AI Mentor tailors explanations and support to your individual learning style, ensuring you grasp concepts at your own pace
Access help anytime you need it, allowing you to get assistance outside of traditional school hours and fit study sessions into your schedule.
Step-by-step clarifications help you not only complete assignments but also build a deeper understanding of the subject matter, leading to better retention and performance.
Accounting
Exercise 18-3 On May 1, 2017, Novak Inc. entered into a contract to deliver one of its specialty mowers to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $931 in advance on May 15, 2017. Kickapoo pays Novak on May 15, 2017, and Novak delivers the mower (with cost of $585) on May 31, 2017. (a) Prepare the journal entry on May 1, 2017, for Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 1, 2017 (b) Prepare the journal entry on May 15, 2017, for Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 15, 2017 (c) Prepare the journal entry on May 31, 2017, for Novak. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 31, 2017 (To record sales) (To record cost of goods sold)
Accounting
River, Stream and Pool are in partnership with an agreement to share profits in the ratio 3:2:1 respectively. They also agree that: (a) all three should receive interest at 12% on capital (b) Pool should receive a salary of $6 million per annum; (c) Interest will be charged on withdrawals at the rate of 5% (charged on the end of year withdrawals balances); (d) The interest rate on the loan by River is 5%. The balance sheet of the partnership as at 31 December 2005 revealed the following. $'000 $'000 Capital accounts: River 20,000 Stream 8,000 Pool 6,000 34,000 Current accounts River 3,500 Stream (700) Pool 1,800 4,600 Loan account (River) 6,000 Capital employed to finance net long-term assets and working capital 44,600 Withdrawals on account made during the year to 31 December 2006 were as follows. $'000 River 6,000 Stream 4,000 Pool 7,000 The net profit for the year to 31 December 2006 was $24.53 million before deducting loan interest. Required: Prepare the appropriation account for the year to 31 December 2006, and the partners capital accounts and current accounts
Accounting
Instructions: Enter the trial balance on a worksheet and complete the worksheet. BRISCOE COMPANY Worksheet For the Month Ended June 30, 2008 Trial Balance Account Titles Dr. Cr. Cash $2,320 Accounts Receivable 2,440 Supplies 1,880 Accounts Payable $1,120 Unearned Revenue 240 Common Stock 3,600 Service Revenue 2,400 Salaries Expense 560 Miscellaneous Expense 160 $7,360 $7,360 Other data: 1. A physical count reveals $300 of supplies on hand. 2. $100 of the unearned revenue is still unearned at month-end. 3. Accrued salaries are $280.
Accounting
When a parent company uses the Equity Method to account for an 80% owned subsidiary, write a brief description for each of the following items: a. List the specific items that are entered into the balance sheet account titled: NoncontrollingInterest-Equity that takes the account from its beginning balance to the ending balance. 1) What is the specific location on the balance sheet of Noncontrolling Interest-Equity and does the account normally have a debit or credit balance? b. List the specific items that are entered into the income statement account titled: Noncontrolling Interest-Income Statement . 1) What is the specific location on the income statement of Noncontrolling Interest-Income Statement and does the account normally have a debit or credit balance? c. Explain the reason that the subsidiary's income statement does not equal the net income of the subsidiary on the consolidating worksheet.
Accounting
ACCOUNTING I Chapters 1-4 Exam Problems PART I: The trial balance of Kelita Karmel Co. shown below is out of balance. KELITA KARMEL CO Trial Balance August 31, 19XX Cash $ 2,500 Accounts Receivable 3,000 Office Supplies 3,500 Office Equipment 2,800 Accounts Payable $ 2,903 Kelita, Capital 10,000 Service fees earned 2,420 Wages Expense 5,222 Totals $17,022 $15,323 An examination of the company's records revealed the following additional information: 1. A $360 collection of an account receivable was recorded as $630. 2. A computer purchased on credit for use in the office was recorded with a debit to Office Supplies and a credit to Accounts Payable for $2,500. 3. Services sold on credit for $900 were recorded with a debit to Accounts Receivable for $900 and a credit to Service Fees Earned for $90. 4. A payment of wages was recorded with a debit to Wage Expense for $200 and a debit to Cash for $200. 5. Recalculating the Service Fees Earned account balance before any corrections had been made revealed that the balance should be $2,520. 6. An additional investment of $1,000 made by Kelita during the month was not entered in the capital account (the entry to Cash was made). 7. A $310 payment of an account payable was recorded with a credit to Cash for $310 and a credit to Accounts Payable for $301. Prepare a corrected trial balance on the Trial Balance form in document sharing. PART II: As the bookkeeper of Ed's Repair Service, use the information that follows to prepare a work sheet for the month of November. You will need to utilize the worksheet in document sharing. ED'S REPAIR SERVICE TRIAL BALANCE NOVEMBER 30, 2007 Account Title Debit Credit Cash $ 3,204 Prepaid Insurance 4,000 Repair Supplies 770 Repair Equipment 3,106 Accumulated Depreciation, Repair Equipment $ 650 Accounts Payable 1,904 Ed Clean, Capital 6,258 Revenue from Repairs 5,634 Wages Expense 1,600 Rent Expense 1,560 Advertising Expense 206 Totals $14,446 $14,446 Adjustment Data: A. Insurance expired, $300 B. Repair supplies on hand $170. C. Depreciation on repair equipment, $250. D. Wages earned but unpaid, $106 PART III: The schedule below presents the trial balance for the Sigma Consultants Company on December 31, 2007. Sigma Consultants Company Trial Balance December 31, 2007 Account Title Debit Credit Cash $ 12,786 Accounts Receivable 24,840 Office Supplies 991 Prepaid Rent 1,400 Office Equipment 6,700 Accumulated Depreciation, Office Equipment $ 1,600 Accounts Payable 1,820 Notes Payable 10,000 Unearned Fees 2,860 Kevin Moriarty, Capital 29,387 Kevin Moriarty, Withdrawals 15,000 Fees Revenue 58,500 Salaries Expense 33,000 Utilities Expense 1,750 Rent Expense 7,700 Totals $104,167 $104,167 The following information is also available: a. Ending inventory of office supplies, $86. b. Prepaid rent expired, $700. c. Depreciation of office equipment, for the period, $600. d. Interest accrued on the note payable, $600. e. Salaries accrued at the end of the period, $200. f. Fees still unearned at the end of the period, $1,410. g. Fees earned but not billed $600. Prepare the adjusting entries on the general journal form in document sharing.
Cost Accounting
Exercise 2-6 Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Co. had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total purchases on account during October were $281,000. Determine how much cash was paid on accounts payable during October.
Accounting
On December 31, 2017, Bruce Corporation had the following account balances related to credit sales and receivables prior to recording adjusting entries: Accounts receivable $168,000 Allowance for doubtful accounts 700 credit balance Sales revenue (all credit sales) 550,000 Required: Prepare the necessary year-end adjusting entry related to uncollectible accounts for each of the following independent assumptions: A. On December 31 an Accounts Receivable (Jane Doe) of $300 from a prior year was determined to be uncollectible; therefore, it was written off immediately as a bad debt. B. It is estimated that a provision for bad debts is required for 1% of credit sales for the year. C. An aging of accounts receivable is completed. It is estimated that $6,000 of the receivables outstanding at year-end will be uncollectible.
Accounting
Wilshire Equipment Company sold merchandise on credit. No discounts were offered. The proper journal entry to record this sale would be: Debit Sales, and Credit Accounts Receivable None of these. Debit Accounts Receivable and Credit Sales Debit Accounts Receivable, and Credit Purchases (or Inventory) Debit Cash, and Credit Accounts Receivable.
Accounting
In the phrase "generally accepted accounting principles," the words generally accepted mean that the principles: 1.Have been adopted by Congress or approved by the voters in a general election.2.Are acceptable to the Internal Revenue Service.3.Are understood and observed by all the participants in the financial reporting process.4.Have been approved by a majority of the members of the Financial Accounting Standards Board
Finance
3.Analyze the following transactions using the T account approach. Place the dollar amounts on the debit and credit sid es. Indicate next to each entry the number for that transaction.After all transactions have been recorded, foot the accounts where necessary and enter thebalance in the proper place for each account.1.Nick Bowman invested cash of $12,000 in the business.2.Received and paid utility bill of $125.3.Bought $300 of supplies on account.4.Sold services worth $2,500 to customers on account.5.Received cash payment of $800 from credit customers.
Economics
2. What does the current account measure? What about the financial/capital account? Assume America exports $25,000 of corn to Japan. Record this transaction in the balance of payments. ($1,000) 3. The United States usually runs large current account deficits. What does this imply about the financial account? (Hint: think balance of payments) ($1,000)
Finance
You are planning to save for retirement over the next 30 years. you will invest $800 a month in a stock account and $400 a month in a bond account. The return of the stock account is expected to be 10 percent, and the bond account will pay 6 percent. When you retire, you will combine your money into an account with a 7 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period?
Accounting
On December 31, 2019, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment on December 31, 2019. On May 11, 2020, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2020, Shoemaker paid the amount previously written off. Instructions Prepare the journal entries on December 31, 2019, May 11, 2020, and June 12, 2020. Journalize entries for the sale of accounts receivable.
Accounting
EX 2-13 The Boa Co. has the following accounts in its ledger: Cash, Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected transactions for October 2007 in a two-column journal. Journal entry explanations may be omitted. Oct. 1 Paid rent for the month, $2,500. 3 Paid advertising expense, $1,100. 4 Paid cash for supplies, $725. 6 Purchased office equipment on account, $7,500. 10 Received cash from customers on account $3,600. 12 Paid creditor on account, $600. 20 Paid dividends of $1,000. 27 Paid cash for repairs to office equipment, $500. 30 Paid telephone bill for the month, $195. 31 Fees earned
Accounting
Question: Table 1. On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charge is $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. If the Company E uses periodic inventory system, the entry to record the purchase of inventory on Company E's books on Feb. 1 will include: Debit to Accounts Payable for $9,500 Credit to Cash for $9,500 Debit to Purchases for $9,500 Credit to Inventory for $9,500 Debit to Inventory for $9,500 Table 1. On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charge is $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. If Company E uses periodic inventory system. The entry to record the return of inventory on Company E's books on Feb. 2 will include: Debit to Inventory for $500.00 Debit to Accounts Payable for $500.00 Debit to Purchases for $500.00 Credit to Cash for $500.00 Credit to Accounts Payable for $500.00 Table 1. On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Destination on account from Company F. The Freight Charge is $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. Company E uses perpetual inventory system. The entry to record the purchase of inventory from Company F will include: Debit to Cash for $9,500.00 Credit to Inventory for $9,500.00 Credit to Accounts Payable for $9,700.00 Debit to Inventory for $9,500.00 Credit to Cash for $9,700.00 Table 1. On February 1, Company E purchased $9,500.00 worth of inventory on terms: 2/10, n/30, FOB Shipping Point on account from Company F. The Freight Charge is $200.00. On February 2, Company E returned $500 worth of merchandise purchased to Company F. The company uses perpetual inventory system. The entry to record the return of inventory on Company E's books on Feb. 2 will include: Debit to Cash for $500.00
 Credit to Accounts Payable for $500.00
 Debit to Inventory for $500.00
 Credit to Accounts Receivable for $500.00
 Debit to Accounts Payable for $500.00
 Table 2. Company H purchased office supplies on account from Office Depot on March 1, current year for $7,200.00. The terms are 2/10, n/30, FOB Destination. The Freight Charges are $300.00 paid in advance by Office Depot. On March 3, Company H returned $200.00 worth of office supplies to Office Depot. Refer to Table 2, the entry on Company H's books for the purchase of office supplies will include: Debit to Office Supplies for $7,200.00 Credit to Accounts Payable for $7,400.00 Credit to Office Supplies for $7,200.00 Credit to Cash for $7,400.00 Debit to Accounts Payable for $7,200.00 Table 2. Company H purchased office supplies for use on account from Office Depot on March 1, current year for $7,200.00. The terms are 2/10, n/30, FOB Destination. The freight charges are $300.00 paid in advance by Office Depot. On March 3, Company H returned $200.00 worth of office supplies to Office Depot. Refer to Table 2, the entry on Company H's books for the return of the office supplies purchased on March 3 will include: Debit to Inventory for $200.00 Credit to Cash for $200.00 Debit to Accounts Payable for $200.00 Credit to Accounts Payable for $200.00 Debit to Cash for $200.00 Table 3: Company K purchased inventory items on account from Company L on April 1 for $2,500.00 on terms: 1/10, n/30, FOB Destination. The Freight Charges cost $300.00. On April 4, Company K returned $500.00 worth of defective merchandise. Company K uses perpetual inventory system. Refer to Table 3, the entry on April 1 for the purchase of merchandise by Company K will include: Debit to Cash for $2,500.00 Credit to Accounts Payable for $2,500.00 Debit to Inventory for $2,800.00 Credit to Cash for $2,800.00 Debit to Accounts Payable for $2,500.00 Table 3: Company K purchased inventory items on account from Company L on April 1 for $2,500.00 on terms: 1/10, n/30, FOB Destination. The Freight Charges cost $300.00. On April 4, Company K returned $500.00 worth of defective merchandise. Company K uses perpetual inventory system. Refer to Table 3, the entry to record the return of the inventory items on April 4 will include: Debit to Cash for $500.00 Credit to Accounts Payable for $500.00 Debit to Accounts Payable for $500.00 Credit to Cash for $500.00 Debit to Purchases for $500.00
Accounting
Question 13 When does an account become uncollectible? Question 14 Allowance for Doubtful Accounts has a debit balance of $1,100 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $12,900. Which of the following entries records the proper adjustment for bad debt expense? a. debit Bad Debt Expense, $11,800; credit Allowance for Doubtful Accounts, $11,800 b. debit Allowance for Doubtful Accounts, $14,000; credit Bad Debt Expense, $14,000 c. debit Allowance for Doubtful Accounts, $11,800; credit Bad Debt Expense, $11,800 d. debit Bad Debt Expense, $14,000; credit Allowance for Doubtful Accounts, $14,000 a. when accounts receivable is converted into notes receivable b. when a discount is availed on notes receivable c. at the end of the fiscal year d. there is no general rule for when an account becomes uncollectible Question 11 Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: Cash balance per bank, 6/30 $13,000 Note receivable collected by bank 4,000 Outstanding checks 7,000 Deposits-in-transit 2,500 Bank service charge 35 NSF check 1,900 Using the above information, determine the cash balance per books (before adjustments) for the Jamison Company. a. $15,065 b. $10,565 c. $6,435 d. $8,065