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Accounting

What principle was established in IRC v Duke of Westminster [1936] AC 1? How relevant is that principle today in Australia?


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

Hi!! I need help answering this question for my accounting class. Thanks so much for your help!!!


Accounting

I am having trouble finding the bad debt expense and allowance for uncollectible accounts given the information in this question


Accounting

I need help on doing the excel spreadsheet completing the 3 requirements attached


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


Accounting

Any body can help in drawing flowcharts? I need help in ACCOUNTING INFORMATION SYSTEMS


Accounting

I need the solution to the following: F. Estimate the total misstatement in accounts payable in the same way you did for the income statement in requirement e. Hint: A misstatement caused by the failure to record an FOB origin purchase is an understatement of accounts payable and inventory and has no effect on income. Attached are the rest of the questions and info for this assignment for reference.


Accounting

How do I solve this accounting problem?


Accounting

True or false ____1.The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction. ____2.The normal balance of an expense is a credit. ____3.The journal provides a chronological record of transactions. ____4.The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger. ____5.The matching principle requires that expenses be matched with revenues. ____6.The Accumulated Depreciation account is a contra asset account that is reported on the balance sheet. ____7.Accrued revenues are amounts recorded and received but not yet earned. ____8.After a work sheet has been completed, the statement columns contain all data that are required for the preparation of financial statements. ____9.To close net income to owner's capital, Income Summary is debited and Owner's Capital is credited. ____10.In closing, Owner's Drawing is credited and Income Summary is debited. ____11.The post-closing trial balance will contain only owner's equity statement accounts and balance sheet accounts. ____12.Under a perpetual inventory system, the cost of goods sold is determined each time a sale occurs. ____13.Freight terms of FOB destination means that the seller pays the freight costs. ____14.Sales Allowances and Sales Discounts are both designed to encourage customers to pay their accounts promptly. ____15.The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 10 days of the next month. ____16.Goods that have been purchased FOB destination but are in transit, should be excluded from a physical count of goods. -2- ____17.Goods out on consignment should be included in the inventory of the consignor. ____18.The First-in, First-out (FIFO) inventory method results in an ending inventory valued at the most recent cost. ____19.Use of the LIFO inventory valuation method enables a company to report paper or phantom profits. ____20.A subsidiary ledger is a group of control accounts which provides information to the managers for controlling the operation of the company. ____21.An accounts receivable subsidiary ledger has all the detailed information about the cash sales to individual customers. ____22.Control accounts are always located in the general ledger. ____23.A subsidiary ledger provides up-to-date information on specific account balances. ____24.The safeguarding of assets is an objective of a company's system of internal control. ____25.Only large companies need to be concerned with a system of internal control. ____26.The petty cash fund eliminates the need for a bank checking account. ____27.Checks from customers who pay their accounts promptly are called outstanding checks. ____28.All plant assets (fixed assets) must be depreciated for accounting purposes. ____29.The book value of a plant asset is always equal to its fair market value. ____30.Under the double-declining-balance method, the depreciation rate used each year remains constant. ____31.The IRS does not require the taxpayer to use the same depreciation method on the tax return that is used in preparing financial statements.


Accounting

Most businesses extend credit to other businesses as a way of increasing sales. The risk is that some of the accounts may not pay the amount due. In these cases, we have to account for uncollectible receivables. (1) Explain how the allowance method works (10 points) and (2) provide an example of a journal entry that would adjust accounts for the loss.


Accounting

hi i need help with part c At December 31, 2017, Indigo Corporation reported the following plant assets. Land $ 5,358,000 Buildings $26,710,000 Less: Accumulated depreciation—buildings 21,298,050 5,411,950 Equipment 71,440,000 Less: Accumulated depreciation—equipment 8,930,000 62,510,000 Total plant assets $73,279,950 During 2018, the following selected cash transactions occurred. Apr. 1 Purchased land for $3,929,200. May 1 Sold equipment that cost $1,071,600 when purchased on January 1, 2011. The equipment was sold for $303,620. June 1 Sold land for $2,857,600. The land cost $1,786,000. July 1 Purchased equipment for $1,964,600. Dec. 31 Retired equipment that cost $1,250,200 when purchased on December 31, 2008. No salvage value was received. (a) Your answer is partially correct. Try again. Journalize the transactions. Indigo uses straight-line depreciation for buildings and equipment. The buildings are estimated to have a 40-year useful life and no salvage value; the equipment is estimated to have a 10-year useful life and no salvage value. Update depreciation on assets disposed of at the time of sale or retirement. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when 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 April 1May 1June 1July 1Dec. 31 April 1May 1June 1July 1Dec. 31 (To record depreciation on equipment sold) April 1May 1June 1July 1Dec. 31 April 1May 1June 1July 1Dec. 31 April 1May 1June 1July 1Dec. 31 (To record depreciation on equipment retired) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts: 2 of 2 used (b) Your answer is correct. Record adjusting entries for depreciation for 2018. (Credit account titles are automatically indented when 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 Dec. 31 (To record depreciation on buildings.) Dec. 31 (To record depreciation on equipment.)


Accounting

The following information is extracted from Shelton Corporation's accounting records at the beginning of 2016: Accounts Receivable$64,000Allowance for Doubtful Accounts1,300(credit) During 2016, sales on credit amounted to $574,000, $551,800 was collected on outstanding receivables and $3,200 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required:1. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense for 2016.2. Prepare the Accounts Receivable section of Shelton's December 31, 2016, balance sheet.3. Compute Shelton's receivables turnover. (Round to one decimal place.)4. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2? none X Chart of Accounts CHART OF ACCOUNTSShelton CorporationGeneral LedgerASSETS111Cash121Accounts Receivable122Allowance for Doubtful Accounts141Inventory152Prepaid Insurance181Equipment198Accumulated Depreciation LIABILITIES211Accounts Payable231Salaries Payable250Unearned Revenue261Income Taxes Payable EQUITY311Common Stock331Retained Earnings REVENUE411Sales Revenue EXPENSES500Cost of Goods Sold511Insurance Expense512Utilities Expense521Salaries Expense532Bad Debt Expense540Interest Expense541Depreciation Expense559Miscellaneous Expenses910Income Tax Expense none X General Journal Shaded cells have feedback. Prepare the journal entry necessary to record Shelton's estimate of bad debt expense on December 31. Question not attempted. PAGE 9 GENERAL JOURNAL Score: 0/25 DATEACCOUNT TITLEPOST. REF.DEBITCREDIT1 2


Accounting

Explain how the assumptions and qualitative charateristics of accounting guide the choice of the following accounting methods. a. Revenue Recognition b. Accounting for bad debts


Accounting

What accounting entries would be required to refund unearned revenue to a customer in the event the service is ultimately not performed, or the product delivered?


Accounting

E7-8 Estimate Bad Debts from Receivable Balances The following information is extracted from the accounting records of the Shelton Corporation at the beginning of 2010: Accounts Receivable $63,000 Allowance for Doubtful Accounts 1,400 (credit) During 2010, sales on credit amounted to $575,000, 557,400 was collected on outstanding receivables, and $2,600 of receivable were written off as uncollectable. On December 31, 2010. Shelton estimates it bad debts to be 4% of the outstanding gross accounts receivable balance. Required 1. Prepare the journal entry necessary to record Shelton estimate of bad debt expense for 2010 2. Prepare the Accounts Receivable section of Shelton's December 2010 balance sheet. 3. Compute Shelton's receivable turnover. If Shelton Company uses the IRFA, what might be the heading be for the accounts receivable section in requirement 2?


Accounting

The underlying assumptions of accounting includes all the following except' A.Business entity B.Going c,matching D.Money measurement and periodicity


Accounting

How do you determine the gross profit under each accounting method and how do i prepare the journal entries?


Accounting

Vic's Theater Company uses accrual accounting and issues financial statements every November 30, at the end of the fiscal year. Instructions: For each of the following transactions below, use an excel spreadsheet and make a tabular summary. Record the November entries and then prepare the required adjusting entries, if any, at November 30, the end of the fiscal year. (a) On November 1, the company paid rent for three months, $150,000. (b) On November 1, the company borrowed $250,000 from First Bank by signing a 6%, three-month note payable. (c) On November 5, the company paid $200 cash to purchase supplies. At November 30, $50 of supplies remained on hand.


Accounting

CAN A TUTOR HELP ME WITH MY ACCOUNTING HOMEWORK PLEASE. I WILL APPRECIATE IT A LOT.


Accounting

June 12, 2018 Provide services to customers on account for $30,200. September 17, 2018 Receive $16,000 from customers on account. December 31, 2018 Estimate that 40% of accounts receivable at the end of the year will not be received. March 4, 2019 Provide services to customers on account for $45,200. May 20, 2019 Receive $10,000 from customers for services provided in 2018. July 2, 2019 Write off the remaining amounts owed from services provided in 2018. October 19, 2019 Receive $36,000 from customers for services provided in 2019. December 31, 2019 Estimate that 40% of accounts receivable at the end of the year will not be received.


Accounting

Please consider a bank statement noting that when checks cleared the bank and monies were accordingly deducted from the checking account, the bank reported it as a "debit" entry on the bank statement. You are likely familiar with a "debit card" which allows you to immediately withdraw cash from your personal bank account. We have learned that a positive cash balance is an asset and that an asset's balance decreases with a credit entry and increases with a debit entry. If this is the case, why do banks refer to these withdrawals (account reductions) as a "debit?" Please explain.


Accounting

On January 1, 2016, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 x 5% x ½ year), receiving cash of $500,000. Journalize the entries to record (a) the issuance of the bonds, (b) the first interest payment on June 30, and (c) the payment of the principal on the maturity date of December 31. Be sure to include the year in the date for (a) and (c). Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110Cash 111Petty Cash 121Accounts Receivable 122Allowance for Doubtful Accounts 126Interest Receivable 127Notes Receivable 131Merchandise Inventory 141Office Supplies 191Land 194Office Equipment 195Accumulated Depreciation-Office Equipment LIABILITIES 210Accounts Payable 221Salaries Payable 231Sales Tax Payable 232Interest Payable 241Notes Payable 251Bonds Payable 252Discount on Bonds Payable 253Premium on Bonds Payable EQUITY 311Common Stock 312Paid-In Capital in Excess of Par-Common Stock 315Treasury Stock 321Preferred Stock 322Paid-In Capital in Excess of Par-Preferred Stock 331Paid-In Capital from Sale of Treasury Stock 340Retained Earnings 351Cash Dividends 352Stock Dividends 390Income Summary REVENUE 410Sales 610Interest Revenue 611Gain on Redemption of Bonds EXPENSES 510Cost of Merchandise Sold 515Credit Card Expense 516Cash Short and Over 522Office Salaries Expense 531Advertising Expense 532Delivery Expense 533Repairs Expense 535Rent Expense 536Insurance Expense 537Office Supplies Expense 541Bad Debt Expense 562Depreciation Expense-Office Equipment 590Miscellaneous Expense 710Interest Expense 711Loss on Redemption of Bonds


Business

THE ENTRY TO RECORD THE EQUAL DISTRIBUTION OF NET INCOME BETWEEN TWO PARTNERS CONSISTSW OF A DEBIT TO: A. INCOME SUMMARY AND A CREDIT TO EACH PARTNER'S CAPITAL ACCOUNT. B. EACH PARTNER'S CAPITAL ACCOUNT AND A CREDIT TO CASH. C. INCOME SUMMARY AND A CREDIT TO EACH PARTNER'S DRAWING ACCOUNT. D. EACH PARTNER'S CAPITAL ACCOUNT AND A CREDIT TO INCOME SUMMARY


Accounting

Charmed, Inc. had credit sales for the period of? $142,000. The balance in Allowance for Doubtful Accounts is a debit of $643. If Charmed ages Accounts Receivable and determines estimated uncollectible accounts to be $2,850?, what is the required journal entry to record estimated uncollectible? accounts?


Accounting

Under the perpetual inventory system, when a purchaser makes payment within the discount period, the amount of discount will be credited to the Merchandise Inventory account.


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