Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
During the current year SBG Fuel Company recorded credit sales of $3,000,000. Based on prior experience it estimates a 2 percent bad debt rate on credit sales. The beginning balance for the current year for the Allowance for Doubtful Accounts was $70,000.
Required:
Prepare journal entries for each transaction:
a. On Sept 1 of the current year, an Accounts Receivable of $15,000 was determined to not be collectable and was written off.
b. On Oct 15 of the current year, an Accounts Receivable of $2,000 was determined to not be collectable and was written off.
c. At the end of the year the appropriate bad debt expense was recorded for the current year.
Which of the following statement(s) is true about taking a physical count of inventory?
Imagine you are the senior accountant at your organization, and management is not sure of the difference between a change in accounting estimate and a change in accounting principle. Briefly discuss the difference between a change in accounting estim..
The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee.
Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions in the United States. It is estimated that the savings and loan (S&L) debacle of the 1980s, for example, ended up costing $500 billion. Expla..
Prepare needed journal entries for 2014 and 2015. Be sure to indicate whether each entry should be made to an unrestricted or temporarily restricted fund. You need not, thus, record the indirect costs themselves.
Classic Corporation borrowed $108,000 from the bank on November 1, 2012. The note had an 4 percent annual rate of interest and matured on April 30, 2013. Interest and principal were paid in cash on the maturity date
Lines, Inc. applies overhead at the standard rate of $20/units, based on anticipated production of 2,000 units. If Line's actual overhead is $41,000, the overhead volume variance is
Fastow, a corporate executive, incurred and paid the following business-related unreimbursed expenses in the current year: Assuming that Fastow does not itemize deductions, how much of these expenses can be deducted on his tax return for the current ..
If an individual taxpayer's quarterly estimated tax payments equal or exceed 70% of the tax due for the current year, the taxpayer will not be subject to the penalty for underpayment of estimated tax. Individual quarterly estimated tax payments are f..
The T-Accounts contain the Dec postings to the general ledger of Swoops, Inc - the Dec 1 postings are beginning balances, while the Dec 31 postings are closing entries.
Allatoona Landing reported net credit sales of $1,250,000 and cost of goods sold of $900,000 for 2012. Its beginning balance of Accounts Receivable was $175,000. The accounts receivable balance decreased by $25,000 during 2012. Rounded to two decimal..
Prepare journal entry for general ledger for this for December 30, 2015
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd