Required (a) Determine the correct amount of the end-of-month posting from the purchases journal to the accounts payable control account. (b) Assume that Ladder Blocks has one creditor only and does not expect there to be any other creditors in the future. Would there be any advantage to Ladder Blocks setting up an accounts payable subsidiary ledger?
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- A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…PA4. LO 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNAL Page 79 DR COGS CR Merchandise DR Accts. Receivable Date Account Invoice No. Ref. CR Sales Inventory 2019 Feb. 4 Evert Company (E123) King Inc. (K331) Martina Inc. (M132) 17433 1,000.00 Feb. 8 17434 775.30 Feb. 14 17435 2,301.99 Feb. 16 Shriver Company (S101) 17436 500.00 SALES JOURNAL Page 102 Accounts Receivable, Discounts Sales, or Other Sales Date Account Invoice No. Ref. Cash DR DR Accounts CR 2019 Feb. 1 Cash Sales 465 465 Payment from Evert Feb. 15 Bank loan (230) Feb. 5 1723 980 20 1,000 2,000 2,000 Feb. 21 Payment from Shriver Co. 1719 500 500Identify Transactions in Accounts Receivable Subsidiary Ledger The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger: Mission Design NAME 1319 Elm Street ADDRESS Post. Ref. Date Item Debit Credit Balance 20Υ7 Apr. 3 R44 740 740 Apr. 6 J11 60 680 Apr. 24 CR81 680 Describe each transaction and identify the source of each posting. Describe each transaction Identify the source Apr. 3 Apr. 6 Apr. 24
- Accounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: Mobility Products Inc. NAME 46 W. Main St. ADDRESS Debit Date Item Post. Ref. Credit Balance Aug. 1 Balance 463 Aug. 10 Invoice No. 51 CR32 84 379 143 Aug. 17 Invoice No. 45 R22 522 Select the choice that describes each transaction and the source of each posting. Journal page Date Action Invoice No. Posted From Aug. 10 Aug. 17A ezto.mheducation.com estion-1-73A - Connect Data Sales.xlsx: fa21cob204 Computer Information Systems Saved Не Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com The following account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 104 Ending Balance $ 3,805 208 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable, Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. * Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense 104 X MacBook Pro @ 2# % & 3 4 6 8…A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo
- Accounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: NAME Horizon Entertainment ADDRESS 125 Wycoff Ave. Debit Credit Date Item Post. Ref. Balance Feb. 1 Balance 280 Feb. 22 Invoice No. 422 CR106 120 160 Feb. 27 Invoice No. 445 R92 170 330 Select the choice that describes each transaction and the source of each posting. Journal page Date Action Invoice No. Posted From Feb. 22 Feb. 27Identify Postings from Revenue Journal Using the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts: REVENUE JOURNAL Post. Accounts Rec. Dr. Date Invoice No. Account Debited Ref. Fees Earned Cr. 20Υ3 (a) May 1 112 Hazmat Safety Co. $2,050 Masco Co. May 10 113 (b) 980 Alpha GenCorp May 20 114 (c) 2,800 May 27 115 Tillman Inc. (d) 1,240 $7,070 May 30 (e) (a) (b) (c) (d) (e)PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200
- Two transactions were posted to the following creditor's account: NAME Windsurf, Inc.ADDRESS 343 Coastline Road Date Item Post Ref Debit Credit Balance Aug. 1 Balance 427 8 Invoice No. 333 CP89 427 0 15 Invoice No. 567 P18 1,177 1,177 Describe each transaction and the source of each posting. Aug. 8 Payment of $ ______to Windsurf, Inc. on account. Aug. 15 Purchased $ ______of supplies on account from Windsurf, Inc.Accounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: NAME Sweet Tooth Confections Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance 413 Aug. 10 Invoice No. 58 CR50 124 289 Aug. 17 Invoice No. 53 R44 129 418 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 Collected cash Cash receipts journal Aug. 17 Provided services on account Revenue journal16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.