I have three assignment for accounting that I have uploaded on the attached document
Problem 1 Preparing a bank reconciliation and journal entries The December cash records of Dunlap Insurance follow: Cash Receipts Date Cash Debits Dec. 4 9 14 17 31 Cash Payments Check No. Cash Credit $4,170 510 5 30 2,180 1,850 1416 1417 1418 1419 1420 1421 1422 $ 860 130 650 1,490 1,440 900 630 Dunlap's Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement: Bank Statement for December Beginning Balance Deposits and other Credits Dec. 1 5 10 15 18 22 Checks and other Debits Dec 8 Dec 11 (Check 1416) Dec 19 Dec 22 (Check 1417) Dec 29 (Check 1418) Dec 31 (Check 1419) Dec 31 $13,600 EFT $ 300 4,170 510 530 2,180 BC 1,400 NSF EFT SC 9,090 $1,000 860 700 130 650 1,940 60 Ending balance Explanations: BC = bank collection; EFT = electronic funds transfer; NSF = nonsufficient funds checks; SC = service charge (5,340 ) $ 17,350 a. The EFT credit was a receipt of rent. The EFT debit was an insurance payment. b. The NSF check was received from a customer c. The $1400 bank collection was a note receivable. d. The correct amount of check 1419 for rent is $1940. Dunlap's controller mistakenly recorded the check for $1490 Assignment 1. Prepare the bank reconciliation of Dunlap Insurance at December 31, 2012 2. Journalize any required entries from the bank reconciliation Problem 2 Accounting for uncollectible accounts using the allowance and direct write-off methods, and reporting receivables on the balance sheet On August 31, 2012, Daisy Floral Supply had a $155,000 debit balance in Accounts receivable and a $6,200 credit balance in Allowance for uncollectible accounts. During September, Daisy made: * sales on account, $590,000. * collections on account $62,700 * write-offs of uncollectible receivables, $7,000 Assignment 1. Journalize all September entries using the allowance method. Uncollectible account expense was estimated at 3% of credit sales. Show all September activities in Accounts receivable, Allowance for uncollectible accounts, and Uncollectible account expense (post to these T- accounts) 2. Using the same facts, Journalize the entries using the direct write-off method. Post to Accounts receivable and Uncollectible account expense and show their balances at September 30, 2012. 3. What amount of uncollectible account expense would Daisy report on its September income statement under each of the two method? Which amount better matches expense with revenue? Give your reason 4. What amount of net accounts receivable would Daisy report on its September 30, 2012 balance sheet under each two methods? Which amount is more realistic? Give your reason. Problem 3 Accounting for uncollectible accounts using allowance method, and reporting receivables on the balance sheet At September 30, 2012, the accounts of Mountain Terrace Medical Center (MTMC) include the following: Accounts receivable....................................................$145,000 Allowance for uncollectible accounts (credit balance).................3,500 During the last quarter of 2012, MTMC completed the following selected transactions Dec 28 Wrote off accounts receivable as uncollectible: Regan, Co., $1,300; Owen Mac, $900; and Rain, Inc., $700.............................................. Dec 31 Recorded uncollectible account expense based on the aging of accounts Receivable, as follows............................................................... Accounts Receivable $165,000............... estimated percent uncollectible Age of Accounts 1-30 31-60 Days Days $97,000 $37,000 0.3% 3% 61-90 Days $14,000 over 90 Days $17,000 30% 35% Assignment 1. 2. 3. Journalize the transactions Open the allowance for uncollectible accounts Taccount, and post entries affecting the account. Keep a running Balance Show how MTMC should report net accounts receivable on its December 31, 2012 balance sheet. Use the three line reporting format
