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Can you please help me with this set of questions as well? I have attached the necessary journal entry outlines that were given for the
Can you please help me with this set of questions as well? I have attached the necessary journal entry outlines that were given for the solutions so the answers should fit perfectly.
Question 1 The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016: Item Amount $25,000 Ending Cash per Bank Statement $5,615 Note collected by bank included interest of $115 $55 Bank Service Charges Deposits in Transit $2,775 Outstanding Cheques $4,500 $350 Customer Cheque returned NSF A review of the bank statement reflected that cheque #224 recorded in the company cheque register as $1,735 to settle an accounts payable, was paid by the bank for the amount of $1,375. Use this information to prepare the compound General Journal entry (without explanation) for March 31, 2016, to cause the company books to match the adjusted cash balance based on the completed bank reconciliation. If no entry is required then write "No Entry Required." Date Accounts Debit Credit Question 2 Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards. Credit card sales on July 15, 2016 amounted to $20,000 and were subject to a 4.5% credit card company collection fee. Alpha Company collected payment from Worldwide Express on July 21. Use this information to prepare the General Journal entries (without explanation) for the July 15 sales & the July 21 collections. If no entry is required then write "No Entry Required." Date Accounts Debit Credit Question 3 On July 1, 2016, Alpha Company purchased for $76,000, equipment having a service life of eight years and an estimated residual value of $4,000. Alpha has recorded depreciation of the equipment using the doubledeclining balance method. On December 31, 2019, before making any annual adjusting entries, the equipment was sold for $20,000. Use this information to prepare all General Journal entries (without explanation) required to record the sale event for December 31, 2019 Date Accounts Debit Credit Question 4 On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight years and an estimated residual value of $6,000. Alpha has recorded depreciation of the equipment using the doubledeclining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $32,500. The transaction has commercial substance. Use this information to prepare all General Journal entries (without explanation) required to record the events for December 31, 2018. Date Accounts Debit Credit Question 5 Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2016, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $115,000 120 days old 15% The current unadjusted Allowance for Uncollectable Accounts balance is a debit balance of $3,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the: 1. Accounts Receivable 2. Allowance for Doubtful Accounts 3. Bad Debt Expense 1. 2. 3. Question 6 Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal): Alpha Company December 31 Accounts Accounts Receivable 2016 2015 $40,500 $35,500 2,500 1,500 Merchandise Inventory 57,000 50,000 Office Supplies 25,000 20,000 Allowance for Doubtful Accounts Credit Sales 960,000 740,000 Sales Discounts 10,000 9,000 Interest Income 25,000 20,000 460,000 385,000 Cost of Goods Sold 1. What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word times. (Example 1.123 would be entered 1.1 times) 2. What is the FY 2016 days outstanding for accounts receivable ratio? Enter the answer as a number rounded to one decimal place followed by a space and the word days. (Example 1.123 would be entered 1.1 days) 1. 2. Question 7 February 1, 2016, Alpha Company purchased land for the future factory location at a cost of $50,000. The dilapidated building that was on the property was demolished so that construction could begin on the new factory building. The new factory was completed on November 1, 2016. Costs incurred during this period were: Item Demolition dilapidated building Amount $4,000 Architect Fees $10,000 Legal Fees - for title search $2,000 Interest During Active Construction Period $18,750 Construction Costs $500,000 Using this information, how much should be recorded as the cost of: (Enter only whole dollar values.) 1. Land 2. New Building 1. 2Step by Step Solution
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