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College Accounting A Practical Approach 14th Edition Jeffrey Slater, Mike Deschamps - Solutions

Why is a subsidiary ledger not needed for notes?
Notes Receivable is a current liability on the balance sheet. Accept or reject. Why?
Explain the parts of a promissory note.
Suarez Computer Center currently has a $12,370.00 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable:Suarez Computer Center Schedule of Accounts Receivable March 31, 201XPhil’s Photography$320Value Pac, Inc.4,300Viral Vido3,950Vital Tax Service3,800Total$12,370
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Go to page 45 and find the balance in the Allowance for Doubtful Accounts in 2015 and 2016.
Simon Company completed the following transactions: From these transactions as well as the following additional data on January 1, 2018, complete a?c: 1. Journalize the transactions. The company uses the perpetual method. 2. Post to Allowance for Doubtful Accounts, Income Summary, and Bad Debts
T. J. Rack Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $117,000 balance. Journalize the following transactions for T. J. Rack: 2018 Mar. 13 Wrote off S. Rosh's account for $1,400. Apr. Wrote off P. Spada's account
Given the information presented in Figure 13.13 , do the following: Aging of Accounts Receivable for Masso Co. 1. Prepare on December 31, 2018, the adjusting journal entry for Bad Debts Expense. Balances: Cash, $32,000; Accounts Receivable, $152,000; Allowance for Doubtful Accounts, $260;
Lee Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2018 Dec. 31 Recorded Bad Debts Expense of $14,000. 2019 Jan. 7 Wrote off Gene Sandler's account of $600 as
Seay Company completed the following transactions: From the preceding as well as the following additional data on January 1, 2018, complete a?c: 1. Journalize the transactions. The company uses the perpetual and?allowance methods. 2. Post to Allowance for Doubtful Accounts, Income Summary, and
T. J. Rook Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $115,000 balance. Journalize the following transactions for T. J. Rook: 2018 Mar. 13 Wrote off S. Rossel's acco unt for $2,200. Аpr. Wrote off P. Sower's
Given the information presented in Figure 13.12 , do the following: Aging of Accounts Receivable for Masse Co. 1. Prepare on December 31, 2018, the adjusting journal entry for Bad Debts Expense. Balances: Cash, $28,000; Accounts Receivable, $171,000; Allowance for Doubtful Accounts, $340;
Lars Co. has requested that you prepare journal entries from the following (this company uses the Allowance for Doubtful Accounts method based on the income statement approach): 2018 Dec. 31 Recorded Bad Debts Expense of $16,000. 2019 Jan. 7 Wrote off Gene Smore's account of $1,200 as
Young Company had credit sales of $140,000 during 2018. The balance in Allowance for Doubtful Accounts is a $1,000 debit balance. Journalize the Bad Debts Expense for December 31 using each of the following methods:1. Bad Debts Expense is estimated at 2.5% of credit sales.2. The aging of Accounts
Carol Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2018, 2019, and 2020. (Use the income statement approach under the allowance method.) 1. Journalize the transactions. (The company uses the income statement approach in estimating Bad Debts.) 2. Journalize
Journalize the adjusting entry on December 31, 2018, for Bad Debts Expense, which is estimated to be 4% of net credit sales. The income statement approach is used. The following information is given: Accounts Receivable Sales (credit) Sales Returns and Allowances Dr. Cr. Dr. Cr. Dr. Cr. 25,000
Hamlet.com has requested that you prepare a partial balance sheet on December 31, 2018, from the following: Cash, $130,000; Petty Cash, $64; Accounts Receivable, $71,000; Bad Debts Expense, $50,000; Allowance for Doubtful Accounts, $19,000; Merchandise Inventory, $13,000.
Juniper Company had credit sales of $180,000 during 2018. The balance in Allowance for Doubtful Accounts is a $1,030 debit balance. Journalize the Bad Debts Expense for December 31 using each of the following methods:1. Bad Debts Expense is estimated at 2% of credit sales.2. The aging of Accounts
Eagle Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2018, 2019, and 2020. (Use the income statement approach under the allowance method.) 1. Journalize the transactions. (The company uses the income statement approach in estimating Bad Debts.) 2. Journalize
Assuming that in Exercise 13A-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,200 balance in the Allowance account will be needed to cover bad debts.13A-2 Accounts Receivable Sales (credit) Sales
Journalize the adjusting entry on December 31, 2018, for Bad Debts Expense, which is estimated to be 5% of net credit sales. The income statement approach is used. The following information is given: Accounts Receivable Sales (credit) Sales Returns and Allowances Dr. Cr. Dr. Cr. Dr. Cr. 27,000
Kiln.com has requested that you prepare a partial balance sheet on December 31, 2018, from the following: Cash, $110,000; Petty Cash, $71; Accounts Receivable, $72,000; Bad Debts Expense, $48,000; Allowance for Doubtful Accounts, $9,000; Merchandise Inventory, $14,000.
Given the balance in the Allowance for Doubtful Accounts of $240 credit, prepare adjusting entries for Bad Debts based on the following assumptions:1. Bad Debts to be 2.5% of net credit sales or $640.2. Based on aging of Accounts Receivable, Bad Debts should be $550.
Explain the purpose of the Bad Debts Recovered account.
Why doesn’t net realizable value change when an account is written off in the use of the Allowance account?
Recording Bad Debts Expense is a closing entry. True or false? Defend your position.
When an account receivable is written off, Bad Debts Expense must be debited. True or false? Please discuss.
From the trial balance in Figure 11.16 and additional data, complete the worksheet for Sean?s Wholesale Clothing Company. Additional Data1. a./b. Ending merchandise inventory on December 31, $4,900.2. c. Supplies on hand, $700.3. d. Insurance expired, $750.4. e. Depreciation on store equipment,
Reed Smith recently opened Reed?s Skate Shop. The company uses the periodic system. As the bookkeeper of the company, use the periodic method to journalize, record, and post when appropriate the following transactions (account numbers are Store Supplies 115; Store Equipment 121; Accounts Payable
Liz Viera has opened Pizza and More, a wholesale grocery and pizza company. The following transactions occurred in March: Required 1. Journalize the transactions. 2. Record to the accounts receivable subsidiary ledger and post to the general ledger as appropriate. 3. Prepare a schedule of
Jacob Co. had the following balances on December 31, 201X: The accountant for Jacob has asked you to make an adjustment because $360 of janitorial services has just been performed for customers who had paid for 2 months. Construct a transaction analysis chart. Cash Unearned Janitorial Service
Journalize, record, and post when appropriate the following transactions into the general journal (p. 2) for Joshua?s Clothing. All purchases discounts are 2/10, n/30. Assume the periodic inventory system. If using working papers, be sure to put in beginning balances. Partial General
Journalize, record, and post when appropriate the following transactions in the general journal (page 2) (all sales carry terms of 2/10, n/30): Use the following account numbers: Accounts Receivable, 112; Sales, 411; Sales Returns and Allowances, 412; Sales Discounts, 413. The company uses the
Prepare a formal income statement from the following partial worksheet for Malorie?s Dental Supply Co. MALORIE'S DENTAL SUPPLY CO. PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2018 Income Statement Account Titles Dr. Cr. Sales 2800 00 119 00 64 00 676 00 300 00 |2|이이| 00| 155 00 Sales
Access Amazon’s 2016 annual report at https://tinyurl.com/slaterca14e and locate the consolidated Statement of Income (Statement of Operations). How much has Selling, and General and Administrative Expenses increased from the previous year?
On December 31, 2019, $300 of salaries has been accrued. (Salary expense before the accrual adjustment totaled $26,000.) The next payroll to be paid will be on February 3, 2020, for $6,000. Do the following:1. Journalize and post the adjusting entry (use T accounts).2. Journalize and post the
From the following partial worksheet, journalize the closingentries of December 31 for A. Slow Co. Partial Worksheet for A. Slow Co. A. SLOW CO. PARTIAL WORKSHEET FOR THE YEAR ENDED DECEMBER 31, 2019 Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. 19300 36200 56 100 Cash Merchandise
Using Concept Check 1, calculate:1. Gross profit2. Net income or net lossConcept Check 1calculate net sales:Cost of Goods Sold$100Gross sales180Sales Returns and Allowances5Sales Discounts2Operating Expenses15Ending Inventory, December 31, 201975
From the following, calculate net sales:Cost of Goods Sold$100Gross sales180Sales Returns and Allowances5Sales Discounts2Operating Expenses15Ending Inventory, December 31, 201975
Janet Flynn, owner of Reel Company, plans to apply for a bank loan at Petro National Bank. Because the company has a lot of debt on its balance sheet, Janet does not plan to show it to the loan officer. She plans only to bring the income statement. Do you feel that this move is a sound financial
Temporary accounts could appear on a post-closing trial balance. Agree or disagree?
What is the difference between Current Assets and Plant and Equipment?
Explain how operating expenses can be broken down into different categories.
Which columns of the worksheet aid in the preparation of the income statement?
From the following trial balance and additional data, completethe worksheet for Ron's Wholesale Clothing Company.From the following, complete a worksheet for Waltz Company from the following trial balance and additional data. Additional Data 1. Physical count of inventory on December 31, $5,000 2.
As the accountant for Jim?s Hardware, you have been asked tocom-plete a worksheet from the following trial balance as well asadditional data. Additional Data 1. Physical count of inventory on December 31, $836 2. Insurance expired, $112 3. Depreciation expense on store equipment, $90 4. Accrued
From the following accounts, calculate (a) net sales, (b) cost of goods sold (after adjustment), (c) gross profit, and (d) net income.Sales Discounts$500Physical count of Inventory, December 31, 201979Sales Returns and Allowances$191Cash3,895Accounts Receivable441Ending Inventory, December 31,
The owner of Waltz Company has asked you to prepare a worksheet from the following trial balance and additional data: Additional Data 1. Physical count of inventory on December 31, $4,805 2. Office supplies used up, $210 3. Rent expired, $195 4. Depreciation expense on office equipment, $550 5.
From the following trial balance and additional data, complete a worksheet for Jim's Hardware: Additional Data 1. Physical count of inventory on December 31, $615 2. Insurance expired, $150 3. Depreciation expense on store equipment, $60 4. Accrued wages, $90 JIM'S HARDWARE TRIAL BALANCE DECEMBER
On the basis of the accounts listed below, calculate1. Net sales2. Cost of goods sold (after adjustment)3. Gross profit4. Net incomeAccounts Payable$6,000Operating Expenses2,000J.Jensen, Capital 19,400Cost of Goods Sold4,137Ending Inventory, December 31, 20191,250Sales10,210Accounts
Go to https://tinyurl.com/slaterca14e and find the Consolidated Statement of Income. What is the cost of goods sold (cost of sales) in 2016?
Prepare a worksheet for Moore Co. from the following trial balance and additional data: 1. Inventory physical count $11 2. Store supplies on hand 5 3. Depreciation on store equipment 7 4. Accrued salaries payable 3 MOORE CO. TRIAL BALANCE DECEMBER 31, 2018 Dr. Cr. Cash 900 Accounts Receivable 800
Bates Co. had the following balances on December 31, 201X: The accountant for Bates has asked you to make an adjustment because $430 of janitorial services has just been performed for customers who had paid for 2 months. Construct a transaction analysis chart. Cash Unearned Janitorial Service
From the following, calculate(a) Net sales,(b) Gross profit,(c) Net income. Data Sales, $35,000; Sales Discounts, $800; Sales Returns and Allowances, $5,000; Cost of Goods Sold, $13,700; Operating Expenses, $4,900.
Prepare a worksheet for Moore Co. from the following trial balance and additional data. Additional Data 1. Inventory physical count $13 2. Store supplies on hand 4 3. Depreciation on store equipment 4 4. Accrued salaries 2 MOORE CO. TRIAL BALANCE DECEMBER 31, 2018 Dr. Cr. Cash 800 Accounts
Given Merchandise Inventory of $2,000 and a physical count of inventory that reflected a balance of $1,950, what would be the adjusting entry?
Given the following, journalize the adjusting entry for Merchandise Inventory. Note that physical count of inventory showed a balance of $59,500. Merchandise Inventory 114 Cost of Goods Sold 513 60,000
Go to https://tinyurl.com/slaterca14e. How much has Merchandise Inventory increased or decreased from 2015 to 2016.
Jackie?s Toy Shop completed the following merchandise transactions in the month of April: Jackie?s Toy Shop accounts included the following: Cash 101; Accounts Receivable 112; Merchandise Inventory 120; Store Equipment 124; Accounts Payable 201; J. Jackie, Capital 301; Sales 401; Sales
Journalize, record, and post when appropriate, the following transactions into the general journal (p. 2) for Jacob?s Clothing. All purchases offer credit terms of 7/10, n/30. Assume the perpetual inventory system. If using working papers, be sure to put in beginningbalances.? Accounts Payable
From the general journal in Figure 10.14 , record to the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. Partial Accounts Payable Subsidiary Ledger Partial General Ledger Cortland.com Merchandise Inventory 105 Dr. Cr. Dr. Cr. Harold.com Equipment 120 Dr.
Journalize the following transactions for a perpetual company:1. Issued credit memo no. 2, $43, to Lenny Co. An allowance was granted and the customer kept the merchandise. The sale was on account.2. Cash sales, $183, with a cost of $50.3. Received check from Dolly Co., $45, less 2% discount.4.
How are discounts recorded in a perpetual system?
Explain why a trade discount is not a cash discount.
What purpose could a typical invoice approval form serve?
Why could the balance of the controlling account, Accounts Payable, equal the sum of the accounts payable subsidiary ledger during the month?
What is the normal balance of each creditor in the accounts payable subsidiary ledger?
F.O.B. destination means that title to the goods will switch to the buyer when goods are shipped. Do you agree or disagree? Why?
What kind of account is cost of goods sold?
What does F.O.B. shipping point represent?
Access Amazon’s Annual Report and see how Amazon records revenue at https://tinyurl.com/slaterca14e.
Jared Payne owns Payne?s Sneaker Shop. (Balances as of March 1 are provided for the accounts receivable and general ledger accounts as follows: Durant, $250 Dr.; Lanham, $550 Dr.; Pry, $800 Dr.; Zamara, $550 Dr.; Cash, $15,500 Dr.; Accounts Receivable, $2,150 Dr.; Sneaker Rack Equipment, $1,150
Kate Collins has opened Fontina and Stuff, a wholesale grocery and cheese company. The following transactions occurred in February: Required1. Journalize the transactions. Beginning balances of Merchandise Inventory is $5,000 for grocery merchandise and $7,000 for cheese. 2. Record to the
From the following transactions for Autumn Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 3/10, n/30. The balance in
Journalize the following transactions. Assume a perpetual inventory system. 201X 8 Sold merchandise on account, $620, to Ring Co.; terms 2/10, n/30. Cost of merchandise was $350. Jul. 12 Purchased office equipment on account from TRE Co., $1,900. 13 Made refunds to cash customers, $250, for
Journalize the following transactions. Assume the perpetual inventory system. 201X Apr. 5 Sold merchandise for $1,250 cash. The cost of the merchandise was $850. 16 Made refunds to cash customers for defective merchandise, $70. The cost of defec- tive merchandise was $25.
From the general journal in Figure 9.25 , record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER PARTIAL GENERAL LEDGER Henry Co. Accounts Receivable 112 Lincoln Co. Merchandise Inventory 142 Dr. Cr. Sales
From the following transactions for Ava Co., journalize, record, post, and prepare a schedule of accounts receivable when appropriate. You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 1/10, n/30. The balance in
Journalize the following transactions:1. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28.2. Received check from Brown Co., $300, less 3% discount.3. Cash sales, $104. The cost of merchandise was $59.4. Issued credit memorandum no. 2 to Troy Co. for
Complete the transactional analysis box for the following transaction: Issued credit memorandum to Pike.com for defective merchandise, $190. The cost of the merchandise was $114. It was a credit sale.
Match the following activities to the three business transactions (more than one number can be used).1. Record to the accounts receivable subsidiary ledger.2. Journalize the transaction.3. Post to the general ledger.1. Sold merchandise on account to Clo Co., invoice no. 1, $90. Cost of the
Sales discounts are taken on sales tax. Agree or disagree? Explain why.
Why is sales tax a liability to the business?
When is a (✔) used?
Compare and contrast the Controlling Account—Accounts Receivable to the accounts receivable subsidiary ledger.
What category is Sales Discount in?
Give two examples of contra-revenue accounts.
The following is the monthly payroll for the last 3 months of the year for Dell?s Sporting Goods Shop, 2 Boat Road, Lynn, MA 01945. The shop is a sole proprietorship owned and operated by Bill Dell. The EIN for Dell?s Sporting Goods Shop is 28-9311893. The employees at Dell?s are paid once each
Henry House, the accountant for White Company, must complete Form 941 for the first quarter of the current year. Henry gathered the needed data as presented in Problem 8B-1 . Suddenly called away to an urgent budget meeting, Henry requested that you assist him by preparing Form 941 for the first
The following is the monthly payroll of White Company, owned by Dale White. Employees are paid on the last day of each month. White Company is located at 2 Square Street, Marblehead, MA 01945. Its EIN is 29-3458822. The FICA tax rate for Social Security is 6.2% on up to $127,200 in earnings
Ted James, the accountant for Andersen Company, must complete Form 941 for the first quarter of the current year. Ted gathered the needed data as presented in Problem 8A-1 . Suddenly called away to an urgent budget meeting, Ted requested that you assist him by preparing Form 941 for the first
The following is the monthly payroll of Andersen Company, owned by Donald Andersen. Employees are paid on the last day of each month. Andersen Company is located at 2 Square Street, Marblehead, MA 01945. Its EIN is 29-3458822. The FICA tax rate for Social Security is 6.2% on up to $127,200 in
https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. The 2016 Amazon Annual report was issued way before the new tax act of 2018. How do you expect the income statement to change in 2018 since the new tax rates are much lower than in 2016?
If Rachel’s Grocery Store downsized its operation during the second quarter of 20XB and, as a result, paid only $6,121.54 in Form 941 taxes for the quarter that ended on June 30, 20XB, should Rachel’s Grocery Store make Form 941 tax deposits monthly or semiweekly for 20XC?
Rachel’s Grocery Store made the following Form 941 payroll tax deposits during the look-back period of July 1, 201A, through June 30, 201B:Quarter EndedAmount paid in 941 TaxesSeptember 30, 201A$15,783.81December 31,201A13,893.81March 31,201B13,601.04June 30,201B14,021.29Should Rachel’s Grocery
Copper Company has four employees, and each employee earned $40,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3–8, to answer the following questions:Total employees during the first quarter?Payments made in excess of $7,000 FUTA lilmit?Total FUTA liability before any
At the end of April 201X, the total amount of OASDI, $550, and Medicare, $220, was withheld as tax deductions from the employees of Lucky, Inc. Federal income tax of $2,950 was also deducted from their paychecks. Lucky is classified as a monthly depositor of Form 941 taxes. Indicate when this
Amador Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,900; the net amount is $5,000. Journalize the transfer of funds to the payroll account and the distribution of paychecks to the employees.
Magenta Company has four employees, and each employee earned $56,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3–8, to answer the following questions:Quarter EndedAmount paid in 941 TaxesSeptember 30,201A$15,780.98December 31,201A13,891.89March 31,201B13,600.02June
At the end of November 201X, the total amount of OASDI, $480, and Medicare, $250, was withheld as tax deductions from the employees of Calm Waters, Inc. Federal income tax of $2,980 was also deducted from their paychecks. Calm Waters is classified as a monthly depositor of Form 941 taxes. Indicate

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