Reference no: EM132540203
Question - At December 31 of the current year, which is the fiscal year-end of Penguins Incorporated, the following balances appeared in the general ledger, prior to adjusting entries:
Accounts Receivable $110,000 DR
Allowance for doubtful accounts 2,000 CR
Sales Revenue (1/2 of this total = credit sales) 400,400 CR
Sales Returns & Allowances (1/2 of this total relates to credit sales) 10,400 DR
Included in the Accounts Receivable are accounts to be written off in the amount of $2
(a) Prepare all of the necessary year-end adjusting entries under the assumption that it is estimated that two percent of outstanding customer receivables will not be collected.
(b) If bad debts are estimated to three-quarters of two percent (.015) of NET credit sales, indicate how your answer to part (1) would change - just prepare the journal entry that would change!
Show how "Receivables" will be disclosed on the balance sheet as at December 31 for both parts (a) and (b).
|
How much will be in the Deferred Rent Revenue account
: How much will be in the Deferred Rent Revenue account by the end of the year, after the adjusting entries have been prepared and posted
|
|
Calculate the average price per share
: On December 15, Eagle issues an additional 1000 shares for $9 per share. Calculate the average price per share. Journalize the two transactions
|
|
Compute the depreciation charge on this equipment
: Compute the depreciation charge on this equipment for 2012, for 2019, and the total charge for the period from 2013 to 2018
|
|
Network restrictions surrounding web authentication service
: The network restrictions surrounding the web authentication service is one layer of defense.
|
|
Prepare all of the necessary year-end adjusting entries
: Prepare all of the necessary year-end adjusting entries under the assumption that it is estimated that two percent of outstanding customer receivables
|
|
Prepare appropriate journal entries for marin corporation
: Marin Corporation operates a retail computer store. Prepare the appropriate journal entries for the above transactions for Marin Corporation
|
|
Speech will be to present value speech.
: Select an object, person or place that represents a significant aspect of your cultural background, personality, values, ambitions, etc.
|
|
Threats to various parts of heterogeneous architectures
: Discuss two different examples of threats to various parts of heterogeneous architectures and how they might manifest.
|
|
Prepare journal entries for the preceding transactions
: During its current fiscal year, Evanston General Hospital, a not-for-profit health care organization, Prepare journal entries for the preceding transactions
|