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Accounting
June 12, 2018 Provide services to customers on account for $30,200. September 17, 2018 Receive $16,000 from customers on account. December 31, 2018 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2019 Provide services to customers on account for $45,200. May 20, 2019 Receive $10,000 from customers for services provided in 2018. July 2, 2019 Write off the remaining amounts owed from services provided in 2018. October 19, 2019 Receive $36,000 from customers for services provided in 2019. December 31, 2019 Estimate that 40% of accounts receivable at the end of the year will not be received.
Accounting
Please consider a bank statement noting that when checks cleared the bank and monies were accordingly deducted from the checking account, the bank reported it as a "debit" entry on the bank statement. You are likely familiar with a "debit card" which allows you to immediately withdraw cash from your personal bank account. We have learned that a positive cash balance is an asset and that an asset's balance decreases with a credit entry and increases with a debit entry. If this is the case, why do banks refer to these withdrawals (account reductions) as a "debit?" Please explain.
Accounting
On January 1, 2016, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 x 5% x ½ year), receiving cash of $500,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on June 30, and (c) the payment of the principal on the maturity date of December 31. Be sure to include the year in the date for (a) and (c). Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110Cash 111Petty Cash 121Accounts Receivable 122Allowance for Doubtful Accounts 126Interest Receivable 127Notes Receivable 131Merchandise Inventory 141Office Supplies 191Land 194Office Equipment 195Accumulated Depreciation-Office Equipment LIABILITIES 210Accounts Payable 221Salaries Payable 231Sales Tax Payable 232Interest Payable 241Notes Payable 251Bonds Payable 252Discount on Bonds Payable 253Premium on Bonds Payable EQUITY 311Common Stock 312Paid-In Capital in Excess of Par-Common Stock 315Treasury Stock 321Preferred Stock 322Paid-In Capital in Excess of Par-Preferred Stock 331Paid-In Capital from Sale of Treasury Stock 340Retained Earnings 351Cash Dividends 352Stock Dividends 390Income Summary REVENUE 410Sales 610Interest Revenue 611Gain on Redemption of Bonds EXPENSES 510Cost of Merchandise Sold 515Credit Card Expense 516Cash Short and Over 522Office Salaries Expense 531Advertising Expense 532Delivery Expense 533Repairs Expense 535Rent Expense 536Insurance Expense 537Office Supplies Expense 541Bad Debt Expense 562Depreciation Expense-Office Equipment 590Miscellaneous Expense 710Interest Expense 711Loss on Redemption of Bonds
Business
THE ENTRY TO RECORD THE EQUAL DISTRIBUTION OF NET INCOME BETWEEN TWO PARTNERS CONSISTSW OF A DEBIT TO: A. INCOME SUMMARY AND A CREDIT TO EACH PARTNER'S CAPITAL ACCOUNT. B. EACH PARTNER'S CAPITAL ACCOUNT AND A CREDIT TO CASH. C. INCOME SUMMARY AND A CREDIT TO EACH PARTNER'S DRAWING ACCOUNT. D. EACH PARTNER'S CAPITAL ACCOUNT AND A CREDIT TO INCOME SUMMARY
Accounting
Charmed, Inc. had credit sales for the period of? $142,000. The balance in Allowance for Doubtful Accounts is a debit of $643. If Charmed ages Accounts Receivable and determines estimated uncollectible accounts to be $2,850?, what is the required journal entry to record estimated uncollectible? accounts?
Accounting
In January, gross earnings in Gyro Company totaled $70,000. All earnings are subject to 8% FICA taxes, 5.40% state unemployment taxes, and 0.80% federal unemployment taxes. Prepare the entry to record January payroll tax expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31
Accounting
Assignment P3-1A Instructions: a.) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal. b.) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column. c.) Prepare an adjusted trial balance at June 30, 2010.
Accounting
Roth Inc. experienced the following transactions for 2016, its first year of operations: 1. Issued common stock for $80,000 cash. 2. Purchased $240,000 of merchandise on account. 3. Sold merchandise that cost $158,000 for $314,000 on account. 4. Collected $258,000 cash from accounts receivable. 5. Paid $225,000 on accounts payable. 6. Paid $52,000 of salaries expense for the year. 7. Paid other operating expenses of $41,000. 8. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 33,600 .01 0-30 14,000 .05 31-60 2,800 .10 61-90 2,800 .20 Over 90 days 2,800 .50 c. What is the net realizable value of the accounts receivable at December 31, 2016?
Accounting
Conduct internet research on "cash vs accrual basis" of accounting and find an article that compares both of these methods. Share some details about the article. Besides simplifying the accounting process, why do many small businesses prefer the cash basis over the accrual basis of accounting? Why do you think generally accepted accounting principles require the accrual basis to be used?
Accounting
5.The ending balance of the Accounts Receivable account was $10,000 and the beginning balance was $14,000. Services billed to customers for the period were $21,500. What was the amount of collections from customers? $17,500 $25,500 None of the others alternatives are correct $45,500 $31,500 7?When a company uses the periodic inventory system in accounting for its merchandise inventory, which of the following is true? None of the others alternatives are correct Cost of goods sold is computed at the end of the accounting period rather than at each sale The inventory account is updated throughout the year as purchases are made The inventory account is updated after each sale. Purchases are recorded in the cost of goods sold account. 10.Banner Ltd., bought merchandise for $900, terms 2/10, n/30. If Banner returns $300 worth of the goods to the vendor, the entry to record the return should include a None of the others alternatives are correct Debit to Discounts Lost of $6 Debit to Purchases Returns and Allowances of $294 Debit to Accounts Payable of $300 Credit to Purchases Returns and Allowances of $294
Accounting
Required: Complete all of the steps of the accounting cycle. This Excel workbook has been prepared to simulate an accounting information system. You will enter the daily transactions,month end adjusting entries, and closing entries. After each journal, you will post the entries to the general ledger, prepare the appropriate trial balances and financial statements. After you have entered the daily transactions and adjusting entries, review the general ledger, adjusted trial balance, and financial statements for accuracy. Make adjustments as necessary (to the journal entries). When you have verified the accuracy of the financial statements, complete the closing entries and post closing trial balance. The temporary accounts on the general ledger should have zero balances. Review of transaction analysis and accounting cycle Steps in the accounting information system. 1. Analyze the transaction a. Is it form the business or personal? b. It is financial? c. What type of account is it? (asset, lability, equity, revenue, expense, dividend) d. Does it increase or decrease the account? e. It is a debit or credit to the account? 2. Record the transaction in the general journal (chronological) 3. Verify the information was posted correctly from the journal to the general ledger. 4. Prepare the trial balance. 5. Record month end adjustments in the adjusting journal. Verify the information was posted to the general ledger correctly. a. a. Deferrals: expenses or revenues paid or received, recorded as assets or liabilities before they are used or earned. b. Depreciation: allocate the cost of fixed assets over the period covered. c. Accruals: revenues earned, expenses incurred but not yet paid or received, not recorded. 6. Prepare the trial balance. 7. Using the adjusted trial balance, prepare the financial statements: Income statement, balance sheet, and statement of retained earnings. 8. Record closing entries in the closing journal. Post the entries to the general ledger. 9 Prepare the post closing trial balance using the account balances from the general ledger. Practice Set Monthly transactions 1-Dec Issued 10,000 shares of stock at $10 per share. Raised $100,000 cash. 2-Dec Borrowed $60,000 cash at 10%. Principle and interest is due at end of 2nd year. (Month end adjustment = $500 interest/mo) 2-Dec Paid 1 month's rent, $3,000. 7-Dec Purchased supplies inventory $3,100; paid cash. 8-Dec Purchased yacht $286,000; $100,000 cash payment, financed remainder at 8%, principle and interest due at end of 4 years. (Month end adjustment = 1,240 interest/mo.) 9-Dec Purchased 1 year of insurance $1,200; paid cash 15-Dec Sold $25,000 worth of services, on accounts receivable. 29-Dec Received $13,000 from accounts receivable. 30-Dec Issued cash dividend to stockholders, $4,000.
Finance
Which of the following statements is the MOST accurate? An increase in disposable income improves the current account. An increase in disposable income does not affect the current account. An increase in disposable income worsens the current account. An increase in income worsens the current account.
Accounting
At the beginning of the current period, Sunland Company had balances in Accounts Receivable of $201,700 and in Allowance for Doubtful Accounts of $9,590 (credit). During the period, it had net credit sales of $875,700 and collections of $796,820. It wrote off as uncollectible accounts receivable of $7,410. However, a $2,808 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,830 at the end of the period. (Omit cost of goods sold entries.) Attached is what I have, the only thing I cannot grasp is the bad debt entry
Accounting
Question: In chapter #2, we are introduced to double-entry accounting where all changes in account balances are impacted with either a debit or a credit. What is a T-Account? On which side is the debit and on which side is the credit? Does this hold true under all circumstances? The book touches up on "source documents" which are used as documents to support journal entries made in the Accounting system? Provide examples of different types of source documents that a business might use. Newman company made a purchase of office supplies "on account". How will this transaction impact Newman's accounting equation? Be sure to specify both sides of the accounting equation! Newman production services has the following transactions for the year:Beginning cash balance of $45,000 Accounts receivable arising from credit sales of $45,000 Cash collections on credit sales of $30,000 Utility bill received but not yet paid of $5,000 Owner investment of $7,500 Owner withdrawal of $6,500 Cash sales amounting to $12,000 What is the ending cash balance as a result of the you recording all of the above transactions?
Accounting
The following current year information is available from a manufacturing company: Sales..............................640,000 Gross Profit on sales..............276,000 Operating Income................... 64,000 Income Before Taxes................ 44,000 Net Income......................... 33,600 Account Receivable, Beginning Year..58,000 Account Receivable, end of year.....70,000 Calculate the company's accounts receivable turnover and its days' sales uncollected.
Economics
The U.S. government uses: cash accounting for discretionary spending and capital accounting for defense spending. cash accounting for discretionary spending and capital accounting for nondiscretionary spending. only cash accounting. only capital accounting. cash accounting for foreign assistance spending and capital accounting for domestic spending. A balanced budget requires that: politicians vote for a budget in which spending exceeds revenues in order to be eligible for reelection. a deficit in that year be smaller than that of the previous year. entitlement spending equals discretionary spending. deficit spending equals entitlement spending. total spending equals total revenue. The budget process distinguishes between: entitlement spending and deficit spending. discretionary spending and deficit spending. surplus spending and deficit spending. debt spending and surplus spending. entitlement spending and discretionary spending.