i need to have the general journal entry for each one! they are three as it shows in the 2 pics
on your calculation on the rroblems & Cases book (consult your instructor). Bad Debt Expense and Allowance ) C-Y cosch an Bad debt expense is estimated once annually at the end of each year as 1/5 of op percent (0.002) of net sales and is recorded in the general journal as of Decema 31. As explained in Chapter 7, Waren uses the direct write-off method during the year and then the allowance method at year-end. General ledger account numbers for the journal entry are: A/C#40900 (Bad Debt Expense) and A 10300 (Allowance for Doubtful Account). In order to balance out the Allowange for Doubtful Account and Bad Debt Expense account due to the direct write Bad Debt Expense, you must readjust the Bad Debt Expense account to equals 1/5 of one percent (0.002) calculation of net sales. Either enter the correct amount on the online grading page of the Armond Dalton Resources website or show your calculation on the Chapter 9 pages of the Student Problems & Cases book (consult your instructor). Determine the amount of net sales by examining the 2017 income statement on the screen. For your convenience, the 2017 income statement has been included in the Memorized tab of the Report Center. QuickBooks requires you to add a customer to the Name box. Type "write off" in the Name box and press Enter. If "write off" doesn't exist as a customer, select Quick Add and select the Customer category. Cor each one Cost of Goods Sold QuickBooks automatically debits cost of goods sold and credits inventory for the product cost for each sale. The inventory account is also automatically updated for inventory purchases and purchases returns. Therefore, the QuickBooks data does not include the following accounts from the SUA: A/C #30500 (Purchases) and A/C#30600 (Purchase Returns and Allowance). Waren treats purchase discounts taken and freight-in as a part of cost of goods sold, but records them in separate accounts during the accounting period. Therefore, these two accounts must be closed to A/C#30400 (Cost of Goods Sold): A/C #30700 (Purchases Discounts Taken) and A/C #30800 (Freight-In). Before preparing the general journal entry, determine the balance in each account being closed to cost of goods sold. Determine the balance in the accounts to be closed by examining the income statement. Federal Income Taxes Journals for each no Recall from the SUA that corporate income tax rate brackets applicable to Waren for 2017 are: 15% of the first $50,000 of pre-tax income, plus 25% of the next $25,000, plus 34% of the next $25,000, plus 39% of the next $235,000. The remaining tax brackets are not listed here because they aren't applicable to Waren's level of pre-tax income. General ledger account numbers for the journal entry are: A/C#40700 (Federal Income Tax Expense) and A/C W20700 (Federal Income Taxes Payable). Either enter the correct amount on the online grading page of the Armond Dalton Resources website or show your calculation on the Chapter 9 pages of the Student Problems & Cases book (consult your instructor). . After all other adjusting entries are recorded, determine 2017 pre-tax income by examining the 2017 income statement from the Memorized tab in the Report Center. Do not be concerned if your amount is slightly different from the SUA amount for federal income taxes. The minor payroll differences will affect the calculation slightly. on your calculation on the rroblems & Cases book (consult your instructor). Bad Debt Expense and Allowance ) C-Y cosch an Bad debt expense is estimated once annually at the end of each year as 1/5 of op percent (0.002) of net sales and is recorded in the general journal as of Decema 31. As explained in Chapter 7, Waren uses the direct write-off method during the year and then the allowance method at year-end. General ledger account numbers for the journal entry are: A/C#40900 (Bad Debt Expense) and A 10300 (Allowance for Doubtful Account). In order to balance out the Allowange for Doubtful Account and Bad Debt Expense account due to the direct write Bad Debt Expense, you must readjust the Bad Debt Expense account to equals 1/5 of one percent (0.002) calculation of net sales. Either enter the correct amount on the online grading page of the Armond Dalton Resources website or show your calculation on the Chapter 9 pages of the Student Problems & Cases book (consult your instructor). Determine the amount of net sales by examining the 2017 income statement on the screen. For your convenience, the 2017 income statement has been included in the Memorized tab of the Report Center. QuickBooks requires you to add a customer to the Name box. Type "write off" in the Name box and press Enter. If "write off" doesn't exist as a customer, select Quick Add and select the Customer category. Cor each one Cost of Goods Sold QuickBooks automatically debits cost of goods sold and credits inventory for the product cost for each sale. The inventory account is also automatically updated for inventory purchases and purchases returns. Therefore, the QuickBooks data does not include the following accounts from the SUA: A/C #30500 (Purchases) and A/C#30600 (Purchase Returns and Allowance). Waren treats purchase discounts taken and freight-in as a part of cost of goods sold, but records them in separate accounts during the accounting period. Therefore, these two accounts must be closed to A/C#30400 (Cost of Goods Sold): A/C #30700 (Purchases Discounts Taken) and A/C #30800 (Freight-In). Before preparing the general journal entry, determine the balance in each account being closed to cost of goods sold. Determine the balance in the accounts to be closed by examining the income statement. Federal Income Taxes Journals for each no Recall from the SUA that corporate income tax rate brackets applicable to Waren for 2017 are: 15% of the first $50,000 of pre-tax income, plus 25% of the next $25,000, plus 34% of the next $25,000, plus 39% of the next $235,000. The remaining tax brackets are not listed here because they aren't applicable to Waren's level of pre-tax income. General ledger account numbers for the journal entry are: A/C#40700 (Federal Income Tax Expense) and A/C W20700 (Federal Income Taxes Payable). Either enter the correct amount on the online grading page of the Armond Dalton Resources website or show your calculation on the Chapter 9 pages of the Student Problems & Cases book (consult your instructor). . After all other adjusting entries are recorded, determine 2017 pre-tax income by examining the 2017 income statement from the Memorized tab in the Report Center. Do not be concerned if your amount is slightly different from the SUA amount for federal income taxes. The minor payroll differences will affect the calculation slightly
