College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 4QY
Rainy Day Services had $430 of supplies reported on its unadjusted
- a. Supplies Expense 175
Cash 175
- b. Supplies 430
Supplies Expense 430
- c. Supplies Expense 255
Supplies 255
- d. Supplies Expense 175
Supplies 175
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Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:
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Cassie Yost
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Question Content Area
a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank.
b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during the year. Based on past history and industry averages, 3/4% of credit sales are expected to be uncollectible. If an amount box does not require an entry, leave it blank.
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of
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What entry would Oswego make on April 18, assuming the customer made the correct payment on that date?
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Cash
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45,540
460
Accounts receivable
46,000
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Credit
Cash
46,000
Accounts receivable
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45,540
460
Account Title
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Credit
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Accounts receivable
46,000
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Credit
Cash
46,000
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Accounts receivable
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Rebecca Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end:
Administrative Expenses, $555
Cost of Goods Sold, $14,332
Delivery (freight-out) Expense, $569
Income Tax Expense, $1,148
Interest Expense, $1,295
Interest Revenue, $979
General Expenses, $1,826
Sales Revenue, $30,701
Sales Discounts, $2,716
Sales Returns and Allowances, $600
.Rebecca’s operating expenses are $____________
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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