Question
In: Accounting
Prepare journal entries to record the following transactions that occurred for this company in its second...
Prepare journal entries to record the following transactions that occurred for this company in its second year of operations. • Year 2 sales on account: $5,700,000. • Year 2 collections of accounts receivable: $5,900,000. • Year 2 write-offs: $44,000 • Year 2 reinstatements and subsequent collections of reinstated accounts: $29,000 • 12/31/Y2: Year-end adjustment to record estimated uncollectible accounts at 4% of credit sales.
Directions: Prepare all journal entries, post to accounts, and show the year-end balance sheet presentation of accounts receivable. Calculate the NRV after each transaction listed above.
Solutions
Expert Solution
The journal entries for the given transactions are as follows:
The Balances in the balance sheet for Accounts Receivable and Allowance for Doubtful Accounts will be as follows:
Since the opening balances are not given it is not possible to identify the exact balances of the stated accounts.
ekkarill92 answered 1 year agoRelated Solutions
Prepare journal entries to record the December transactions listed below. The following transactions occurred during the...
Prepare journal entries to record the December transactions
listed below.
The following transactions occurred during the month of December
2019:
Dec.
5
Paid accounts payable of $4,950.
6
Paid stadium rental of $8,500 in advance.
6
Purchased supplies, $720, on account.
7
Deposited $16,000 of admissions receipts.
9
Unearned admissions revenue is for gift certificates purchased
for admission into future shows. $480 more of these gift
certificates were sold to a local restaurant business, for
cash.
10
Purchased $2,150 of...
Prepare journal entries to record the following transactions and events that occurred in Marilyn County during...
Prepare journal entries to record the following transactions and
events that occurred in Marilyn County during calendar year
2019:
1. The legislature adopted the following budget: Estimated
revenues and other sources: Property taxes $1,740,000 Sales taxes
1,000,000 Use of fund balance 10,000 Total $2,750,000
Appropriations: General government—salaries $ 420,000 General
government—supplies 30,000 Parks department—salaries 2,000,000
Parks department—plants and supplies 300,000 Total $2,750,000
2. The Parks department placed PO 2019-1 for shrubbery in the
amount of $52,000 and PO 2019-2 for...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
Raw materials purchased on account, $116,000.
Direct materials used in production, $46,000. Indirect
materials used in production, $20,600.
Paid cash for factory payroll, $55,000. Of this total, $41,000
is for direct labor and $14,000 is for indirect labor.
Paid cash for other actual overhead costs, $9,250.
Applied overhead at the rate of 120% of direct labor cost.
Transferred cost of jobs completed...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
Raw materials purchased on account, $88,000.
Direct materials used in production, $39,000. Indirect
materials used in production, $17,800.
Paid cash for factory payroll, $55,000. Of this total, $39,000
is for direct labor and $16,000 is for indirect labor.
Paid cash for other actual overhead costs, $7,500.
Applied overhead at the rate of 120% of direct labor cost.
Transferred cost of jobs completed...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
A. Raw materials purchased on account, $100,000.
B. Direct materials used in production, $42,000. Indirect
materials used in production, $15,000.
C. Paid cash for factory payroll, $50,000. Of this total,
$36,000 is for direct labor and $14,000 is for indirect labor.
D. Paid cash for other actual overhead costs, $8,250.
E. Applied overhead at the rate of 120% of direct labor
cost....
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
Raw materials purchased on account, $88,000.
Direct materials used in production, $39,000. Indirect
materials used in production, $17,800.
Paid cash for factory payroll, $55,000. Of this total, $39,000
is for direct labor and $16,000 is for indirect labor.
Paid cash for other actual overhead costs, $7,500.
Applied overhead at the rate of 120% of direct labor cost.
Transferred cost of jobs completed...
Prepare summary journal entries to record the following transactions for a company in its first month...
Prepare summary journal entries to record the following
transactions for a company in its first month of
operations.
Raw materials purchased on account, $86,000.
Direct materials used in production, $38,500. Indirect
materials used in production, $23,000.
Paid cash for factory payroll, $50,000. Of this total, $38,000
is for direct labor and $12,000 is for indirect labor.
Paid cash for other actual overhead costs, $7,375.
Applied overhead at the rate of 125% of direct labor cost.
Transferred cost of jobs completed...
Prepare journal entries to record the following transactions entered into by Glaser Company:
Prepare journal entries to record the following transactions
entered into by Glaser Company:
2010
June 1 Received a $30,000, 12%, 1-year note
from Ann Duff as full payment on her account.
Nov. 1 Sold merchandise on account to
Malone, Inc. for $13,000, terms 2/10, n/30.
Nov. 5 Malone, Inc. returned merchandise
worth $500.
Nov. 9 Received payment in full from
Malone, Inc.
Dec. 31 Accrued interest on Duff's
note.
2011
June 1 Ann Duff honored her promissory
note by sending...
Prepare the journal entries to record the following transactions for Kilts & More, a company that...
Prepare the journal entries to record the following transactions
for Kilts & More, a company that produces hand-sewn kilts to
Americans celebrating at Irish Festivals around the country.
a. Purchased $140,000 of material (3,500 yards) in cash.
b. Issued $120,000 of material (3,000 yards) into production.
c. Paid $45,000 cash in production labor costs.
d. Applied overhead at the predetermined rate of $12 per
yard.
e. Incurred $42,000 of actual overhead costs, paid in cash. (Assume
any difference between actual...
Journal Entries. Record the following entries for November transactions that occurred between the Syracuse Co., as...
Journal Entries. Record the following entries for
November transactions that occurred between the Syracuse Co., as
the seller making the sales, and the Beecher Co., the buyer, making
the purchases. Use the perpetual method. Make a journal
entry for all date.
Nov. 2 Syracuse Co., sold merchandise on account to Beecher Co.,
$16,000, terms FOB shipping point, 2/10, n/30. Freight charges of
$375 were paid by the Syracuse Co., and added to the invoice. The
cost of the merchandise sold...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Self reflection report on Island Shangri-La hotel eco friendly concept
- How can interest groups influence a candidate’s campaign agenda?
- 1.Tier 2 suppliers are primary suppliers to manufacturers. True or False? 2. Which of the following...
- Private cars is a medium size car manufacturer planning to start a new business of sports...
- Urban and rural health care organizations throughout the industry are working together to coordinate care for...
- 13. Injury factors important in radiation-caused damage include: Energy of the particles Number of particles, or...
- Why does the average revenue and marginal revenue curve seperate for a monopolist.
ADVERTISEMENT