User Account

All Pages

Record the entries to the general ledger accounts

Assignment Help Accounting Basics
Reference no: EM133184594

Question - Garfield Gifts (Bad and Doubtful Debts)

Assume that at 30 June:

Accounts Receivable balance is $343,630.

Balance of Allowance for Doubtful Debts is $4,200. Bad Debts to be written off are $3,630 including GST

Allowance for Doubtful Debts to be adjusted to 3% of Accounts Receivable.

Required -

1. Prepare General Journal entries to record the Bad Debts and Allowance adjustment.

2. Record the entries to the General Ledger accounts.

3. Prepare Extracts of Income Statement and Balance Sheet.

Reference no: EM133184594

Questions Cloud

What is the amount of cash ee will receive upon liquidation : After exhausting partnership assets, liabilities of P28,000 remain unpaid. What is the amount of cash EE will receive upon liquidation
Economic decision making from engineering perspective : Economic decision making from an engineering perspective. Topics covered include time value of money, decision making criteria, break-even studies,
Product life cycle assessment : Explain what this analysis consists of and its components. According to this method, what are the characteristics of a company in each of the stages?
How do it investments create value or enable value creation : 1) How do IT investments create value or enable value creation?
Record the entries to the general ledger accounts : Balance of Allowance for Doubtful Debts is $4,200. Bad Debts to be written off are $3,630 including GST. Record the entries to the General Ledger accounts
What change management model : What change management model (such as Lewin's, Kotter's, or ADKAR) should be used, and why
Summary of the regulated competition model : Apply your critical review to the country chosen by your colleague and provide an accurate description of the level of fulfilment of the 10 pre-conditions
Explain in details whether bic ltd is a subsidiary of alice : Alice Ltd owns 40% of the shares of Bic Ltd. Another 25% of the shares of Bic is owned by Can Ltd. Explain in details whether Bic Ltd is a subsidiary of Alice
Classify allison as an excepted or prescribed person : Interest from Allison other bank account in which she banked her receipts for her employment activities $240. Classify Allison as excepted or prescribed person

Reviews

Write a Review

Accounting Basics Questions & Answers

  What should be the price of the stock to the public

Dividends (D1) at the end of the current year will be $1.60. What should be the price of the stock to the public

  What proportion of mattel is financed by nonowners

In its 2016 annual report, Mattel Inc. reported the following (in millions): What proportion of Mattel is financed by nonowners? The response must be typed.

  Journalizing the entries

On January 1, 20xx, Alpha Corporation issued $800,000 of 10%, 30-year bonds to lenders at par (100). Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries:

  Compute amount of cash equivalent to be reported on flintco

Commercial savings account of $641,000, Compute the amount of cash and cash equivalents to be reported on FlintCo.'s balance sheet at December 31, 2020.

  Classifying items into financing

For each of the following items, indicate whether it would be classified and reported under the operating activities (OA), investing activities (IA), or financing activities (FA) section of a statement of cash flows:

  Prepare journal entry to record impairment of the asset

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry is required, select "No entry" for the account title

  What is the average length of time

Ambroise is a distributor of auto parts operating in eastern Ontario that offers 30-day terms and has all sales on credit. What is the average length of time

  Prepare a bank reconciliation for Massive Ltd at July

The bank statement included service charges and debit and credit card processing fees of $65. Prepare a bank reconciliation for Massive Ltd at July 31, 2028

  In addition to the above sales spencer received a 100

spencer duck sssn 000-22-111 is single and his eight year old son mitch lives with him nine months of the year in a

  Prepare separate purchases ledger and sales ledger

Prepare separate Purchases Ledger and Sales Ledger Control Accounts as they would appear in the General Ledger of the firm.

  Prepare income statement for ABC Corporation for September

The fixed manufacturing cost is $450,000 and the fixed operating cost is $75,000. Prepare income statement for ABC Corporation for September

  Determine operating income using variable-costing approach

The following data are available for Marble Hill Factory for the year ended 31 December 2020. Determine operating income using variable-costing approach

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