Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information to prepare a bank reconciliation for Mapre Company at October 31, 2018 Cash account balance, $18.273.40. Bank statement balance, October 31,

image text in transcribed
image text in transcribed
image text in transcribed
Use the following information to prepare a bank reconciliation for Mapre Company at October 31, 2018 Cash account balance, $18.273.40. Bank statement balance, October 31, $16,315.00. Deposits in transit $2.000,00 Outstanding checks, October 31, $1,850.80 Service charge on bank statement not recorded in books, 144.00 Bankerror another company's check charged on Mapre Company's bank statement, $245.20. Check for repairs expense, $1.680, Incorrectly recorded in books as $0.00 Bank Reconciliation Bank Side look side Journal Account Name Date Debit Credit 1 of 4 Victoria Market reports an analysis of potential losses in its accounts receivable in the chart below. The balance of Allowance for Doubtful Accounts lis $400 credit balance on December 31, 2018 before any year-end adjustments. REQUIRED: a. Compute bad debts expense that will be recorded for 2018. b. Record the adjusting journal entry to recognize bad debt expense for 2018. c. What is the amount of net accounts receivable to be reported on Victoria Market's December 31, 2018 balance sheet? Age Past Due 0-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total A/R Total Estimated LOSS. 5 $44.800 0.50% 20,000 1.80% 12.000 4.30% 2.200 45.50% $79.000 Show Your Calculations Journal Entry Below 2 of 4 On January 10, 2017, Badger Co. purchased 30% of the outstanding stock of Crest Co. for $123,000. Crest paid total dividends to all shareholders $15,000 on July 15, 2017. Crest Co. had a net loss of $25,000 for the year ended December 31, 2017 REQUIRED: 1. Journalize the entry to record the purchase of Crest Costock 2. Journalize the entry to record the receipt of dividends. 3 - Journalize the entry to record the equity investment loss in Crest Co stock. 4. Compute the balance of investment in Crest Co. Stock for December 31, 2017. Journal Entries Account Name Date Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Knowledge Based System For Information System Audit

Authors: Amol B. Devale, R. V. Kulkarni

1st Edition

6200652376, 978-6200652379

More Books

Students also viewed these Accounting questions

Question

Define policy making?

Answered: 1 week ago

Question

Define co-ordination?

Answered: 1 week ago

Question

What are the role of supervisors ?

Answered: 1 week ago

Question

Does it avoid use of underlining?

Answered: 1 week ago