At January 31, 2021, the balance in Foster Inc.'s Supplies account was $750. During February, Foster purchased supplies of $900 and used supplies of $1,125. At the end of February, the balance in the Supplies account should be $525 debit. $975 debit. $525 credit. $775 debit.
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- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales of $45,000 with term 2/15, n/45. Prepare the required journal entries, if: On July 22 Rasheed company received full payment.
- Massy Stores uses the gross method to record sales made on credit. On June 10, 2022, it made sales of $100,000 with terms 2/10, n/30 to Kentry Farms, Inc. On June 19, 2022, Massy Stores received payment for 1/2 the amount due from Kentry Farms. Massy Stores fiscal year end is on June 30, 2022. What amount will be reported in the statement of financial position for the accounts receivable due from Kentry Farms, Inc.?On January 1, 2019, Jasmin Company had a credit balance of P260,000 in the allowance or uncollectible accounts. Based on past experience, 2% of credit sales would be uncollectible. During the current year, the entity wrote off P325,000 of uncollectible accounts. Credit sales for the year totaled P9,000,000. What is the uncollectible accounts expense? a. P325,000 b. P180,000 c. P440,000 d. P65,000Alex Corporation has the following account balances on December 31, 2020: Accounts receivable ₱ 400,000 Allowance for uncollectible accounts 8,400 Alex completed the following transactions in 2019: Net credit sales, ₱ 4,000,000. Collections on accounts, ₱ 3,870,000. Write-off of uncollectible accounts, ₱ 10,000. Recovery of accounts previously written-off, ₱ 2,000. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: 1. Journalize the foregoing transactions. 2. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Alex report on its December 31, 2020 balance sheet? 3. Assume that Alex uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute the uncollectible accounts expense and the…
- On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?VICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following transactions: • Goods were in transit from a vendor to VICO on December 31, 2020. The invoice price was P 80,000, and the goods were shipped FOB Shipping point on December 29, 2020. The goods were received on January 4, 2021. • Goods shipped to VICO FOB Shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was P 50,000. On January 5, 2021, Gerry filed a P50,000 claim against the common carrier. In its December 31, 2020 statement of financial position, VICO should report accounts payable ofOn January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
- (MODIFIED) Spring Corporation has the following account balances on December 31, 2020: Accounts receivable Php 400,000 Allowance for uncollectible accounts8,400 Spring completed the following transactions in 2019: А. Net credit sales, Php 4,000,000. В. Collections on accounts, Php 3,870,000. С. Write-off of uncollectible accounts, Php 10,000. D. Recovery of accounts previously written-off, Php 2,000. Е. Uncollectible accounts expense, 2/3 of 1% of net credit sales. REQUIRED: A. Journalize the foregoing transactions. Compute the balance of accounts receivable and allowance for uncollectible accounts at December 31, 2020. What amount of Accounts receivable, net would Spring report on its December 31, 2020 balance sheet? Assume that Spring uses the aging of accounts instead of the percent of sales method in estimating uncollectible accounts. Analysis indicates that Php 30,800 of outstanding accounts on December 31, 2020 may prove to be uncollectible. Compute for the uncollectible accounts…A credit sale of $2800 is made on July 15, terms 4/10, net/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24?Blossom Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $62,000 with terms 3/15, n/45. On June 12, 2025, Blossom received full payment for the June 1 sale. Prepare the required journal entries for Blossom Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit 10 Credit
