User Account

All Pages

Calculate the amount of uncollectible account expense

Assignment Help Accounting Basics
Reference no: EM132467695

(A) Dewey Company received the bank statement showing a balance of $32,250 as at 30 November 2019, while the cash account showed a balance of $34,800.

You have gathered the following information for preparing the Bank Reconciliation Statement for Dewey Company as at 30 November 2019.

(1) Deposit in transit $5630

(2) Outstanding cheques. $3220

(3) EFT payment for utility. $860

(4) NSF cheque from a customer. $1500

(5) A customer banked in directly to company's bank account $2580

(6) A cheque of $620 for printing expense was recorded as $260 in the book.

Required:

Question (a) Prepare one bank reconciliation statement for Dewey Company as at 30 November 2019.

Question (b) Prepare the journal entries for items (5) and (6) above to update the Cash account of Dewey Limited. Narration is NOT required.

(B) Jellico Limited reported an Accounts Receivable balance of $132,000 as at 1 April 2018. Allowance for Uncollectible Accounts had a credit balance of $15,840 as at 1 April 2018.

For the year ended 31 March 2019, the company earned service revenue on account totaled $624,000, and reported cash collections on account totaled $528,000. In addition, the company wrote off uncollectible accounts receivable of $8,600 on 31 March 2019.

The required credit balance in Allowance for Uncollectible Accounts as at 31 March 2019 was estimated to be $26,328.

Required:

Question (a) (i) Calculate the balance of accounts receivable as at 31 March 2019.

(ii) Calculate the amount of uncollectible account expense for the year ended 31 March 2019.

(i) the write-off the uncollectible accounts receivable on 31 March 2019.

(ii) the uncollectible account expense for the year ended 31 March 2019. Narration is NOT required.

Question (c) Show how Jellico Limited would report accounts receivable on its statement of financial position as at 31 March 2019.

Reference no: EM132467695

Questions Cloud

Prepare adjusting entry at december to accrue estimate cost : Prepare the adjusting entry at December 31 to accrue the estimated warranty cost.In 2015 warranty contract honored in 50 units, prepare the journal entry.
BIT 3201A Distributed Databases Assignment : BIT 3201A Distributed Databases Assignment Help and Solution - Differentiate between transaction recovery and crash recovery and Briefly explain the objective
How much will mortgage payments increase : How much would his monthly repayments to the credit card company be if he intended to pay out the debt over five years?By how much will his mortgage payments
What will be maximum amount in market interest rate : What will be the maximum amount he/she is willing to pay for it if the market interest rate (i.e. the best alternative rate of return the investor can get) is 8
Calculate the amount of uncollectible account expense : Prepare one bank reconciliation statement for Dewey Company as at 30 November 2019. Calculate the amount of uncollectible account expense
Determine accumulated depreciation and printing press : Prepare a table to show year (1, 2, 3. . .]I, deprecia?on expense, accumulated depreciation and book value of the printing press.
Prepare the amortization table using the effective interest : Prepare the amortization table using the effective interest rate method for the first two years.Randy Corporation issued $85,000 in 9%, 10-year bonds
Discuss implications of changing inventory costing method : Discuss which accounting principle would be violated if Vero Limited changed the inventory costing method from year to year. changing inventory costing method
Compute the depreciation expense for the van : Prepare the journal entry to record the depreciation expense for the year ended 31 December 2018 assuming that the company uses the straight-line method

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd