Blazing Red Company began operations in 2016. On August 28 inventory and most of the accounting records. The following 2019, a fire broke out in the company's warehouse destroying inventory and most of the accounting records. information was assembled from the microfilmed records. All s and purchases are on account. Jan. 1, 2019 Aug. 28, 2019 P575,400 522,360 352,560 Inventory Accounts Receivable P515,560 491,400 Accounts Payable Collections from customers, January 1 to August 28, 2019 Payments to suppliers January 1 to August 28, 2019 Goods out on consignment on August 28, 2019, at cost Goods in transit at August 28, 2019 purchased FOB shipping point 3,015,200 1,950,000 195,000 69,500 The company's average gross profit percentage for the past three years is 30%. REQUIRED: What is the inventory fire loss?

Blazing Red Company began operations in 2016. On August 28 inventory and most of the accounting records. The following 2019, a fire broke out in the company's warehouse destroying inventory and most of the accounting records. information was assembled from the microfilmed records. All s and purchases are on account. Jan. 1, 2019 Aug. 28, 2019 P575,400 522,360 352,560 Inventory Accounts Receivable P515,560 491,400 Accounts Payable Collections from customers, January 1 to August 28, 2019 Payments to suppliers January 1 to August 28, 2019 Goods out on consignment on August 28, 2019, at cost Goods in transit at August 28, 2019 purchased FOB shipping point 3,015,200 1,950,000 195,000 69,500 The company's average gross profit percentage for the past three years is 30%. REQUIRED: What is the inventory fire loss?

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.2: Writing Off And Collecting Uncollectible Accounts Receivable

Problem 1WT

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State which type of error it involves. Prepare a general journal in which you correct each error. All the corrections must be made at June 30, 2019, in the business of Holmes Ltd. 1. On June 1, 2019, cash purchases of $4 000 were omitted from the accounts. 2. A computer was bought with a cheque of $50 000 on June 5, 2019. This transaction was recorded in both the Purchases and Bank accounts. 3. The Rent account and Discount received accounts were undercast by $2 000.
Take me to the text YardWorks sells landscaping materials. During the month of July 2019, the following transactions occurred. Assume zero balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts payable general ledger from the general journal. Jul 5 Purchased office supplies for $640 on account from Office Supply Shop. Jul 10 Purchased inventory for $1,140 cash from Rock-N-Roll with Cheque #408. Jul 12 Paid telephone bill for $340 cash with Cheque #409. Jul 17 Paid the amount owing to Office Supply Shop with Cheque #410. Jul 27 Purchased inventory for $3,570 from Pathway Stones on account. Requireda) Record the above transactions in the purchases journal and the cash payments journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts payable control account.Do not enter dollar signs or commas in the input boxes.…
Roe's Renovations utilizes the direct write-off method of accounting for uncollectible receivables. On September 15 the company is notified by the attorneys for Jacob Marley that Jacob Marley is bankrupt and no cash is expected in the liquidation. Write off the $4,255 of accounts receivable due from Jacob Marley. If an amount box does not require an entry, leave it blank. Sept. 15
Paragraph oftware counterfeiting. Avoid interruption and keep your files safe with genuine ice The trial balance of VILLAR REALTY for June 30, 2019 VILLAR REALTY Trial Balance June 30, 2019 DEBIT CREDIT Cash P 650,000 Accounts Receivable Prepaid Rent Prepaid Insurance on Automobile Supplies on Hand Office Equipment Accumulated Depreciation-Office Equipment Automobile 100,000 108,000 28,800 9,000 90,000 P 21,600 240,000 Accumulated Depreciation- Automobile Accounts Payable Notes Payable Unearned Management Fees M Villar, Capital M Villar, drawing Sales commissions Revenue 60,000 10,800 150,000 46,800 1,337,400 705, 000 900,000 Management Service Revenue Salaries Expense Advertising Expense Automobile Expense Miscellaneous Expense 72,000 599,400 9,000 53,400 5.0.000 P2,598.600 P 2,598.600 TOTAL PREPARE a ten - column work sheet for the year ended June 30, 2019 using the following Data for adjustments: a. Insurance expense on automobile for the year is P14,400 b. Rent expense for the year…
April showers sells goods on credit to most of it's customers. In order to control it's debtor collection system the company maintains a sale ledger control account. In preparing the accounts for the year to 31 October 2019 the accountant discovers that the total of all the personal accounts in the sales ledger account to sh.12,802 whereas the balance on the sales ledger control account is sh.12,550 Upon investigating the matter, the following errors were discovered.- sales for the week ending 27 March 2019 amounting to sh 850 had been ommited from the control account.- A debtor account balance of sh 300 had not been included in the list of balance .- Cash received of sh. 750 had been entered in a personal account as sh. 570.- Discounts allowed totalling sh.100 had not been entered in the control account.- A personal account balance had been undercast by sh.200.- A contra item of sh.400 with the purchase ledger had not been entered in the control account.- A bad debt of sh.500 had…
April showers sells goods on credit to most of it's customers. In order to control it's debtor collection system the company maintains a sale ledger control account. In preparing the accounts for the year to 31 October 2019 the accountant discovers that the total of all the personal accounts in the sales ledger account to sh.12,802 whereas the balance on the sales ledger control account is sh.12,550 Upon investigating the matter, the following errors were discovered. - sales for the week ending 27 March 2019 amounting to sh 850 had been ommited from the control account. - A debtor account balance of sh 300 had not been included in the list of balance . - Cash received of sh. 750 had been entered in a personal account as sh. 570. - Discounts allowed totalling sh.100 had not been entered in the control account. - A personal account balance had been undercast by sh.200. - A contra item of sh.400 with the purchase ledger had not been entered in the control account. - A bad debt of…
A GST registered company sells cameras. All of it's suppliers are also GST registered. At the end of August 2020, the accounting records were destroyed. You need to create journal entries relating to the purchases and sales of inventory for the year ended 31 August 2020 Periodic inventory system is followed, gross method for recording purchases is used and the purchases and sales of inventory are on credit, terms 2/10 net 30. 1) credit sales (including GST) - $2,231,000 2) Sales allowances (excluding GST) - $40,000 3) Cash receipts from customers within the discount period - $2,254,000 4) Inventory purchases on credit (including GST) - $943000 5) Inventory Purchase returns and Allowances (excluding GST - $30000 6) Cash payments to suppliers within the discount period - $788900 Average gross profit is 40% Prepare journal entries for year ended 31 August 2020
2) Moonlight Company wrote off the account of one of its customers, X, in 2018 for $500. On January 21, 2019, X unexpectedly repaid his account in full. The company uses the direct write off method to account for uncollectible receivables Journalize the entries required for Moonlight Company on January 21, 2019.
On December 5, 2019, Super Circuit Store sold gift certificates totalling $12,000. By December 31, 2019, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding certificates were then redeemed by January 15, 2020. Required: 1. Prepare journal entries on Super Circuit’s books to reflect the preceding transactions. 2. How would the gift certificates be reported on Super Circuit’s balance sheet on December 31, 2019?
Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company had the following balances on January 01, 2019. Accounts receivable $2,800,000 Allowance for uncollectible accounts $88,800 (credit) The company completed the following transactions during 2019. Wrote off the balance of $1,000 from Shari Wickham’s account as uncollectible on April 20 Re-instated the account of Louis Benn and recorded the collection of $1,500 as payment in full for her account which had been written off earlier on November 27 On December 31st, Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $124,500 of accounts receivable was estimated as uncollectible and made the closing entry for the uncollectible expense account. Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information…
Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company had the following balances on January 01, 2019. Part A Accounts receivable.. .$2,800,000 Allowance for uncollectible accounts... . .$88,800 (credit) The company completed the following transactions during 2019. • April 20- Wrote off the balance of $1,000 from Shari Wickham's account as uncollectible. • November 27 Re-instated the account of Louis Benn and recorded the collection of $1,500 as payment in full for her account which had been written off earlier. • December 31st- i. Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $124,500 of accounts receivable was estimated as uncollectible. ii. Made the closing entry for the uncollectible expense account. Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the…
1 . Prepare journal entries to record the following transactions entered into by Ivanhoe Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) 2020 June 1 Received a $8,600, 12%, 1-year note from Andrea Foley as full payment on her account. Nov. 1 Sold merchandise on account to Patton, Inc. for $10,320, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $520 Nov. 9 Received payment in full from Patton, Inc. Dec. 31 Accrued interest on Foley's note. 2021 June 1 Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2021.