2,061,000 2,061,000 REQUIREHENT 1 Prepare adjustments based on the information below. (1) Prepare adjustmenting journal entires (2) Post adjustments to the t-accounts. Basic Information is based on the entire year 2020. a. A count of supplies indicated $1,200 remained at year-end b. Wages of S15,000 earned by employees but not paid as of year-end c. Interest on the loan payable incurred but not paid was $500. d. Interest earned on the notes receivable was $1,000. e Income tax was estimated to be $3,000 Moderate: f Amortization of the patent was calculated to be $5,000 g Depreciation expense was calculated to be S20,000 [contra] h Accounts receivable of $4,000 was estimated to be uncollectible [contra]
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- Adjusted Trial BalanceJune 30, 2012 Account | DebitCreditCashS21.200 Accounts receivable38.900Supplies 14.300Prepaid insurance 1, 800Equipment32.600 Acc. deprequipment26, 800Building42.800Acc dep:building10.800Land 28.300Accounts pavable22.700Notes pavable22, 400Interest payable100Wages payable200Unearned service revenue5.600Capital stock79.100 Retained earningsDividends4, 200Service revenue26.100Dep. expense: equipment600Dep. expense: building300Wages expense3, 400Insurance expense500Interest expense100Utilities expense1.100Advertising expense400Supplies expense3.300 Total 193.800193, 800Required:a. Prepare the income statement, the statement of retained earnings, and the balance sheet.b. Journalize the closing entries.c. Prepare the after - closing trial balance.ÁGSESSMENT POST EACH JOURNAL ENTRY TO ITS CORRESPONDIMG LED GER WRITE YOUR ANSWERS oH SEPARATE OF PAPER THE OWNER PURCHASED SUPPLIFS WORT H PIO,OD0 GENERAL JOURNAL PAGE1 DATE A CCOUMT TITLE AHD FXPLANTION PR DEBIT CREDIT 2019 JUL- SUPPLIES 牌03|P CASH AC COUNT HAME ACCOUNT TITLE AM EXPLANATIOM ACCOUT HO CREDIT DATE J.R. DEBIT BALANCES ACCOUNT ND- CREDIT IBALANCES ACCOUMT NAME ACCOUNT TITLE DATE AD FKPLANATION J.R DEBIT THE BUSINFSS RECEINED P&00 FOR SERVICES RENDFRED DATE 2019 ACCOUNT TITLE AND EXPLAHATIDN GENERALTOURNAL PR IDEBIT CREDIT CASH I le SERVICE REVENUE 401Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT
- Cengage Learning keAssignment/takeAssignmentMain.do?invoker=&takeAssignment geNOWv2 | Online teachi x Institution Page a. b. Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. Merchandise $58,600 73,100 Check My Work Freight Paid by Seller X $1,300 600 Presentation Principals of Mark X Session Locator=&inprogress=false Freight Terms FOB destination, 1/10, n/30 FOB shipping point, 2/10, n/30 Credit for Refunds and Allowances $6,500 3,900 ES Previous ☐ 9:08 O - 0Which one of the following journal entry is Correct on 20th February 2020? a. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 b. Debit Accounts receivable OMR 150 Credit Cash OMR 150 c. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 d. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150need help finding the net payment and credit towards account still due invoice amount= $538.42 date of invoice= April 23 Date of payment= May 14 credit terms= 3/10,1/15, n/30 E.O.M Net price= ?
- Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 c. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000 d. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000Class Collaborate-AC-163-44 P x CengageNOWv2| Online teachin X + 2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignments... A Determine the following measures for 2018. Round ratio values to one decimal place and dollar amounts to the nearest cent. For number of days' sales in receivables and number of days' sales in inventory, round intermediate calculations to the nearest whole dollar and final amounts to one decimal place. Assume there are 365 days in the year. 1. Working capital Г 2,790,000 2. Current ratio 4.1 3. Quick ratio 2.5 4. Accounts receivable turnover 16 5. Days' sales in receivables 22.8 days 6. Inventory turnover 7. Days sales in inventory 8. Debt ratio days % 9. Ratio of liabilities to stockholders' equity 10. Ratio of fixed assets to long-term liabilities 11. Times interest earned times times 12. Times preferred dividends earned Check My Work 8 144 0 P Previous Email Instructor Save and Exr Submit Assignment for Grading pri se…Which one of the following journal entry is Correct on 20th February 2020? a. Debit Accounts receivable OMR 150 Credit Cash OMR 150 b. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 c. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150 d. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 Which one of the following journal entry is Correct on 10th January 2020? a. Debit Accounts payable OMR 9,000 Credit Cash OMR 9,000 b. Debit Cash OMR 11,400 Debit Discount OMR 600 Credit Accounts payable OMR 12,000 c. Debit Accounts payable OMR 9,000 Credit Cash OMR 8,550 Credit Discount OMR 450 d. Debit Cash OMR 8,550 Debit Discount OMR 450 Credit Accounts payable OMR 9,000 Which one of the following journal entry is Correct on 15th February 2020? a. Debit Sales OMR 15,000 Credit Accounts receivables OMR 15,000 b. Debit Accounts receivable OMR 15,000 Credit Sales OMR 15,000 c. Debit Accounts receivables OMR 15,000…
- om te x O Indian X Conten X O My App X Reset F X Cengag x O Mail -E X Indian m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro.. Q < * * eBook Show Me How Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $6,800,000 and sales for the year total $81,500,000. a. The allowance account before adjustment has a debit balance of $68,250. Bad debt expense is estimated at % of 1% of sales. b. The allowance account before adjustment has a debit balance of $68,250. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $575,000. c. The allowance account before adjustment has a credit balance of $45,000. Bad debt expense is estimated at % of 1% of sales. d. The allowance account before adjustment has a credit balance of $45,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $450,000.…O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 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 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoce