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Need help with b c2 cash and a b c d neeed The following data were accumulated for use in reconciling the bank account of
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The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20 Y 6 : 1. Cash balance according to the company's records at August 31,$17,070. 2. Cash balance according to the bank statement at August 31,$18,060. 3. Checks outstanding, $3,470. 4. Deposit in transit, not recorded by bank, $2,780. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $60. Valley Designs issued a 90 -day, 12% note for $96,000, dated April 17 , to Bork Furniture Company on account. Assume 360 days in a year when computing the interest. a. Determine the due date of the note. b. Determine the maturity value of the note. $X c1. Journalize the entry to record the receipt of the note by Bork Furniture. If an amount box does not require an entry, leave it blank. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank. Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $918,000 and sales for the year total $10,400,000. a. The allowance account before adjustment has a debit balance of $12,400. Bad debt expense is estimated at 3/4 of 1% of sales. b. The allowance account before adjustment has a debit balance of $12,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $39,700. c. The allowance account before adjustment has a credit balance of $5,800. Bad debt expense is estimated at 1/2 of 1% of sales. d. The allowance account before adjustment has a credit balance of $5,800. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $48,100. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above. a. $ b. $X c. \$ X d. $XStep by Step Solution
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