At the end of 2021, Worthy Co.'s balance for Accounts Recelvable is $24,000, while the company's total assets equal $1,540,000. In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $4,000 becomes a bad debt on March 14. Record the write off of this customer's account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 <> Record the write off of this customer's account in 2022 using the direct write off method. Note: Enter debits before credits. Date General Journal Debit Credit March 14, 2022 Record entry Clear entry View general journal

At the end of 2021, Worthy Co.'s balance for Accounts Recelvable is $24,000, while the company's total assets equal $1,540,000. In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $4,000 becomes a bad debt on March 14. Record the write off of this customer's account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 <> Record the write off of this customer's account in 2022 using the direct write off method. Note: Enter debits before credits. Date General Journal Debit Credit March 14, 2022 Record entry Clear entry View general journal

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 4.5C

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n.com AliExpress Lazada a Agoda.com Open with Google Docs - Intermediate Accounting 1.docx C PI8,000 d. P24,800 For Nos. 28-30 The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these accounts. On December 15, 2020, the entity assigned the remalnder of the accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000, 12% annual interest rate loan. The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts has been collected by the end of the year. Allowance for bad debts before adjustment, 12/31/2020 Estimated uncollectible, 12/31/2020 Accounts receivable not indluding factored and assigned accounts Accounts recelvable - assigned Accounts receivable- factored 100,000 10% of accounts receivable 1,000,000 5,000,000 1,500,000 28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d.…
Chapter 5 Exercises i Saved 49 Required information Part 4 of 7 (The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit 1 $ 26,100 14,700 Cash points Accounts Receivable Allowance for Uncollectible Accounts $ 3,000 Supplies Notes Receivable (6, due in 2 years) Land Skipped 3,600 15,000 80,000 Accounts Payable Conmon Stock Retained Earnings 7,900 95,000 33,500 eBook Totals $139,400 $139,400 Print During January 2021, the following transactions occur: 2 Provide services to customers for cash, $46,100. 6 Provide services to customers on account, $83,400. January January January 15 write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32, 500. January 22 Receive cash on accounts receivable, $81,000. January 25 Pay cash on accounts payable, $6,600. January 30 Pay cash for utilities during January, $14,800. References…
38 es Maps On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) Common Stock Retained Earnings Totals Saved Help
Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Debit $13,000 Credit Accounts Receivable 37,600 Allowance for Uncollectible Accounts $ 3,600 Inventory Land Buildings 153,800 85,300 138,000 Accumulated Depreciation 11,400 Accounts Payable 37,500 Common Stock 218,000 Retained Earnings 157,200 Totals $ 427,700 $ 427,700 During January 2024, the following transactions occur: January 1 Borrow $118,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,281 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $29,000. Receive $32,800 from customers on accounts receivable. January 15 Pay cash for salaries, $30,700.…
Problem 6-3: The Kissagram Corporation The Kissagram Corporation produced the following summary of its Accounts Receivable on October 31, 2021: Customer Total $ Notes Aniston 9000 25% over 30-60 days; Remainder 90. Leblanc 9000 100% > 90 days outstanding. Required 1. Prepare an aged schedule of Accounts Receivable. Use the following categories: 90 days (delinquent). 2. Compute the balance for the Allowance for Doubtful accounts (rounded to the nearest $). Assume bad debt percentages for each category of 0.7%, 7%, 12% and 22%. Upon completion, enter the following data here: Allowance for Doubtful Accounts submit
16% D Fri le Edit View History Bookmarks Window Help A education.wiley.com W https://msroederbhs.weebly.com/uploads/2/2/4/0/= NWP Assessment Player UI Application - Quiz 2 -/3 E Question 9 of 10 < View Policies Current Attempt in Progress At August 31, Coffman Company has this bank information: cash balance per bank $6,450; outstanding checks $2,762; deposits in transit $1,700; and a bank service charge $20. Determine the adjusted cash balance per bank at August 31, 2021. Adjusted cash balance per bank 2$ Attempts: 0 of 1 used Submit Answer Save for Later 7.288 MAR 4 étv P. Maclook A 000 80 DII DD F1 F2 F3 F4 F5 F6 F7 F8 F9 F10 @ # $ % A & * 2 3 5 6 8
! Required information Exercise 9-24 (Algo) Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Debit $ 11,300 34,200 Credit $ 1,900 152,100 Land Buildings Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals 68,300 121,000 9,700 18,800 201,000 155,500 $ 386,900 $ 386,900 During January 2024, the following transactions occur: January 1 Borrow $101,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,953 are required at the end of each month for 60 months. January 4 January 10 Pay cash on accounts payable, $12,000. Receive $31,100 from customers on accounts receivable. January 15 Pay cash for salaries, $29,000.…
tle=pccertified-professional-in-financial-accounting 5e33e716ef363&c=9&p=1 O New Tab 6 Currency Conversion O Silberline Intranet S.. @ https://www.comm... A SAP Health Declara. I Silberline Home ( Previous al Question 1/50 O 117 min 15 secs 2% 89% Done In October 2015 Utland sold some goods on sale or return terms for $2,500. Their cost to Utland was $1,500. The transaction has been treated as a credit sale in Utland's financial statements for the year ended 31 October 2015. In November 2015 the customer accepted half of the goods and returned the other half in good condition. What adjustments, if any, should be made to the financial statements? A. Sales and receivables should be reduced by $2,500, with no adjustment to closing inventory B. ) Sales and receivables should be reduced by $2,500, and closing inventory increased by $1,500. C. Sales and receivables should be reduced by $1,250, and closing inventory increased by $750 D. No adjustment is necessary Next O Mark For Review @…
Current Attempt in Progress At December 1, 2022, Tamarisk, Inc. Accounts Receivable balance was $17470. During December, Tamarisk had credit sales of $46800 and collected accounts receivable of $37440. At December 31, 2022, the Accounts Receivable balance is O $64270 debit O $17470 debit O $26830 credit O $26830 debit Save for Later Attempts: 0 of 1 used Submit Answer
n&external_browser%3D0&launchUrl=https%253A9 CT Problems Saved Help Save South Sea Baubles has the following (incomplete) balance sheet and income statement. BALANCE SHEET AT END OF YEAR (Figures in $ millions) 2019 Assets 2018 Liabilities and Shareholders' Equity 2018 2019 Current assets $ 102 $ 200 Current liabilities $ 74 $ 96 Net fixed assets 920 1,020 Long-term debt 660 870 INCOME STATEMENT, 2019 (Figures in S millions) $ 2,010 1,090 410 Revenue Cost of goods sold Depreciation Interest expense 252 a&b. What is shareholders' equity in 2018 and 2019? c&d. What is net working capital in 2018 and 2019? e. What are taxes paid in 2019? Assume the firm pays taxes equal to 21% of taxable income. f. What is cash provided by operations during 2019? g. Net fixed assets increased from $920 million to $1,020 million during 2019. What must have been South Sea's gross investment in fixed assets during 2019? Complete this question by entering your answers in the tabs below. Piey 1of 8 Next > P o…
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?