BE 05.13 – McGuffy Company’s
Financial Accounting
Spiceland, Thomas, and Herrman
06th Edition
Given the accounts receivable, total assets, and bad debt… prepare a journal for the write-offs.
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Given the accounts receivable, total assets, and bad debt… prepare a journal for the write-offs.
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Given the accounts receivable, amount not collected, and bad debts… prepare a journal entry for adjustments.
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Given accounts receivable and future bad debts… record any necessary adjustments.
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Given information on a loan that was lent out… calculate the interest revenue for two years.
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Given the allowance for uncollectible accounts, the estimated future uncollected accounts, and lastly the credit sales… record the bad debt expense.
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Given the amount that inventory was purchased for and the amount of freight charges…. record the transactions under the perpetual inventory system.
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Given units purchased, total purchase price, price per unit, and defective units… record the purchase and return under a perpetual inventory system.
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Given the inventory purchase price and terms of the purchase… record the purchase and the payment under the perpetual inventory system.
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Given a chart with quantity, unit cost, and NRV of jackets and skis… complete a chart calculating ending inventory.
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Given net sales, cost of goods sold, beginning inventory, and ending inventory… determine inventory turnover, average days in inventory, and gross profit ratio.
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