1. Depreciation on the equipment for the month of January is calculated using the straight-line method. The company estimates future uncollectible accounts. The company determines $4,300 of accounts receivable on January 31 are past due, and 50% of these accounts are estimated to be uncollectible.
2. The remaining accounts receivable on January 31 are not past due, and 2% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
3. Accrued interest revenue on notes receivable for January.
4. Unpaid salaries at the end of January are $33,900.
5. Accrued income taxes at the end of January are $10,300.
Record the adjusting entries on January 31 for the above transactionsOn January 1, 2018, the general ledger of ACME Fireworks
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Ответ:
Answer and explanation:
2)
Date Account title Debitcredit
Jan 31
1 Depreciation expense525
Accumulated
depreciation -equipment 525
2
Bad debt expense 11160
Allowance for uncollectible account 11160
3 interest expense255
Interest payable (51000*.06*1/12] 255
4 Income tax expense13100
Income tax payable 13100
5 Deferred revenue3100
sales revenue 3100
**Depreciation on equipment =[cost-residual value]/useful life
[16000-4300]/2
= 5850
Depreciation for one month = 5850*1/12= 487.5
**Accounts receivable at end = 46400 beginning+136000-125500-4900+134000=186000
Estimated uncollectible account at end =[12000*30%]+[(186000-12000)*.04]
= 3600+ 6960
= 10560
Unadjusted balance in allowance account =4300-4900=-600 debit
Bad debt expense= estimated uncollectible account at end- unadjusted balance in allowance account
= 10560 - (-600)
= 10560+600
= 11160
Ответ:
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