please my class 250 accounting

P8-33 Preparing a bank reconciliation and journal entries

This problem continues the Davis Consulting situation from Problem P7-33 of

Chapter 7. Davis?s March Cash T-account from its general ledger is as follows:

Cash

23,115

2,930

2,800

4,800

3,690

4,300

825

1,455

190

550

30,015

Feb. 28 Bal.

Mar. 6

Mar. 13

Mar. 20

Mar. 27

Mar. 1 (ck. 207)

Mar. 14 (ck. 208)

Mar. 14 (ck. 209)

Mar. 28 (ck. 210)

Mar. 30 (ck. 211)

Mar. 31 Bal.

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Davis?s bank statement dated March 31, 2015, follows:

Deposits and other Credits:

Checks and other Debits:

Mar. 14

Mar. 1

Mar. 8

Mar. 20 EFT Hip Hop Hats-a customer

Mar. 22

2 EFT to Paper Products

2 ck#206

18 ck#207

19 ck#209

28 EFT to The Cable Co.

28 ck#208

Mar. 28 Interest credit

Mar.

Mar.

Mar.

Mar.

Mar.

Mar.

Bank Service Charge

Ending Balance, March 31, 2015

Beginning Balance, February 28, 2015

$ 700

$ 27,375

22

1,095

9

1,455

2,800

2,930

400

4,800

$ 23,510

11,652

4,300

85

825

18 (7,787)

Bank Statement for March 2015

Requirements

1. Prepare the March bank reconciliation.

2. Journalize any transactions required from the bank reconciliation. Compute

the adjusted account balance for the Cash T-account, and denote the balance

E9-19 Accounting for uncollectible accounts using the allowance method

(aging-of-receivables) and reporting receivables on the balance sheet

At December 31, 2014, the Accounts Receivable balance of GPS Technology is

$190,000. The Allowance for Bad Debts account has a $1,600 debit balance. GPS

Technology prepares the following aging schedule for its accounts receivable:

Age of Accounts

Accounts Receivable 1?30 Days 31?60 Days 61?90 Days Over 90 Days

$190,000 $80,000 $60,000 $40,000 $10,000

Estimated percent uncollectible 0.4% 5.0% 6.0% 50.0%

Requirements

1. Journalize the year-end adjusting entry for bad debts on the basis of the aging

schedule. Show the T-account for the Allowance for Bad Debts at December 31,

2014.

2. Show how GPS Technology will report its net accounts receivable on its

December 31, 2014, balance sheet.

P9-41 Accounting for uncollectible accounts using the allowance method

This problem continues the Davis Consulting situation from Problem P8-33 of

Chapter 8. Davis reviewed the receivables list from the January transactions. Davis

uses the allowance method for receivables, estimating uncollectibles to be 5% of

January credit sales, $4,500. Davis identified on February 15 that a customer was

not going to pay his receivable of $200.

Requirements

1. Journalize the January 31 entry to record and establish the allowance using the

percent-of-sales method for January credit sales.

2. Journalize the entry to record the write-off of the customer?s bad debt.

P10-42 Calculating and journalizing partial year depreciation

This problem continues the

DAVIS CONSULTING Bank Reconciliation March 31, 2015 BANK Balance, March 31, 2015 ADD: Deposit in transit BOOK Balance, March 31, 2015 ADD: EFT collection from Hip Hop Interest revenue LESS: LESS: Outstanding checks EFT payment to Paper Products Check No. EFT payment to The Cable Co. Service charge Adjusted bank balance, March 31, 2015 Adjusted book balance, March 31, 2015 Remember to put in the check numbers for outstanding checks Remember; after doing the math the: Adjusted bank balance, March 31, 2015 and Adjusted book balance, March 31, 2015 should be the same. Date Accounts and Explanation Debit Credit Available accounts for journal entries: Mar. 31 Cash Accounts Receivable Cash Interest Revenue Office Supplies Cash Utilities Expense Cash Bank Expense Cash Mar. 31 Mar. 31 Mar. 31 Mar. 31 Remember to put the journal entry transactions in this T account Cash Mar. 31 Bal Mar. 31 Mar. 31 Mar. 31 End. Bal 30,015 Mar. 31 Mar. 31 Mar. 31 Accounts Receivable Percent uncollectible Estimated total uncollectible 1 - 30 Days $80,000 0.4% Age of Accounts Receivable 31 - 60 Days 61 - 90 Days $60,000 $40,000 5.0% 6.0% Remember to calculate these Date Accounts and Explanation 2014 Dec. 31 Available accounts for journal entry: Bad Debts Expense Allowance for Bad Debts Debit Credit Over 90 Days $10,000 50.0% Total Receivables $190,000 Allowance for Bad Debts Bal 1,600 expense Bal GPS TECHNOLOGY Balance SheetPartial December 31, 2014 Assets Current Assets: Accounts Receivable Less: Allowance for Bad Debts Requirements 1 and 2 January Credit sales are $4,500 remember to do your calculation for uncollectibles Date 2015 Jan. 31 Accounts and Explanation Feb. 15 Available accounts for journal entries: Bad Debts Expense Allowance for Bad Debts Allowance for Bad Debts Accounts Receivable Debit Credit Depreciation on computer Straight-line depreciation = = = (Cost Residual value) / Useful life (Number of Months / 12) Depreciation on office furniture The 1/12 is b/c it is 1 months worth of depreciation Double-declining-balance depreciation = = = (Cost - Accumulated depreciation) 2 (1 / Useful life) x 1/12 Date Dec. 31 Accounts and Explanation Dec. 31 Available Accounts for journal entries: Depreciation ExpenseComputer Accumulated DepreciationComputer Depreciation ExpenseOffice Furniture Accumulated DepreciationOffice Furniture Debit Credit