e Exercises ! Question 1-6-1: Practice Exercises-Connect Saved Help Save & Exit Submit Check my work Required information. Use the following information for the Exercises 9-10 below. (Algo) [The following information applies to the questions displayed below] At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $935,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $468 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Exercise 7-9 (Algo) Percent of sales method; write-off LO P3 Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet < 1 2 3 4 actice Exercises Saved Help Seve&Cal Check my wr Exercise 7-12 (Static) Percent of accounts receivable method LO P3 Mazie Supply Company 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 adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has (a) a $415 credit balance before the adjustment. (b) a $291 debit balance before the adjustment View transaction list Journal entry worksheet Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $415 credit balance before the adjustment. Note: Enter debits before credits General Journal De Credit 3 eBook H Print Frances Required information. Use the following information for the Exercises 12 below. (Algo) (The following information applies to the questions displayed below] Del Gato Clinic's cash account shows an $12,605 debit balance and its bank statement shows $12,011 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $1,609. b. The June 30 bank statement lists a $25 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $489 in payment of a utility bill on June 15. De Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $498 d. The June 30 cash receipts of $2,187 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-13 (Algo) Adjusting entries from bank reconciliation LO P3 Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Check my sect Help Save & Exit Check my wirk Exercise 6-14 (Static) Bank reconciliation LO P3 Wright Company's cash account shows a $27,500 debit balance and its bank statement shows $25,800 on deposit at the close of business on May 31 a. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services b. Outstanding checks as of May 31 total $5,600. c. May 31 cash receipts of $6,200 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement d. In reviewing the bank statement, a $400 check written by Smith Company was mistakenly drawn against Wright's account e. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this NSF check Prepare its bank reconciliation using the above information. Bank statement balance Add Deduct WRIGHT COMPANY Bank Reconciliation May 31 Book balance Add Deduct 5 Exercise 6-16A (Static) Documents in a voucher system LO P4 2 points Identify the appropriate document in a voucher system for each description. Description eBook Print References A. An itemized statement of goods prepared by the vendor listing the customer's name, bems sold, sales prices, and terms of sale. B. An internal file used to store documents and information to control cash payments and to ensure that a transaction is properly authorized and recorded C. A document used to place an order with a vendor that authorizes the vendor to ship ordered merchandise at the stated price and terms. D. A checklist of steps necessary for the approval of an invoice for recording and payment, also known as a check authorization E. A document used by department managers to inform the purchasing department to place an order with a vendor F. A document used to notify the appropriate persons that ordered goods have arrived, including a description of the quantities and condition of goods < Prev 5 of 5 Next Help Document Save & Exit Check my