Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Accounts Receivable 37,270 Inventory 48,570 Supplies No. Date Account Titles and Explanation Debit Credit 9,070 Nov. Equipment 140.140 1. Supplies Experse 4,000 30 Accumulated Depreciation-Equipment $26,640 Supplies 4,000 Notes Payable 54,570 Nov. Accounts Payable 52,070 2. Depreciation Expense 16,980 30
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- Show Attempt History Current Attempt in Progress On May 1, 2020, Christina Fashions borrowed $106,000 at a bank by signing a four-year, 6% loan. The terms of the loan require equal principal payments of $26,500 and accrued interest at 6% due annually on April 30. The loan agreement requires the company to maintain a minimum current ratio of 2.0. The December 31, 2020, year-end statement of financial position, immediately prior to the reclassification of long-term debt, follows: Current assets $137,800 Current liabilities $53,000 Non-current assets 163,200 Loan payable 106,000 Common shares 72,000 Retained earnings 70,000 Total liabilities and Total assets $301,000 shareholders' equity $301,000 Your answer is partially correct. Does Christina Fashions comply with the bank's current ratio requirement prior to recording the accrued interest and reclassification of the current portion of the long-term loan? (Round answer to 1 decimal place, e.g. 1.2.) Current ratio 2.6 Christina Fashions…Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) i (Click the icon to view the transactions.) Jun Date 2024 Invoice No. Account Debited More info Jun. 1 Jun. 8 Customer Jun. 13 Jun. 28 Sales Journal Post. Ref. Accounts Receivable DR Sales Revenue CR Sold merchandise inventory on account to Ford Junk, $1,250. Cost of goods, $960. Invoice no. 101. Page Cost of Goods Sold DR Merchandise Inventory CR Sold merchandise inventory on account to Iris Fray, $2,250. Cost of goods, $1,650. Invoice no. 102. Sold merchandise inventory on account to Jack Tremane, $400. Cost of goods, $240. Invoice no. 103. Sold merchandise inventory on account to Gail White, $810. Cost of goods, $650. Invoice no. 104. Print Done XOn December 31, 2023, Bonita Link Corporation received a four-year, 6%, $572,000 bank loan. The terms provide for payment of the bank loan with semi-annual instalment payments of $81,485 principal and interest, starting on June 30. Bonita has a March 31 year end and records adjusting entries annually.
- A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimáted percent uncollectible for each age group: Age Group 0-69 days 61-98 days 01 123 days Dver 128 days Amount $55,000 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written of: Required: Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain a transaction/event, select "No journat entry requirEG" in the first account fielld.) w transaCtion ist Journal entry worksheet Record the entry to write-off specific accounts.Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box blank. Account Accounts Payable Account No. 21 DATE ITEM POST.REF. DEBIT CREDIT BALANCEDEBIT CREDIT Sept. 1, 20Y4 Balance Sept. 18, 20Y4Current Attempt in Progress Cullumber Tailors sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. (a) Cullumber Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $477. The standalone selling price of the tablet is $249 (the cost to Cullumber Tailors is $191). Cullumber Tailors sells the Internet access service independently for an upfront payment of $277. On January 2, 2025, Cullumber Tailors signed 110 contracts, receiving a total of $52,470 in cash. Cullumber Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $587. Cullumber Tailors provides the 3-year tablet service plan as a separate…
- On January 1, 2022, Oriole Company issued $430,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. (a)Pharoah Corporation issued $420,000 of 5-year bonds on April 1, 2023. Interest is paid semi-annually on April 1 and October 1. Below is a partial amortization schedule for the first few years of the bond issue. Semi-Annual Interest Period Apr 1, 2023 Oct. 1, 2023 Apr. 1.2024 Oct 1, 2024 Apr. 1.2025 Oct. 1, 2025 Apr. 1, 2026 Interest Payment $8,400 $6,591 8,400 6,563 6,536 6,508 6,479 6,451 8,400 Interest Expense 8,400 8,400 8,400 Amortization. $1,809 1,837 1,864 1,892 1,921 1,949 Carrying Amount of Bonds $439,367 437,558 435,721 433,857 431.965 430,044 428,095Requirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Wrote off as uncollectible the $1,400 account receivable from Blue Carpets and the $300 account receivable from Show -N- Tell Antiques. Data table Journal Entry Accounts Credit Date Nov Debit 1,700 30 Allowance for Uncollectible Accounts Accounts Receivable and aging schedule to be used at December 31, 2022 Accounts Receivable-Blue Carpets 1,400 Accounts Receivable-Show-N-Tell Antiques 300 Accounts Receivable $235,000 Estimated percent uncollectible Age of Accounts 1-30 Days 31-60 Days 61-90 Days $ 130,000 $ 38,000 $ 14,000 $ 0.2% 2% 15% Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Journal Entry Date Accounts Debit Credit Dec 31 Print Done Over 90 Days 53,000 35% X
- COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Comos Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Madonnas Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:View Policies Show Attempt History Current Attempt in Progress Cullumber Corporation sold Sugar Frosted Cocoa Bombs, a children's breakfast cereal. As a promotion, Cullumber offered its customers a free music CD in exchange for 4 boxtops, plus $3.10 to cover postage and handling. The CD cost Cullumber $3.35, and postage costs to mail the CDs out to customers were $2.50. Cullumber estimated that 80% of its customers would redeem boxtops. Cullumber purchased 10,800 CDs at the start of the promotion in November, 2020. 125,000 boxes of cereal were sold during November and December, 2020, and Cullumber's year-end was December 31. Prior to the end of the fiscal year, 6,400 customers took advantage of the offer, which continued until February, 2021. Cullumber follows ASPE and uses the expense approach to account for its premiums. Your answer is correct. Prepare the journal entry to record the purchase of the promotional CDs. (Credit account titles are automatically indented when the amount is…