External link to Basic Accounting Equations paper

Basic Accounting Equations paper

Basic Accounting Equations 1. Recognition of normal balances  The following items appeared in the accounting records of Triguero’s, a retail music store that also sponsors concerts. Classify each of the items as an asset, liability; revenue; or expense from the company’s viewpoint. Also indicate the normal account balance of each item. a. Amounts paid to a mall for rent. b. Amounts to be paid in […]

External link to Accounting   Cycle discussion paper

Accounting   Cycle discussion paper

Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Reference the Discussion Forum Grading Rubric for guidance on how your discussion will be evaluated.   Accounting   Cycle 1. Financial statements are a product of the […]

External link to Bank   Reconciliation discussion paper

Bank   Reconciliation discussion paper

Your initial discussion thread is due on Day 3 (Thursday) and you have until Day 7 (Monday) to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth of your responses. Reference the Discussion Forum Grading Rubric for guidance on how your discussion will be evaluated.   Bank   Reconciliation What is the purpose of a bank reconciliation? […]

External link to Percentage of Accounts Expected to Be Collected 

Percentage of Accounts Expected to Be Collected 

Percentage of Accounts Expected to Be Collected    Under 31 days $4,321,000 99%   31-60 days 4,890,000 90   61-90 days 1,067,000 80   Over 90 days 2,166,000 60 Assume that no accounts were written off during 20X2. Instructions  a. Estimate the amount of Uncollectible Accounts as of December 31, 20X2. b. What is the company’s Uncollectible Accounts expense for 20X2? c. Compute the net […]

External link to Allowance method analysis of receivables

Allowance method analysis of receivables

Allowance method: analysis of receivables. At a January 20X2 meeting, the presi­dent of Sonic Sound directed the sales staff “to move some product this year.” The president noted that the credit evaluation department was being disbanded be­cause it had restricted the company’s growth. Credit decisions would now be made by the sales staff. By the end of the year, Sonic had generated significant gains in […]

External link to Direct write-off method assignment

Direct write-off method assignment

Direct write-off method. Harrisburg Company, which began business in early 20X7, reported $40,000 of accounts receivable on the December 31, 20X7, balance sheet. Included in this amount was $550 for a sale made to Tom Mattingly in July. On January 4, 20X8, the company learned that Mattingly had filed for personal bankruptcy. Harrisburg uses the direct write-off method to account for uncollectibles. a. Prepare the […]

External link to Adjusting entries in examination paper

Adjusting entries in examination paper

Adjusting entries. You have been retained to examine the records of Mary’s Day Care Center as of December 31, 20X3, the close of the current reporting period. In the course of your examination, you discover the following: · On January 1, 20X3, the Supplies account had a balance of $1,350. During the year, $5,520 worth of supplies was purchased, and a balance of $1,620 remained […]

External link to Adjusting entries and financial statements

Adjusting entries and financial statements

Adjusting entries and financial statements. The following information pertains to Sally Corporation: · The company previously collected $1,500 as an advance payment for services to be rendered in the future. By the end of December, one half of this amount had been earned. · Sally Corporation provided $1,500 of services to Artech Corporation; no billing had been made by December 31. · Salaries owed to […]

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