The general ledger of a company includes the following account balances in 2024: Credit Accounts Cash...

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The general ledger of a company includes the following account balances in 2024: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals Debit $22,600 45,000 8,800 24,000 92,000 71,600 26,300 17,800 $308,100 $3,600 Required: 1. Record each of the transactions listed above. 2. Record the following adjusting entries on December 31. 13,700 134,000 30,600 126, 200 $308, 100 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 $14,000. 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 $8,500. November 15 Write off customer accounts of $2,200 as uncollectible. a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $24,000, which was accepted on October 1, 2024. Interest is due each September 30. 3. Prepare an adjusted trial balance as of December 31, 2024, after updating account balances for transactions during the year (requirement 1) and adjusting entries at the end of the year (requirement 2). 4. Prepare an income statement for the period ended December 31, 2024 5. Prepare a classified balance sheet as of December 31, 2024. 0 6. Record closing entries. 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? Complete this question by entering your answers in the tabs below. Reagired 1 Required 2 Required 3 Required 4 Journal entry worksheet Required 1 Recol the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 2 3 Provide additional services on account for $14,000. All services on account include terms 2/10, n/30. Note: Enter debits before credits. Required 5 Required 6 Date June 03, 2024 General Journal Required 7 Debit Credit Required 1 Required 2 Required 3 View transaction list Journal entry worksheet 1 Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.). Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) Accrue interest on the note receivable of $24,000, which was accepted on October 1, 2024. Interest is due each September 30. 2 Required Date December 31, 2024 Record entry Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) Record the adjusting entry for uncollectible Note: Enter debits before credits. Required General Journal Clear entry Required o < Prev Debit Required / 1 of 4 :: Credit View general journal Next > Show less A Required 1 Accounts Required 2 Required 3 Totals Required 4 Prepare an adjusted trial balance as of December 31, 2024, after updating account balances for transactions during the year (requirement 1) and adjusting entries at the end of the year (requirement 2). A COMPANY Adjusted Trial Balance December 31, 2024 Debit Required > < Required 2 Required o Credit Required Required 4 > 57 Required 1 Required Requireo > Prepare an income statement for the period ended December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Required 2 Revenues: A COMPANY Income Statement For the year ended December 31, 2024 Net revenues Expenses: Required 3 Total Expenses Net income 4 Required o < Required 3 Required 5 Required / > Required 1 Required 2 Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Assets Total Current Assets Total Assets Required 3 Required 4 Required 5 A COMPANY Balance Sheet December 31, 2024 Required 6. Required 7 < Required 4 Total Current Liabilities Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Required 6 > Required 11 Required 2 Required 3. Required 4 Required 5 Required 6 Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accour field.) View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 Record entry General Journal Clear entry < Required 5 Debit Required 7 Credit View general journal Required 7 > 5. Prepare a classified balance sheet as of December 31, 2024. 6. Record closing entries. 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze the following information: how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? What is the ending balance of Allowance for Uncollectible Accounts? What amount of cash is expected to be collected from accounts receivable? Required 3 Required 4 Required 5 a. Bad Debt Expense b. Ending Balance of Allowance for Uncollectible Accounts c. Amount expected to be collected < Required 6 Required 6 Required 7 Required 2 Show less A The general ledger of a company includes the following account balances in 2024: Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (8%, due in 2 years) Land Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Supplies Expense Totals Debit $22,600 45,000 8,800 24,000 92,000 71,600 26,300 17,800 $308,100 $3,600 Required: 1. Record each of the transactions listed above. 2. Record the following adjusting entries on December 31. 13,700 134,000 30,600 126, 200 $308, 100 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 $14,000. 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 $8,500. November 15 Write off customer accounts of $2,200 as uncollectible. a. Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) b. Accrue interest on the note receivable of $24,000, which was accepted on October 1, 2024. Interest is due each September 30. 3. Prepare an adjusted trial balance as of December 31, 2024, after updating account balances for transactions during the year (requirement 1) and adjusting entries at the end of the year (requirement 2). 4. Prepare an income statement for the period ended December 31, 2024 5. Prepare a classified balance sheet as of December 31, 2024. 0 6. Record closing entries. 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? Complete this question by entering your answers in the tabs below. Reagired 1 Required 2 Required 3 Required 4 Journal entry worksheet Required 1 Recol the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list 1 2 3 Provide additional services on account for $14,000. All services on account include terms 2/10, n/30. Note: Enter debits before credits. Required 5 Required 6 Date June 03, 2024 General Journal Required 7 Debit Credit Required 1 Required 2 Required 3 View transaction list Journal entry worksheet 1 Record the following adjusting entries on December 31. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.). Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) Accrue interest on the note receivable of $24,000, which was accepted on October 1, 2024. Interest is due each September 30. 2 Required Date December 31, 2024 Record entry Estimate that 10% of the balance of accounts receivable (after transactions in requirement 1) will not be collected. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger to determine the total estimate of uncollectible accounts.) Record the adjusting entry for uncollectible Note: Enter debits before credits. Required General Journal Clear entry Required o < Prev Debit Required / 1 of 4 :: Credit View general journal Next > Show less A Required 1 Accounts Required 2 Required 3 Totals Required 4 Prepare an adjusted trial balance as of December 31, 2024, after updating account balances for transactions during the year (requirement 1) and adjusting entries at the end of the year (requirement 2). A COMPANY Adjusted Trial Balance December 31, 2024 Debit Required > < Required 2 Required o Credit Required Required 4 > 57 Required 1 Required Requireo > Prepare an income statement for the period ended December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Required 2 Revenues: A COMPANY Income Statement For the year ended December 31, 2024 Net revenues Expenses: Required 3 Total Expenses Net income 4 Required o < Required 3 Required 5 Required / > Required 1 Required 2 Prepare a classified balance sheet as of December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Assets Total Current Assets Total Assets Required 3 Required 4 Required 5 A COMPANY Balance Sheet December 31, 2024 Required 6. Required 7 < Required 4 Total Current Liabilities Liabilities Stockholder's Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity Required 6 > Required 11 Required 2 Required 3. Required 4 Required 5 Required 6 Record closing entries. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accour field.) View transaction list Journal entry worksheet < 1 2 Record the entry to close the revenue accounts. Note: Enter debits before credits. Date December 31, 2024 Record entry General Journal Clear entry < Required 5 Debit Required 7 Credit View general journal Required 7 > 5. Prepare a classified balance sheet as of December 31, 2024. 6. Record closing entries. 7. Analyze the following information: a. By how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? b. What is the ending balance of Allowance for Uncollectible Accounts? c. What amount of cash is expected to be collected from accounts receivable? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Analyze the following information: how much does the year-end estimate of future uncollectible accounts reduce net income in 2024? What is the ending balance of Allowance for Uncollectible Accounts? What amount of cash is expected to be collected from accounts receivable? Required 3 Required 4 Required 5 a. Bad Debt Expense b. Ending Balance of Allowance for Uncollectible Accounts c. Amount expected to be collected < Required 6 Required 6 Required 7 Required 2 Show less A

Answer rating: 100% (QA)

Solution Question 1 Date Particulars Dr Cr 3Jun Account Receivable 14000 Service Revenue 14000 To record the additional services provided on account 8Jun Cash 8330 Sales Discount 170 Account Receivabl... View the full answer