please follow the requirement this is my exam and the worksheet should match the financial statement
Seay Company Completed the following transactions: This company uses the perpetual method of inventory and allowance method to account for bad debt. 2018 Jan 1-8 The minions went through and accounted for a few transactions because they wanted to help you out They also rolled forward any existing balances from the previous year. The balances are posted in the ledgers. Jan 9 Sold Merchandise on Account to Roy's Supply, Cost of the Merchandise Sold $1,700 $1,000 Jan 15 $400 Mar 17 $450 Apr 9 $560 $3,440 Wrote of the account of Pete Ramos as uncollectible because of his death Rupe Co, whose account had been written off in 2017 paid Lane Daley is delinquent on their account, but pay We write off the rest of the balance, which is Originally they owed Seay $4,000 The account for Mac's Garage was reinstate for The accounts was written off 3 years ago, but they paid in full today. Prepare a compound entry to write off the following accounts: Jack's Diner Kail Auto Red's Hardware June 15 $1,300 Oct 18 $140 $440 $750 Nov 12 Sold Merchandise on account to J.B. Rug Cost of the merchandise sold See next page for detailed instructions $1,500 $900 Complete the entire accounting cycle. Your practice aid you created has the steps. We will not be used A/R or A/P Subsidiary Ledgers Your practice aid should be detailed enough so you can use it to complete this problem. Adjustments Data Needed: 31 Supplies On Hand $2,140 Dec 31 Rent Expired $950 Dec 31 Based on aging of A/R it is estimated that $6,600 will be uncollectible out of the $175,000 total Dec Check Figure Net Income $39,230 Hints: $6600 is NOT the adjustment for bad debt. Use the information above to calculate the bad debt adjustment. What method are we using? How do you perform the adjustment for that method? Requirements 1. Journalize transactions and post to ledger. 2. Prepare a worksheer. 3. Prepare financial statements. 4. Journalize adjusting and closing entries and prepare a post-closing trial balance. Seay Company Completed the following transactions: This company uses the perpetual method of inventory and allowance method to account for bad debt. 2018 Jan 1-8 The minions went through and accounted for a few transactions because they wanted to help you out They also rolled forward any existing balances from the previous year. The balances are posted in the ledgers. Jan 9 Sold Merchandise on Account to Roy's Supply, Cost of the Merchandise Sold $1,700 $1,000 Jan 15 $400 Mar 17 $450 Apr 9 $560 $3,440 Wrote of the account of Pete Ramos as uncollectible because of his death Rupe Co, whose account had been written off in 2017 paid Lane Daley is delinquent on their account, but pay We write off the rest of the balance, which is Originally they owed Seay $4,000 The account for Mac's Garage was reinstate for The accounts was written off 3 years ago, but they paid in full today. Prepare a compound entry to write off the following accounts: Jack's Diner Kail Auto Red's Hardware June 15 $1,300 Oct 18 $140 $440 $750 Nov 12 Sold Merchandise on account to J.B. Rug Cost of the merchandise sold See next page for detailed instructions $1,500 $900 Complete the entire accounting cycle. Your practice aid you created has the steps. We will not be used A/R or A/P Subsidiary Ledgers Your practice aid should be detailed enough so you can use it to complete this problem. Adjustments Data Needed: 31 Supplies On Hand $2,140 Dec 31 Rent Expired $950 Dec 31 Based on aging of A/R it is estimated that $6,600 will be uncollectible out of the $175,000 total Dec Check Figure Net Income $39,230 Hints: $6600 is NOT the adjustment for bad debt. Use the information above to calculate the bad debt adjustment. What method are we using? How do you perform the adjustment for that method? Requirements 1. Journalize transactions and post to ledger. 2. Prepare a worksheer. 3. Prepare financial statements. 4. Journalize adjusting and closing entries and prepare a post-closing trial balance
