The transactions they had for December 2020 is advanced view of what is to come for the shop in 2021:
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Journalizing on Transactions
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- What hould i do the property taxes were levied in the amount of $905,000. All of the taxes are expected to be collected before February 2021. Note: Enter debits before credits. Transaction General Journal Debit Credit 03 .The balances at the end of each year are as follows: December 31, 2019 December 31,2020 $ $ Inventory 41,000 48,500 Trade receivables 29,300 35,750 Prepaid rent 500 600 Fixtures (net) 20,000 19,000 Trade payables 19,500 19,000 Debit card receivables 1,325 750 Required: d. Prepare the Debit Card Receivables AccountMultiple Company provided the following information on December 31, 2020: Accounts payable after deducting debit balances in supplier's accounts of P100.000 Accrued liabilities Note payable - due March 31. 2021 Note payable - due May 31, 2023 Note payable - due December 31, 2022 P500.000 P50.000 P1.000.000 P800.000 P2.000.000 On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month note for the same amount. During November 1, 2020, the Company breached a covenant pertaining to the May 31, 2023 note, making it due and demandable. On December 24, 2020, the creditor agreed to not to demand payment for 13 months from the date of breach. The note payable maturing on December 31, 2022, which was acquired on June 30, 2018. The creditor has the right to call the note 36 months from issuance How much is the total current liabilities as of December 31. 2020?
- The following information was the unadjusted balances extracted from Stiffany Hats and Dresses' books on December 31, 2020:Trade receivables P500,000Allowance for doubtful accounts (20,000)Notes receivable, to be collected in July 2022 100,000Receivable from employees 50,000Advance payments to Trixie Garments, a supplier 30,000A check payable to Stiffany Hats and Dresses amounting to P50,000 was dated January 1, 2021 and was included in the Company's trade receivables.The receivable from Stiff Hair Salon, a related party, amounting to P10,000 is to be written off. What is the total trade and other receivables to be reported on December 31, 2020?Alex 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…Luna Company reported the following figures: 2020 2019 Net Credit Sales Account receivables at end of year $572,000 $38,700 $600,000 $46,100 Required: 1) Compute Luna's collection period of receivables for 2020. (Round to the nearest day) 2) Suppose Luna's normal credit terms for a sale on account are "2/10, n/30". How well does Luna's collection period compare to the company's credit terms? Is this good or bad for Luna Company?
- hi based on the above question would item h) $250,000 of the notes payable is due for payment on December 31st, 2021, would this be reflected in the jounal entry? if so how do I enter it on the journal entry?Novak Corp. has accounts receivable of $111,000 at March 31, 2022. An analysis of the accounts shows these amounts. Balance, March 31 Month of Sale 2022 2021 March $61,000 $81,000 February 13,300 8,300 December and January 11,300 2,700 November and October 7,200 1,400 $92,800 $93,400 Credit terms are 2/10, n/30. At March 31, 2022, there is a $3,700 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 estimates of bad debts are as shown below Age of Accounts Estimated PercentageUncollectible Current 2 % 1–30 days past due 7 31–90 days past due 25 Over 90 days past due 50 Determine the total estimated uncollectible accounts receivable. Total estimated uncollectibles accounts receivable $Enter the total estimated uncollectibles…Suppose a business receives a 907000 long term bank loan on December 31 2019 the borrowing arrangement requires the business to pay 226 750 by September 2020 show how the business will report both current and long term liabilities on its December 31 2019 balance sheet .
- The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances:Accounts Debits CreditsCash $ 41,500Accounts Receivable 25,700Land 110,800Accounts Payable $ 15,300Notes Payable (due in 2 years) 30,000Common Stock 100,000Retained Earnings 32,700Totals $178,000 $178,000The following is a summary of the transactions for the year:1. January 12 Provide services to customers on account, $62,400.2. February 25 Provide services to customers for cash, $75,300.3 March 19 Collect on accounts receivable, $45,700.4. April 30 Issue shares of common stock in exchange for $30,000 cash.5. June 16 Purchase supplies on account, $12,100.6. July 7 Pay on accounts payable, $11,300.7. September 30 Pay salaries for employee work in the current year,…An invoice dated 15th March 2021 for RM750 was paid on the 31st March 2021. If the trade discount was 15% and the cash discount terms were 8/10, 5/30 and n/30, find:a) The trade discount offered.b) The cash discount offered.c) The amount paid.Agency A receives a Notice of Cash Allocation from the DBM of 10,000,000.00 for the second quarter of 2021. What is the accounting entry to be recorded in Journal Entry Voucher. Answer in this format. Account Title Dr. Cr.
