Exercise 1.25 – NBC Company
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given the work days owed, a number of days in a work week, and the weekly salary… determine what would be included in an adjusting entry for accrued wages.
Given the work days owed, a number of days in a work week, and the weekly salary… determine what would be included in an adjusting entry for accrued wages.
Given the beginning and ending accounts receivable balance, credit sales, and bad debts… determine the amount of cash that was collected.
Given the beginning salaries payable balance, salaries accrued, and ending salaries payable balance… determine the amount of cash paid towards salaries.
Given revenues, cost of goods sold, expenses, dividends, and retained earnings balance… prepare closing entries, determine net income, and calculate the ending retained earnings balance.
Given an aging table showing uncollectible accounts at certain ages along with the balance in the allowance account… determine the uncollectible-account expense.
Given purchased supplies, the amount used, and ending supplies… determine the beginning balance in the supplies account.
Given the accounts receivable balance, allowance account balance, service revenue, and uncollectible-account balance… prepare a journal entry for the bad debts along with showing how accounts receivable and allowance are reported on the balance sheet.
Given write-offs, the balance of allowance accounts, and accounts receivable… determine the net realizable value of accounts receivable.
Given the amount that legal services were paid for along with how long the service is being paid for… determine the unearned revenue credit balance at year-end.
Given credit sales, estimated uncollectible, and credit balance… determine the amount of expense that would be reported on the income statement.