Questions from Financial Accounting

Q: Warner Company’s year-end unadjusted trial balance shows accounts receivable of

Warner Company’s year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $140,000. Uncollectibles are estimated to be 1%...

Q: Mazie Supply Co. uses the percent of accounts receivable method.

Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $55,000, and it estimates that 2% will be uncollectible. Prepare the year-end...

Q: Daley Company prepared the following aging of receivables analysis at December 31

Daley Company prepared the following aging of receivables analysis at December 31. a. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adj...

Q: Refer to the information in Exercise 7-13 to complete the

Refer to the information in Exercise 7-13 to complete the following requirements. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of total accounts receiv...

Q: Following is a list of credit customers along with their amounts owed

Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts...

Q: At December 31, Folgeys Coffee Company reports the following results for

At December 31, Folgeys Coffee Company reports the following results for its calendar year. Its year-end unadjusted trial balance includes the following items. 1. Prepare the adjusting entry to record...

Q: Prepare Garzon Company’s journal entries to record the following transactions for the

Prepare Garzon Company’s journal entries to record the following transactions for the current year. Jan.1 Purchases 6% bonds (as a held-to-maturity investment) issued by PBS at a cost of $40,000, whic...

Q: Prepare journal entries for the following transactions of Danica Company.

Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31 Pr...

Q: Selected accounts from Bennett Co.’s adjusted trial balance for the

Selected accounts from Bennett Co.’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtra...

Q: The records of Alaska Company provide the following information for the year

The records of Alaska Company provide the following information for the year ended December 31. Required 1. Use the retail inventory method to estimate the company’s year-end invento...