AP5.01 – Great Adventures
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Record TEAM adventure transactions and prepare the adjusting entry for uncollectable accounts.
Record TEAM adventure transactions and prepare the adjusting entry for uncollectable accounts.
Given the balance in the allowance uncollectible account, the balance of accounts receivable, and the percent not collected… record the allowance of uncollectible accounts.
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.
Record the service on account, and the collection of cash if pay within the 10 days.
Does NOT pay for service on time, missing the sales discount. Record the service on account, and the collection of cash if they pay late and miss the Discount.
Record the purchase of services, and the payment of cash.
Grants an allowance. Record the credit sale, sales allowance, cash collection, and calculate net sales.