LENARD ENTERPRISE Trail Balance As of December 31, 2020 Account Debit Credit (P) Credit (P) Sales 285, 850.00 Sales Return and Allowances 3,586.00 Sales Discounts 2,500.00 Notes Payable (due in 3 years) 87,900.00 Merchandise Inventory, January 1 175,000.00 Purchases 80,250.00 Account Payable Freight-in Purchase Discount 25,930.00 2,500.00 2,875.00 Purchase Return and Allowances 3,000,00 Rent 22,875.00 Merchandise Inventory, Dec. 31 61,234.00 Commission Expense 12,500.00 Salaries 28,000.00 Utilities 2,850.00 Gas and Oil 650.00 Repair and Maintenance 6,585.00 I 1,475.00 Interest Income Interest Expense Taxes and Licenses 5,000.00 3,500.00 Total 407,030.00 407,030.00 I| a51642.roc2.blindsidenetworks.com is sharing your screen. Stop sharing Hide
Q: SAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable…
A: The financial statements of the business include the income statement and balance sheet.
Q: Required: Record the following transactions of Allen Inc.: (Round your answers to 2 decimal places.)…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: ce for uncollectible accounts8,400 ompleted the following transactions in 2019 Net credit sales, Php…
A: The journalize of entries are given as, As per rule, allowed to answer first three subparts and post…
Q: Entity A bills its branch for merchandise shipments 25% of sale. As of cut-off date, December 31,…
A: Calculation of Allowance for overvaluation is shown below:
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Particulars Amount Purchase of Merchandise P9,000,000 Less: Ending inventory 1,500,000 Cost of…
Q: a. The amount of recorded sale b. The amount of cash received upon payment
A: Trade Discount - Trade Discount is given on the list price of the goods and the same is not recorded…
Q: data in the first quarter of 2018: Accounts receivable, beginning Accounts receivable, ending Trade…
A: Professional tax is the tax which is applicable on the person who is not registered under VAT. This…
Q: On June 1, 2020, Eleno Buray Jr. Forest Products sold merchandise with a P120,000 list price. Trade…
A: Trade discount is offered to encourage the buyer to purchase the products in bulk size. This…
Q: A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December…
A: Financial statement has 3 components, they are Statement of Comprehensive Income Statement of…
Q: 2. On April 18, 2020, C Company purchased merchandise from Z Company amounting to P80,000 under the…
A: Cost of merchandise: The cost of products sold by a wholesaler or retailer is known as the cost of…
Q: Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit…
A: The income statement is one of the essential parts of the financial statements used for reporting…
Q: Entity A bills its branch for merchandise shipments 25% of sale. As of cut-off date, December 31,…
A: Branch accounting is the accounting records maintain by the each branch separate from their head…
Q: Prepare a statement of cash flow ?
A: A cash flow statement is a financial statement that summarizes the amount of cash and cash…
Q: On June 1, 2021, ABC Company SOLD merchandise with a P120,000 list price. Trade Discount Credit…
A: The trade discount is deducted from the list price of the merchandise. The sales price is calculated…
Q: MARTINEZ Company records its purchases at gross but wishes to change to recording purchases at net.…
A: When purchases are recorded using the net method, purchases and accounts payable are recorded at an…
Q: Let’s Check Activity 1. Trade and Cash Discount Calculations On June 1, 2020, Marie Chavez Products…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Assume the following data for Casper Company before its year-end adjustments: Journalize the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Year Ended December 31, Debit Credit Cash $ 624,500 Accounts Receivable 100,233 465,099 277,340…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: 2. On June 1, 2020, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: a.At January 1, 2020, Mr. James had accounts receivable of 72,000. At December 31, 2020, accour…
A: Calculation of purchases made=Cost of goods sold+ Ending stock - Beginning stock Calculation of cash…
Q: Credit Account Title Sales Sales Returns and Allowances Sales Discounts Purchases Purchases Returns…
A: Solution: Net Sales = Sales - Sales returns and allowances - Sales discounts = 875,000 - 12,000 -…
Q: LENARD ENTERPRISE Trail Balance As of December 31, 2020 Account Debit Credit (P) Credit (P) Sales…
A: Cost of sale is the total cost of items which have been sold during the period. It can be determined…
Q: Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales…
A: gross method of recording sales - the sales transaction is recorded at its gross price without…
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Accounts receivable is the outstanding amount from the parties to whom the credit sales has been…
Q: Modern Enterprises Co purchases $200,000 of merchandise with credit terms of 3/10, n60 on March,…
A: Discount on payment = amount payable x discount rate = 200000 x 3% = $6000
Q: Sales for the year ended December 31, 2020 should amount to:* 7,725,000 7,875,000 8,025,000…
A: Adjustment Entries The purpose of providing the adjustment entries to make more effective and…
Q: the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june…
A: Particulars Amount ($) Particulars Amount ($) Balance b/f (as on 1 June 2020) 28227 Sales…
Q: Eastern Trading Co purchases $350,000 of merchandise with credit terms of 2/10, n60 on March 4th…
A: Eastern Trading Co. is the buyer and Sohail LLC is the seller.
Q: Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for…
A: Introduction:- Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a…
Q: On April 1, 2020 Sony Company sold merchandise worth $10,000 to Dan Company, terms 4/10, n/30. On…
A:
Q: 22. On June 1, 2020, Penny Corp. sold merchandise with a list price of $40,000 to Linn on account.…
A: Invoice value of merchandise = $40,000 (1-0.30) (1-0.20) = $22,400
Q: On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms…
A: The account receivables are referred to as the amount that a business has to collect from its…
Q: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Notes Receivable…
A: Ratio Analysis - The ratio is used to recognize liquidity, Solvency and Profitability of the…
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Cost of Goods Sold = (Inventory, January 1 + Purchases) - Inventory, June 30…
Q: The following are selected transactions for KnK, Enterprises on September 2020. All transactions…
A: The journal is the primary book of entry of business transactions. A journal entry keeps record of…
Q: As at June 30 2021 2020 Cash $ 22,350 $ 20,400 Accounts receivable 57,860 29,500 Prepaid expenses…
A: Accounts receivable turnover ratio (2021) = Net credit sales / Average debtors = 790,200 / 43,680 =…
Q: FDN Trading recorded the following events involving a recent purchase of merchandise: Received…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying…
A: Inventory turnover = cost of goods sold/ average Inventory
Q: The following information relates to a business for the year ended 31 December 2019: 24 Trade…
A: Calculation of Balance on the Trade receivables control account on 31 December 2019: Trade…
Q: Andy Company records its purchases at gross but wishes to change to recording purchases at net.…
A: WHEN PURCHASES ARE RECORDED USING THE NET METHOD , PURCHASES AND ACCOUNTS PAYABLE ARE RECORDED AT AN…
Q: PERFORMANCE TASK for Application of SCI, SCE, and Worksheet Below is the adjusted balance of Buhaypa…
A: Financial Statement: Financial statements consist of income statement, balance sheet, and statement…
Q: Novak Corp. has accounts receivable of $111,000 at March 31, 2022. An analysis of the accounts shows…
A: Uncollectible accounts are the accounts which are completely loss for the firm. These accounts have…
Q: Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow: B…
A:
Q: Problem #1 Trade and Cash Discount Calculations On June 1, 2020, Eleno Buray Jr. Forest Products…
A:
Q: Entity A bills its branch for merchandise shipments 25% of sale. As of cut-off date, December 31,…
A: Over-Valuation:-When the budgeted estimation is more than the actual expenses or value incurred,…
Q: Bayabas Company started operations on January 1, 2021. Following data are available as of June 30,…
A: Account Receivable is a Current Asset account. When a credit sales is made , Sales revenue is…
Q: llectible. Using the percentage of sales method: Determine the amount to be charged to the…
A: BS stands for Balance Sheet which is among the three other financial statement named CFS (Cash flow…
Q: Debit (RM) Credit (RM) 48,400 Particulars Capital Drawings Trade receivables Trade payables Sales…
A: Statement of Profit or Loss and Comprehensive Income Profit or Loss and Comprehensive Income is a…
Q: PROBLEM: On January 1, 2022, Trevor Co. sells goods with a list price of P1,000,000 on account under…
A: Sales terms refer to the amount for which the goods are sold or services are rendered. the sales may…
Step by step
Solved in 2 steps with 2 images
- McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
- Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…Problem 12Rosalie Co. uses the gross method to record sales made on credit. On June 10, 2020, it made sales of P100,000 with terms 2/10, n/30 to Finley Farms, Inc. On June 19, 2020, Rosalie received payment for 1/2 the amount due from Finley Farms. Rosalie’s fiscal year end is on June 30, 2020. What amount will be reported in the statement of financial position for the accounts receivable due from Finley farms, Inc.? _________Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted of the following: Trade accounts receivable 93,000 Allowance for uncollectible accounts (2,000) Claim against shipper for goods lost in transit (November 2020) 3,000 Selling price of unsold goods sent by Mann on consignment at 130% of cost (not included in Mann’s ending inventory) 26,000 Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________.…
- The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
- The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Surf and Tide. Surf Tide Sales revenue $19,176.1 $10,381 Allowance for doubtful accounts, beginning 78.4 119 Allowance for doubtful accounts, ending 110.8 124 Accounts receivable balance (gross), beginning 2,873.7 1,743 Accounts receivable balance (gross), ending 2,994.7 1,553 Instructions a) Calculate the accounts receivable turnover and average collection period for both companies. My answer for (a) Surf Tide Net Accounts Receivable, beginning (Accounts receivable balance (gross), beginning-Allowance for doubtful accounts, beginning) (2,873.7-78.4) =2,795.3 (1,743-119) =1,624 Net Accounts Receivable, ending (Accounts receivable balance (gross), ending-Allowance for doubtful accounts, ending) (2994.7-110.8) =2,883.9 (1,553-124) =1,429 Average Net Accounts Receivable (Net Accounts Receivable, beginning+Net Accounts Receivable,…On January 1, 2021, the general ledger of Big Blest Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 48, e00 Accounts Receivable Allowance for Uncollectible Accounts $ 4, See Inventory Land 37,800 72,108 Accounts Payable Notes Payable (6%, due in 3 years) Comnon Stack 28,9ee 37,000 63, 0e0 Retained Earnings 39,0e0 Totals $172,400 $172,48e The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During Janusry 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,6e0 units for $168,80e on account ($18s cach). January 8 Purchase 1,78e units for $187,000 on account ($11e cach). January 12 Purchase 1,8e0 units for $287, B0e on account ($115 cach). January 15 Return 135 of the units purchased on 3anuary 12 because of defcects. January 19 sell 5,280 units on account for $788,eee. The cost of the units sold is deternined using a FIFO perpetual inventory systen. January 22 Receive $753, eee…