Chapter 3, Problem 3.1EYCT

(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12

Assign the appropriate 3-digit account number to each account and place them under the correct headings. Initially the number the accounts by 10. Answer: 2. Add two new expense accounts to the chart of accounts you prepared. Assign each account numbers based on where they would be placed in the chart of accounts. Miscellaneous Expense Utilities Expense Answer:

Consider the following transactions associated with accounts receivable and the allowance for uncollectible accounts.Required:For each transaction, indicate whether it would increase (I), decrease (D), or have no effect (NE) on the account totals. (Hint: Make sure the accounting equation, Assets = Liabilities + Stockholders’ Equity, remains in balance after each transaction.)

Following is the alphabetized account information. Assume all accounts have normal balances. Accounts Payable $11,200 Accounts Receivable 15,800 Administrative Expense 54,719 Cash 56,681 Common Stock 46,000 Service Revenue 70,000 Prepare an unadjusted trial balance, in correct format. If an amount box does not require an entry, leave it blank. Unadjusted Trial Balance Debit Credit Accounts Payable Accounts Receivable Administrative Expense Cash Service Revenue Common Stock

! 1/1 1/1 12/31 b. Organize the information in accounts under an accounting equation. Note: Round your answers to the nearest whole dollar amount. Enter any decreases to account balances with a minus sign. If there is no effect on the Account Titles for Retained Earnings, leave the cell blank. Not all cells will require entry. 12/31 12/31 Required information [The following information applies to the questions displayed below.] 12/31 On January 1, Year 1, Brown Company borrowed cash from First Bank by issuing a $55,500 face value, four-year term note that had an 5 percent annual interest rate. The note is to be repaid by making annual cash payments of $15,652 that include both interest and principal on December 31 of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $28,305 cash per year. Balance Year 2 Beginning balance Event 12/31 Year 1 12/31 Ending balance Year 3 Beginning balance 12/31 12/31 Ending balance Year 4 Beginning balance…

Which of the following accounts will get affected when cash is received from sale made on account in the last month? O a. Cash and Salary Expense O b. Cash and Notes Payable O c. Cash and Accounts Receivable Od. Cash and Service Revenue

Use the following T-account for Careful Corporation to answer questions 11 and 12:                        Accounts Receivable Beg. Bal.        $   187 18                                 150   6                                   64 15   19 End. Bal.       $       ?   The ending balance of Accounts Receivable for Careful is: Group of answer choices A. $401 debit B. $343 debit C. $343 credit D. $ 58 credit

Select the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio O

Account balances Consider the changes in the accounts payable, accounts receivable, and cash accounts. Use T accounts to find the missing values. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. During February, $195,500 was paid to creditors on account, and purchases on account were $207,600. Assuming the February 28 balance of Accounts Payable was $60,500, determine the account balance on February 1. Round your answer to the nearest dollar. $ b. On October 1, the accounts receivable account balance was $117,800. During October, $473,900 was collected from customers on account. Assuming the October 31 balance was $137,960, determine the fees billed to customers on account during October. Round your answer to the nearest dollar. X c. On April 1, the cash account ance was $50,140. During April, receipts totaled $265,500 and the April 30 was…