Tamapo Trial Balance as at 31 December 2019 P P Motor Vehicle at net 38,000.00 Sales 109,000.00 Purchases 80,230.00 Inventory 5,100.00 Bank Overdraft 13,900.00 Cash in Hand 1,500.00 Drawings 6,500.00 Discount Allowed 720.00 Other Operating Expenses 9,350.00 Wages and Salaries 16,500.00 Capital 35,000.00 Difference 60,700.00 188,250.00 188,250.00 Required: Prepare a corrected trial balance as at 31 December 2019.

Tamapo Trial Balance as at 31 December 2019 P P Motor Vehicle at net 38,000.00 Sales 109,000.00 Purchases 80,230.00 Inventory 5,100.00 Bank Overdraft 13,900.00 Cash in Hand 1,500.00 Drawings 6,500.00 Discount Allowed 720.00 Other Operating Expenses 9,350.00 Wages and Salaries 16,500.00 Capital 35,000.00 Difference 60,700.00 188,250.00 188,250.00 Required: Prepare a corrected trial balance as at 31 December 2019.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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This trial balance below has some errors. Correct the errors by preparing a Corrected Trial Balance for year ended 30 September 2021. Debit Credit $ Inventory as at 1 October 2020 Telephone expense Commission received 11,000 28,000 30,000 Return Outwards 53,000 50,200 Purchases Discount Received 10,000 Sales 160,000 8,000 Returns Inwards Shop lot: at cost Electricity expense Mortgage Motor vehicle: at cost 720,000 5,000 43,200 40,000 8,000 Rental Received Сapital Cash in hand 600,000 20,000 40,000 Trade receivable Trade payable Administrative expenses 57,000 19,000 Drawings 20,000 961,200 961,200
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. 1,345,000
At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was 27,000 in 2018 and 35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes. Required: 1. What is the correct net income for 2018 and 2019? 2. Prepare the adjusting journal entry in 2020 to correct the errors.
Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by 6,000. b. A cash receipt of 5,600 was posted as a debit to Cash of 6,500. c. A debit of 11,000 to Accounts Receivable was not posted. d. A return of 150 of defective supplies was erroneously posted as a 1,500 credit to Supplies. e. An insurance policy acquired at a cost of 1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by 20,000. g. A credit of 4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of 7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of 58,100 in Rent Expense was entered as 51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of 24,150, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
CAN SOMEONE HELP ME FIGURE OUT THE TOTAL ESTIMATED UNCOLLECTIBIES AND THE BAD DEBIT EXPENSE ? Skysong Company has accounts receivable of $112,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below.
The following accounts were abstracted from the December 31, 2019 trial balance of R Company: Debit Credit Credit sales P750,000 Sales discounts P15,000 On January 1, 2019, allowance for doubtful accounts had a credit balance of P18,000. During 2019, P30,000 of uncollectible accounts receivable were written off. Past experience indicates that 3% of gross sales prove to be uncollectible. What should be the allowance for doubtful accounts at December 31, 2019 after provision is made for the current year? a. P10,050 b. P10,500 c. P22,050 d. P34,500
At December 31, 2019, SoundMaster Company reported this informationon its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2019, the company had the following transactions related to receivables.1. Sales on account $3,600,0002. Sales returns and allowances 150,0003. Collections of accounts receivable 3,100,0004. Write-offs of accounts receivable deemed uncollectible 92,0005. Recovery of bad debts previously written off as uncollectible 28,000 Instructionsa) Prepare the journal entries to record each of these five transactions. Assumethat no cash discounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.)b) Enter the January 1, 2019, balances in Accounts Receivable andAllowance for Doubtful Accounts, post the entries to the two accounts(use T-accounts), and determine the balances.c) Prepare the journal entry to record bad debt expense for 2019, assumingthat aging the accounts receivable indicates that…
The following information is available for AVS-CVN Company: Credit sales during 2019 P 8,000,000 Accounts receivable deemed worthless and written off during 2019 180,000 Allowance for doubtful accounts at December 31, 2018 160,000 As a result of a review and aging of accounts receivable in early January 2020, however, it has been determined that an allowance for doubtful accounts of P110,000 is needed at December 31, 2019. What amount should AVS-CVN record as doubtful accounts expense for the year ended December 31, 2019? P130,000 c. P90,000 P110,000 d. P270,000
al balance on 31 December 2020 which failed to agree by $300, a trial balance. A suspense account was opened for the difference. rrors made in 2020 were found: ccount had been undercast by $200 been undercast by $600 Rake was incorrectly debited to the account of J. Flake. ccount had been undercast by $700 er at net book value had been credited in error to the sales necessary to correct the errors count after the errors described have been corrected pusly been calculated at $120,000 for the year ending 31 e calculations of the corrected net profit.
The trial balance of Pharoah Paints at December 31, 2020, includes the following: Debits Credits Accounts Receivable $99,000 Allowance for Doubtful Accounts 880 Sales $99,880 Present the journal entries specified below. Each item should be considered independently. A. If Pharoah Paints uses the aging method and estimates that $2,816 of receivables will be uncollectible, prepare the adjusting entry. B. If Pharoah Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $880 credit balance instead of a $880 debit balance, prepare the appropriate adjusting entry. C. Assume that on February 3, 2021, the specific account of George Samson with a…
The unadjusted trial balance of ABC Company on December 31, 2019, end of its first year of operation, showed among others: Accounts Receivable, P1,250,000 and Cash Sales, P4,560,000. Among its transactions for the year 2020 are the following: a. Sales on account, P5,500,000 b Total collections during the year, P3,500,000 c. The management adopted a policy of providing for doubtful accounts based on 5% of the outstanding receivable at the end of the year. What is the adjusting journal entry on December 31, 2020 in recognizing bad debt expense? Select the correct response: Dr. Bad Debt Expense 62,500; Cr. Allowance for Bad Debts 62,500 Dr. Bad Debt Expense 100,000; Cr. Allowance for Bad Debts 100,000 Dr. Bad Debt Expense 275,000; Cr. Allowance for Bad Debts 275,000 Dr. Bad Debt Expense 162,500; Cr. Allowance for Bad Debts 162,500