h Required information.Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)[The following information applies to the questions displayed below.]On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryLandEquipmentAccumulated Depreciation.Accounts PayableNotes Payable (6%, due April 1, 2025)Common StockRetained EarningsTotalsDebit$26,00048,00020,90055,00019,500$169,400Credit$5,1002,40029,40059,00044,00029,500$169,400During January 2024, the following transactions occur:January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchasedate.January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory system.January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The costof the units sold is $78,300.January 23 Receive $126,300 from customers on accounts receivable.January 25 Pay $99,008 to inventory suppliers on accounts payable.January 28 Write off accounts receivable as uncollectible, $5,700.January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000on account. The cost of the units sold is $84,000.January 31 Pay cash for monthly salaries, $52,900. Exercise 8-19 (Algo) Part 2• Depreciation on the equipment for the month of January is calculated using the straight-line method. At the time the equipmentwas purchased, the company estimated a residual value of $3,900 and a two-year service life.The company records an adjusting entry for $12,000 for estimated future uncollectible accounts.The company has accrued interest on notes payable for January.The company has accrued income taxes at the end of January of $13,900.By the end of January, $3,900 of the gift cards sold on January 2 have been redeemed (ignore cost of goods sold).2. Record the adjusting entries on January 31 for the above transactions. (If no entry is required for a particular transaction/event,select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet12January 313Record entry4Depreciation on the equipment for the month of January is calculated usingthe straight-line method. At the time the equipment was purchased, thecompany estimated a residual value of $3,900 and a two-year service life.Record the depreciation for the month of January.Note: Enter debits before credits.5General JournalClear entryDebitCreditView general journal

Adjusting entry is passed at the end of the period to record any unrecognized expenses or income for…

Answered: 19 (Algo) Complete the accounting cycle…

19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) information applies to the questions displayed below] 2024, the general ledger of ACME Fireworks includes the following accou

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
The following items were excerpted from Poeltl, Inc.'s balance sheets: December 31, 2023December 31, 2022Cash$86,300$59,000Accounts receivable65,60070,600Inventory157,000150.300Property and equipment794,500745,400Accumulated depreciation(184,000)(168,200)Accounts payable61,00050,600Wages payable20,40023,000 Poeltl's 2023 income statement showed net income of $463,000, depreciation expense of $57,000, and a gain on disposal of equipment of $16,000. On Poeltl's 2023 statement of cash flows, how much is Net Cash Provided by Operating Activities?
Required information [The following information applies to the questions displayed below} On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Debit $ 25,900 47,8ee Credit Cash Accounts Recelvable Allowance for Uncollectible Accounts Inventory Land Equipment Accunulated Depreciation Accounts Payable Notes Payable (6x, due April 1, 2022) $ 5,000 20,8ee 54,0ee 19,eee 2,300 29,300 58,000 43,880 Connon Stock Retained Earnings 29,900 $167,5e0 Totals $167,500 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for nerchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $155,80e. January 15 Firework sales for the first half of the month total $143,80e. All of these sales are on account. The cost of the units sold is $77,880. January 23 Receive $126, 200 from customers on accounts receivable. January 25 Pay $98,00e to…
Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.
08:24 C uie Instructions. On 28 February 2019, the debtors control account in the General Ledger of Lesego Fashions showed a debit balance of R8 735, while the debtors list in the Debtors ledger showed a total of R5 584. The errors and omissions described below were found on 28 February 2019. Required: Indicate in the table provided below, how the errors and omissions should be corrected in order to reconcile the control account balance with debtor's list total. No. General Ledger Debtors ledger Debtors list Debtors control Dr (+) Cr (-) Dr (+) Cr (-) 3. The balance on the account of a debtor, R150, was brought down incorrectly as R15. 4. The amount on an invoice issued to A Shokane was miscalculated. The account should be R62 and not R72. 5. Payments to creditors as per the Cash Payment Journal were debited to debtors control account, R3 960. 6. The debtors' journal was undercast and posted accordingly. The total should have been R4 710, and not R4 170. 7. A credit note for R51 was…
Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
Required: (a) Prepare journal entries to record the impairment loss of receivable in 2021 under Statement of Financial Position approach. (b) Prepare partial Statement of Financial Positions to show the accounts receivables at 31 December 2021.
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
On January 1, 2021, the general ledger of Tripley Company included the following sccount balances: Accounts Debit Credit $250, 0e 78,0ee Cash Accounts receivable Allowance for uncollectible accounts Inventory Building Accunulated depreciation Land $ 35,800 33,000 223,0ee 48, e00 248,6e0 Accounts payable Notes payable (8x, due in 3 years) 170, e00 216,e00 113,600 242, e00 Conmon stock Retained earnings Totals $816,680 $816, 600 The $33,000 beginning balance of inventory consists of 330 units, esch costing $100. During January 2021, the company had the following transsctions: January 2 Lent $58,000 to an employee by accepting a 6% note due in six Tonths. 5 Purchased 5,000 units of inventory on account for $550,eee ($110 cach) with terms 1/1e, n/30. 8 Returned 100 defective units of inventory purchased on January 5. 15 Sold 4,8ae units of inventory on account for $768,000 ($16e cach) with terms 2/10, n/30. 17 Customers returned 20e units sold on January 15. These units were initially…
Required Information [The following Information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks Includes the following account balances: Accounts Cash Debit. Credit Accounts Receivable Allowance for Uncollectible Accounts $ 27,100 50,200 $ 6,200 Inventory 22,000 Land 66,000 Equipment 25,000 Accumulated Depreciation 3,500 Accounts Payable 30,500 Notes Payable (6%, due April 1, 2022) 70,000 Common Stock 55,000 Retained Earnings 25,100 Totals $190,300 $190,300 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $12,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $167,000. January 15 Firework sales for the first half of the month total $155,000. All of these sales are on account. The cost of the units sold is $83,800. January 23 Receive $127,400 from customers on accounts receivable. January 25 Pay $110,000 to…
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
Required information [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances: Debit $ 25,900 47,800 Accounts Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 5,000 Inventory iven Land 20,800 54,000 19,000 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, 2022) 2,300 29,300 58,000 43,000 Common Stock Retained Earnings 29,900 Totals $167,500 $167,500 During January 2021, the following transactions occur: January 2 Sold gift cards totaling $9,600. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $155,000. January January 15 Firework sales for the first half of the month total $143,000. All of these sales are on account. The cost of the units sold is $77,800. January 23 Receive $126,200 from customers on accounts receivable. January 25 Pay $98,000 to…