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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.


Accounting

I need your help


Accounting

This for my accounting class, if may have some help, I would be very gratef


Accounting

Explain the following term, Real account, as used to describe types of accounts in accounting


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

Managerial accounting. Horngrens Accounting book. Need help with accounting homework for ACC-350


Accounting

Is it fair to blame fair value accounting for the financial crisis? Please answer while using accounting terms.


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

Did the long-term liabilities of each company increase or decrease during the year?


Finance

Net working capital decreases when inventory increases, accounts receivable increases, or accounts payable falls inventory falls, accounts receivable falls, or accounts payable increases cost of goods sold falls, or interest rate falls operating expenses fall, or current assets increase


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


Accounting

The first part is correct, But I need help with the second part


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.


Accounting

I need detail description for question 29 and 30. Please help me.


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.


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