Hello, I need help with the following accounting exercises. Can you please show the calculations?

Question: Hello, I need help with the following accounting e...

EDIT QUESTION

Hello, I need help with the following accounting exercises. Can you please show the calculations?

Question 1

The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016:

Item	Amount
Ending Cash per Bank Statement	$25,000
Note collected by bank included interest of $115	$5,615
Bank Service Charges	$55
Deposits in Transit	$2,775
Outstanding Cheques	$4,500
Customer Cheque returned NSF	$350

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."

General Journal:

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 $25,000 and were subject to a 3.5% 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."

General Journal:

Date	Accounts	Debit	Credit

Question 3

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 double-declining 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

General Journal:

Date	Accounts	Debit	Credit

Question 4

On July 1, 2016, Alpha Company purchased for $78,000, 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 double-declining balance method. On December 31, 2018, before making any annual adjusting entries, the equipment was exchanged for new machinery having a fair value of $30,000. 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.

General Journal:

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
$100,000	< 30 days old	98%
50,000	30 to 60 days old	90%
25,000	61 to 120 days old	50%
10,000	> 120 days old	10%

The current unadjusted Allowance for Uncollectable Accounts balance is a debit balance of $1,500 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

Question 6

Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal):

Alpha Company
December 31
Accounts	2016	2015
Accounts Receivable	$40,500	$35,500
Allowance for Doubtful Accounts	2,500	1,500
Merchandise Inventory	57,000	50,000
Office Supplies	25,000	20,000
Credit Sales	960,000	740,000
Sales Discounts	10,000	9,000
Interest Income	25,000	20,000
Cost of Goods Sold	460,000	385,000

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)

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	Amount
Demolition dilapidated building	$4,500
Architect Fees	$9,750
Legal Fees - for title search	$2,500
Interest During Active Construction Period	$17,500
Construction Costs	$510,000

Using this information, how much should be recorded as the cost of: (Enter only whole dollar values.)

1. Land

2. New Building

Expert Answer