Requirement Accounts Cash Debit $23,800 Credit Accounts Receivable 48,000 Allowance for Uncollectible Accounts $4,800 Supplies 10,600...
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Requirement Accounts Cash Debit $23,800 Credit Accounts Receivable 48,000 Allowance for Uncollectible Accounts $4,800 Supplies 10,600 Notes Receivable (8%, due in 2 years) 36,000 Land 98,000 Accounts Payable Common Stock 14,900 158,000 Retained Earnings 31,200 Service Revenue Salaries Expense Utilities Expense Supplies Expense 127,400 72,200 28,100 Totals 19,600 $336,300 $336,300 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: June 3 June 8 Provide additional services on account for $20,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 Write off customer accounts of $6,700 as uncollectible. The following information is available on December 31. Entimata that 100/ Accounts Receivable 4 December 31, 2024 Bad Debt Expense 5,080 Allowance for Uncollectible Accounts 5,080 x 5 December 31, 2024 Interest Receivable Interest Revenue 720 720 6 December 31, 2024 Service Revenue 7 Interest Revenue Retained Earnings December 31, 2024 Retained Earnings Journal Salaries Expense Utilities Expense Supplies Expense Bad Debt Expense < Requirement 127.400 720 720 X 31,200 72,200 28,100 19,600 5,373 General Ledger > For the year ended December 31, 2024 Revenue: Service Revenue Interest Revenue 20,000 Total Revenue Expenses: Sales Discounts 230 Salaries Expense 0 Utilities Expense 0 Bad Debt Expense Supplies Expense Total Expenses (293) 0 lilal Ddienico Ledger $ 20,000 (63) Statement Using the information from the requirements in the previous tabs, complete the 'Analysis' tab. Analyze the following information: (a) By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? Bad Debt Expense $ 4,800 (x (b) What is the ending balance of Allowance for Uncollectible Accounts? Ending Balance of Allowance for Uncollectible Accounts $ 9,880 (x) (c) What amount of cash is expected to be collected from accounts receivable? Amount expected to be collected $ 42.920 (x) Requirement Accounts Cash Debit $23,800 Credit Accounts Receivable 48,000 Allowance for Uncollectible Accounts $4,800 Supplies 10,600 Notes Receivable (8%, due in 2 years) 36,000 Land 98,000 Accounts Payable Common Stock 14,900 158,000 Retained Earnings 31,200 Service Revenue Salaries Expense Utilities Expense Supplies Expense 127,400 72,200 28,100 Totals 19,600 $336,300 $336,300 In addition, the following transactions occurred during 2024 and are not yet reflected in the account balances above: June 3 June 8 Provide additional services on account for $20,000. All services on account include terms 2/10, n/30. Receive cash from customers within 10 days of the services being provided on account. The customers were originally charged $11,500. November 15 Write off customer accounts of $6,700 as uncollectible. The following information is available on December 31. Entimata that 100/ Accounts Receivable 4 December 31, 2024 Bad Debt Expense 5,080 Allowance for Uncollectible Accounts 5,080 x 5 December 31, 2024 Interest Receivable Interest Revenue 720 720 6 December 31, 2024 Service Revenue 7 Interest Revenue Retained Earnings December 31, 2024 Retained Earnings Journal Salaries Expense Utilities Expense Supplies Expense Bad Debt Expense < Requirement 127.400 720 720 X 31,200 72,200 28,100 19,600 5,373 General Ledger > For the year ended December 31, 2024 Revenue: Service Revenue Interest Revenue 20,000 Total Revenue Expenses: Sales Discounts 230 Salaries Expense 0 Utilities Expense 0 Bad Debt Expense Supplies Expense Total Expenses (293) 0 lilal Ddienico Ledger $ 20,000 (63) Statement Using the information from the requirements in the previous tabs, complete the 'Analysis' tab. Analyze the following information: (a) By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? Bad Debt Expense $ 4,800 (x (b) What is the ending balance of Allowance for Uncollectible Accounts? Ending Balance of Allowance for Uncollectible Accounts $ 9,880 (x) (c) What amount of cash is expected to be collected from accounts receivable? Amount expected to be collected $ 42.920 (x)
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Related Book For
Financial Accounting
ISBN: 978-1259914898
5th edition
Authors: David Spiceland, Wayne M. Thomas, Don Herrmann
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