On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20. Required: a. Prepare the journal entry as it would appear in Dilby's accounting records. b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
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On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20.
Required:
a. Prepare the
b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
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- 1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 372,150 x 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 650 X Feedback V Check My Work 1 & 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense 3,850 X Allowance for Doubtful Accounts v 3,850 XReed Co. had the following transactions (see below) during November and December of 2025. Requirements: 1. What amount of interest will Reed pay in 2025 (use 360 days in calculations as needed)? Record the journal entries for each of the transactions listed below. Record any necessary year-end adjusting journal entries for related to these transactions. Record the payment of the note in 2026. Transactions 1-Nov-25 Issued a note to the bank with the following terms. Interest and principal paid at maturity. Days 75 Interest Rate 5.00% Face Amount $ 75,000.00 1-Dec-25 Received $18,000 cash from a customer as an advanced payment for services to be provided and earned evenly for 1 year. 10-Dec-25 Made cash sales, not including sales tax) of $ 100,000.00 Cost of goods sold for these sales of 81,000.00 Associated sales tax rate is 6% 30-Dec-25 Paid the sales…On January 1, 2020, the records of ABC Company showed a debit balance of P650,000 in its Accounts Receivable account. The following summary transactions that occurred during 2020 were also shown under the said account: Debits:Charge sales, P6,300,000Shareholders’ subscriptions, P200,000Deposit on contract, P120,000Claims against common carrier for shipping damages, P100,000IOUs from employees, P10,000Cash advances to affiliates, P150,000Advances to a supplier, P30,000Credits:Collections from customers, P5,300,000Write-off, P35,000Merchandise returns, P45,000Allowances to customers for shipping damages, P25,000Collections on carrier claims, P40,000Collections on subscriptions, P50,000Required:a. Determine the correct amount of accounts receivable.b. Compute the amount to be presented as “trade and other receivables” under current assets.
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