Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 3, Problem S3.13SE
Preparing an adjusted
| Learning Objective 4 |
Seth’s Tax Services had the following accounts and account balances after
| Cash | $? | Equipment | $ 11,000 |
| Land | 26,000 | 4,950 | |
| Utilities Payable | 150 | Office Supplies | 700 |
| Accounts Payable | 3,700 | Walker, Capital | 22,600 |
| 1,800 | Utilities Expense | 1,650 | |
| Service Revenue | 75,000 | Unearned Revenue | 900 |
| Supplies Expense | 1,100 | Depreciation Expense−Equipment | 1,900 |
| Walker, Withdrawals | 14,000 | Salaries Expense | 5,600 |
Prepare the adjusted trial balance for Seth's Tax Services as of December 31, 2018.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Learning Objective 2
S9-3 Applying the direct write-off method to account for uncollectibles
S
Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoin
account for uncollectible receivables.
At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eama
revenue of $22,000 on account and collected $15,000 on account. She also wrote off
uncollectible receivables of $1,100 on May 31, 2018.
Requirements
1. Use the direct write-off method to journalize Valley's write-off of the uncollecihe
receivables.
2. What is Valley's balance of Accounts Receivable at May 31, 2018?
X
Cengage Digital Learning
X
CengageNOWv2 | Online teachin
x
engage
X
/takeAssignment/takeAssignment Ma in.do? invoker-assignments&takeAssignmentSession Locator=assignment-take&inprogress-false
Calculator
Print Item
Show Me How
eBook
Payroll tax entrles
Chart of AccountsStarting Question Journal
Instructions
Instructions
According to a summary of the payroll of Guthrie Co., $720,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and
federal unemployment taxes.
Required:
A. Calculate the employer's payroll taxes, using the following rates: state unemployment, 5.4 %, federal unemployment, 0.6%.
B. On December 31, journalize the entry to record the accrual of payroll taxes. Refer to the Chart of Accounts for exact wording of account tides.
Next
Previous
Check My Work
US
19:39
SAMSUNG
DI
&
%
A
5
co
(Learning Objective 5: Evaluate collectibility using the allowance for uncollectibleaccounts) At the end of the current year (before adjusting entries), Autumn Corporation hada balance of $76,000 in Accounts Receivable and a credit balance of $11,000 in Allowance forUncollectible Accounts. Service revenue (all on credit) for the year totaled $490,000.RequirementsConsider each of the following two independent situations.1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expenseif Autumn Corporation estimates its uncollectible-account expense using a rate of 2% ofcredit sales. What is the ending balance of the Allowance for Uncollectible-Accounts underthis scenario?2. Now assume that Autumn Corporation uses the aging-of-receivables method. AutumnCorporation estimates that its Allowance for Uncollectible Accounts should have a creditbalance of $21,000. Calculate the amount of its Uncollectible-Account Expense. What isthe ending balance of the Allowance for…
Chapter 3 Solutions
Horngren's Accounting (12th Edition)
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle...Ch. 3 - S3-4 Applying the matching principle Learning...Ch. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Determining the effects on financial statements...Ch. 3 - Preparing a partial worksheet Learning Objective 6...Ch. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Determining the amount of prepaid expenses...Ch. 3 - E3-21 Journalizing adjusting entries Learning...Ch. 3 - E3-22 Journalizing adjusting entries Learning...Ch. 3 - Journalizing adjusting entries Learning Objective...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Using the worksheet to prepare the adjusted trial...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - P3-41B Journalizing and posting adjustments to the...Ch. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Prob. P3A.44BPGBCh. 3 - Using Excel to journalize and post adjusting...Ch. 3 - Prob. P3.46CPCh. 3 - Prob. P3.47PSCh. 3 - Tying It All Together Case 3-1
Before you begin...Ch. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
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
- (Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forwardCengage Learning * CengageNOWv2 | Online teachin x * Cengage Learning Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress-false eBook Show Me How Analysis of Receivables Method At the end of the current year, Accounts Receivable has balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000. a. Determine the amount of the adjusting entry for uncollectible acfounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Feedback T Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The…arrow_forward(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Hawkins and Harris, a CPAfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $104,000■ Allowance for Uncollectible Accounts, $12,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $695,000, all on accountb. Collections on account, $720,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $15,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Hawkins and Harris will report accounts receivable on its balance sheet atDecember 31, 2018.arrow_forward
- Window Help A education.wi am 1 WP NWP Assessment Player UI Application Question 28 of 42 View Policies Current Attempt in Progress In a service-type business, revenue is considered recognized when the service is performed. at the end of the year. at the end of the month. when cash is received. Save for Laterarrow_forwardTue Sep narks Window Help A v2.cengagenow.com Learning Module 2 – ACCT1105: Financia. * CengageNOWv2 | Online teach Student Services & Financial Aid O Mail - Whisby (STUDENT), Keyosha - Ou. eBook Show Me How Federal Income Tax Withholding Stan Stately's weekly gross earnings for the present week were $2,400. Stately has two exemptions. Using the wage bracket withholding table in Exhibit 2 with an $81 standard withholding allowance for each exemption, what is Stately's federal income tax withholding? Round your answer to two decimal places. Feedback Previous Next> Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 21 DII DD 888 F10 F1 F12 F5 F7 FB F2 F3 F4 #3 $ 2 3 5 7 8. delete { W T Y U S F G H J Karrow_forwardezto.mheducation.com wkes Learning Home amination I| G Saved Help MC Qu. 4-43 Adjustments help to ensure that all... 28 Adjustments help to ensure that all are recorded in the period in which they are earned. 56 nts Multiple Choice 01:19:19 journal entries cash transactions closing entries revenues Mc Graw Hill Education MacBook DII DD 80 F7 F8 F9 F3 F4 F5 F6 F2 * @ 23 24 4. 7 8 < coarrow_forward
- Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help I System Announcements CALCULATOR PRINTER VERSION 4 ВАСК NEX Exercise 9-04 a-f (Part Level Submission) At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries. (a - d) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the…arrow_forwardMODUFAM A v2.cengagenow.com nical College B Learning Module 8 - ACCT1105: Financial Accounting II (.. ECengageNOWv2| Online teaching еBook Show Me How Changes in Current Operating Assets and Liabilities Jasneet Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, Year 2 Dec. 31, Year 1 Accounts receivable $20,200 $22,900 Inventory 13,000 10,700 Accounts payable 10,900 9,400 Dividends payable 25,100 30,700 Adjust net income of $185,000 for changes in operating assets and liabilities to arrive at net cash flows from operating activities. Feedback Check My Work Once you have calculated the changes in the current operating assets and liabilities determine what impact those changes would For example if accounts receivable has increased from last year to this year does that mean the company has collected more cas If accounts payable has decreased does that mean the company has more cash or less cash? Check My Work Previous Save and Exit Submit…arrow_forwardokmarks Window Help A v2.cengagenow.com Tech. B Learning Module 8 - ACCT1105: Financial Acc. X CengageNOWw2 | Ontine teaching and learnin Cengage Learning еВook Show Me How Accounts Receivable Analysis A company reports the following: Sales $1,460,000 Average accounts receivable (net) 100,000 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work Save and Exit Submit Assignment for Grading All work saved. tv 16 MacBook Air DII DD F9 80 F8 F7 F5 F6 F4 F3 * & 2# $ 7 8 4 Y [ E T J K ....arrow_forward
- View transaction list Journal entry worksheet < 1 Transaction b. 2 3 During the current year, office supplies amounting to $930 were purchased for cash and debited in full to Supplies. At the end of last year, the count of supplies remaining on hand was $320. The inventory of supplies counted on hand at the end of the current year was $250. Note: Enter debits before credits. Record entry 4 5 6 7 8 General Journal Property tax expense Property tax payable Accounts receivable Service revenue Insurance expense Prepaid insurance Clear entry Debit 1,500 7,900 Credit 1,500 7,900 View general journalarrow_forwardHelp Save & Exit Seved Proctoring Enabled: Exam 2 (Chapters 6,7,8,9) Spring 2...0 Oswego Clay Pipe Company sold $45,400 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the 15 gross method of accounting for cash discounts. What entry would Oswego make on April 23, assuming the customer made the correct payment on that date? Multiple Choice 21 Cash 45,400 Sales discounts 1,362 Accounts receivable 45,400 Sales discounts forfeited 1,362 Cash 44,038 Sales discounts 1,362 45,400 Accounts receivable Cash 44,038 Sales 1,362 Accounts receivable 45,400 Cash 45,400 44,038 1,362 Accounts receivable Salesarrow_forwardMindTap - Cengage Learning 2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false ork items week 6: Homework eBook Salary State income taxes Exercise 12-22 (Algorithmic) (LO. 2, 3, 5) Yanni, who is single, provides you with the following information for 2021: CengageNOWv2 | Online teachin X Print Item Mortgage interest expense on principal residence Charitable contributions Interest income a. Yanni's taxable income: b. Yanni's AMT base: Check My Work Click here to access the exemption table. If required, round your answers to the nearest dollar. Compute the following: c. Yanni's tentative minimum tax: $117,400 11,740 10,566 2,348 1,761 94,507 32,647 X + 8,488arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License