Please do not give salutations in image format thankuh Required Information[The following information applies to the questions displayed below]Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operationsending December 31. (Assume amounts are reported in thousands of dollars.)Account TitlesCashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated DepreciationAccomAccounts PayablePSalaries and Mages PayableIncomeng Tax PayableJikaCommon StockRetained EarningsSales ReRevenueInsurance ExpenseSalaries and Mages ExpenseSupplies ExpenseIncome Tax ExpenseTotalsMINT CLEANING INCORPORATEDStatement of Retained EarningsDebit Credit$ 56Other dets not yet recorded at December 31:a. Insurance expired during the year, $6.b. Depreciation expense for the year, $5.c. Salaries and wages payable, $8.d. Income tax expense, $10.(In thousands of dollars)Beginning Balance58116Ending Balance8ofte2844$111Required:Using the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers inthousands of dollars.)12129$257 $ 257

Beginning balance of the retained earnings is adjusted with the net income or loss from the…

Required information [The following information applies to the questions displayed below] Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Accounts Receivable Prepaid Insurance Equip Accumulated Depreciation Accounts Payable Extr Salaries and ages Payable Income Tax ‹ Payable Stack Betale Exter Be Sales Revenue Insurance Expense Salaries and wages Expense Supplies Expan Income Tax Expense Totals c. Salaries and wages payable, $8. d. Income tax expense, $10. Other dists not yet recorded at December 31 e Insurance expired during the year, $6. b. Depreciation expense for the year $5. MINT CLEANING INCORPORATED Statement of Retained Earnings Debit Credit $56 in thousands of dollars) Beginning Balance Ending Balance 116 $ 257 Required: sing the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in housands of dollars.) EE.. $ 257

Required information [The following information applies to the questions displayed below] Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.) Account Titles Accounts Receivable Prepaid Insurance Equip Accumulated Depreciation Accounts Payable Extr Salaries and ages Payable Income Tax ‹ Payable Stack Betale Exter Be Sales Revenue Insurance Expense Salaries and wages Expense Supplies Expan Income Tax Expense Totals c. Salaries and wages payable, $8. d. Income tax expense, $10. Other dists not yet recorded at December 31 e Insurance expired during the year, $6. b. Depreciation expense for the year $5. MINT CLEANING INCORPORATED Statement of Retained Earnings Debit Credit $56 in thousands of dollars) Beginning Balance Ending Balance 116 $ 257 Required: sing the adjusted balances, prepare a statement of retained earnings for the year ended December 31. (Enter your answers in housands of dollars.) EE.. $ 257

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter21: Accounting For Accruals, Deferrals, And Reversing Entries

Section21.1: Accruals

Problem 1OYO

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Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700
SM Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?
Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
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The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Required: 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts. 2.A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $17,710,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of…
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