Beginning Balance in Allowance: credit of 1,000
On March 31, customers were billed $25,000.
On June 15, cash collections from transaction (a) totaled $20,000.
On 10/31, a customer balance of $1500 from a prior year was written off.
On 12/15, a customer paid an old balance of $900 that had been written off in a previous year.
On 12/31, bad debts were estimated at 2% of credit sales.
More Review Show (MRS) prepares quarterly statements. The
bookkeeper presented to you the records and you found out the
following account balances before adjustments for the quarter
ended March 31, 200B:
The notes receivable balance of P180,000 as of March 31, 200B
consisted of a 60-day 12% note for P120,000 dated February 14,
200B and a 30-day 6% note for P60,000 dated March 16, 200B
Required: Prepare adjusting entry
Chapter 3 Solutions
Using Financial Accounting Information
Ch. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10E
Ch. 3 - Prob. 3.11MCECh. 3 - Prob. 3.12MCECh. 3 - Prob. 3.13MCECh. 3 - Prob. 3.14MCECh. 3 - Prob. 3.15MCECh. 3 - Prob. 3.16MCECh. 3 - Prob. 3.17MCECh. 3 - Prob. 3.18MCECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2.1PCh. 3 - Prob. 3.2.2PCh. 3 - Prob. 3.2.3PCh. 3 - Prob. 3.2.4PCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.2PCh. 3 - Prob. 3.3.3PCh. 3 - Prob. 3.3.4PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5.1MCPCh. 3 - Prob. 3.5.2MCPCh. 3 - Prob. 3.5.3MCPCh. 3 - Prob. 3.6.1MCPCh. 3 - Transaction Analysis and Financial Statements Blue...Ch. 3 - Prob. 3.6.3MCPCh. 3 - Prob. 3.6.4MCPCh. 3 - Prob. 3.7.1MCPCh. 3 - Prob. 3.7.2MCPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.8MCPCh. 3 - Prob. 3.9.1MCPCh. 3 - Problem 3-9 Transaction Analysis and Journal...Ch. 3 - Prob. 3.10.1MCPCh. 3 - Prob. 3.10.2MCPCh. 3 - Prob. 3.10.3MCPCh. 3 - Prob. 3.10.4MCPCh. 3 - Prob. 3.11MCPCh. 3 - Prob. 3.12.1MCPCh. 3 - Prob. 3.12.2MCPCh. 3 - Prob. 3.13.1MCPCh. 3 - Prob. 3.13.2MCPCh. 3 - Prob. 3.14.1MCPCh. 3 - Prob. 3.14.2MCPCh. 3 - Prob. 3.14.3MCPCh. 3 - Prob. 3.14.4MCPCh. 3 - Prob. 3.14.5MCPCh. 3 - Prob. 3.15.1MCPCh. 3 - Prob. 3.15.2MCPCh. 3 - Prob. 3.15.3MCPCh. 3 - Prob. 3.15.4MCPCh. 3 - Prob. 3.1AAPCh. 3 - Prob. 3.2.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.4AAPCh. 3 - Prob. 3.4AAPCh. 3 - Prob. 3.5.1AAMCPCh. 3 - Prob. 3.5.2AAMCPCh. 3 - Prob. 3.5.3AAMCPCh. 3 - Prob. 3.6.1AAMCPCh. 3 - Prob. 3.6.2AAMCPCh. 3 - Prob. 3.7.1AAMCPCh. 3 - Prob. 3.7.2AAMCPCh. 3 - Prob. 3.8AAMCPCh. 3 - Prob. 3.9.1AAMCPCh. 3 - Prob. 3.9.2AAMCPCh. 3 - Prob. 3.10.1AAMCPCh. 3 - Prob. 3.10.2AAMCPCh. 3 - Prob. 3.10.3AAMCPCh. 3 - Prob. 3.10.4AAMCPCh. 3 - Prob. 3.11AAMCPCh. 3 - Prob. 3.12.1AAMCPCh. 3 - Prob. 3.12.2AAMCPCh. 3 - Prob. 3.13.1AAMCPCh. 3 - Prob. 3.13.2AAMCPCh. 3 - Prob. 3.14.1AAMCPCh. 3 - Prob. 3.14.2AAMCPCh. 3 - Prob. 3.15.1AAMCPCh. 3 - Prob. 3.15.2AAMCP
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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
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardCatherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.arrow_forward
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- A. More Review Show (MRS) prepares quarterly statements. Thebookkeeper presented to you the records and you found out the following account balancesbefore adjustments for the quarter ended March 31, 200B:1. The notes receivable balance of P180,000 as of March 31, 200B consisted of a 60-day 12% note for P120,000 dated February 14, 200B and a 30-day 6% note for P60,000 dated March 16, 200B2. The balance of the prepaid insurance account of P22,000 represents a one-year policycontracted last November 1, 200A for P10,000 and a two-year policy contracted last July 1, 200A for P12,0003. The balance of the prepaid rent account of P50,000 pertains to advance rent paid lastDecember 1, 200A six months effective on the same date.4. The rate per day for each of the four shop workers is P350. MRS pays the weekly salaries of its workers every Monday of the following week ( a week consisting of five days from Monday to Friday). March 31, 200B falls on Thursday.5. Mortgage notes payable had a credit…arrow_forwardUsing the data in the preceding question, assume accounts receivable had a beginning balance of $67,400 and net credit sales for the current year totaled $807,800. How many days did it take Schultz to collect its average level of receivables? a. 49 b. 35 c. 29 d. 26arrow_forwardThe January 1 balance in accounts receivable was $22,000. All sales during the period were on credit and totaled $647,000. Collections on account were $631,000. Write-offs during the year totaled $28,000. What is the ending balance in accounts receivable? A. $10,000 Dr balance B. $18,000 Cr balance C. $6,000 Dr balance D. $34,000 Dr balancearrow_forward
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