BE 05.13 – Worthy Company’s
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition
Given the accounts receivable, total assets, and bad debt… prepare a journal for the write-offs.
Given the accounts receivable, total assets, and bad debt… prepare a journal for the write-offs.
Given accounts receivable and future bad debts… record any necessary adjustments.
Given a table with face value, rates, the fraction of year, and interest for different notes… fill in the missing information.
Given information on a loan that was lent out… calculate the interest revenue for two years.
Given information on a loan that was lent out… calculate the interest revenue for two years.
Given the allowance for uncollectible accounts, the estimated future uncollected accounts, and lastly the credit sales… record the bad debt expense.
Given the balance in the allowance uncollectible account, the balance of accounts receivable, and the percent not collected… record the allowance of uncollectible accounts.
Prepare journal entries, partial balance sheets, evaluate the allowance of uncollectables, create a partial income statement with sales revenues, cost of goods sold, and gross profit. Calculate cost of goods sold and ending inventory using FIFO.
Then, using information about the net realizable value, reestimate the partial income statement and balance sheets. Finally, create a depreciation schedule showing depreciation and book values and record adjusting entries for depreciation and insurance.
Record the service on account and collection of cash.
Offering a new customer discount. Record the revenue on May 1.