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  • ACTBAS1 - Solution To Exercises (Adjusting Entries)

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    Aris Diaz
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    The document contains information about accounts receivable aging schedules and calculations for allowance for doubtful accounts and doubtful accounts expense. It also includes calculations for depreciation of machinery and equipment. The document shows the balances of accounts receivable broken into aging categories, calculates the required allowance for each category based on percentages, and sets up the doubtful accounts expense journal entries. It also provides the costs and useful life information for machinery and equipment and calculates fractional year depreciation and depreciation expense.

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    Copy of ACTBAS1 - Solution to Exercises (Adjusting Entries)

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    The document contains information about accounts receivable aging schedules and calculations for allowance for doubtful accounts and doubtful accounts expense. It also includes calculations for depreciation of machinery and equipment. The document shows the balances of accounts receivable broken into aging categories, calculates the required allowance for each category based on percentages, and sets up the doubtful accounts expense journal entries. It also provides the costs and useful life information for machinery and equipment and calculates fractional year depreciation and depreciation expense.

    Direitos autorais:

    Attribution Non-Commercial (BY-NC)
    Baixe no formato XLS, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    430 visualizações4 páginas

    ACTBAS1 - Solution To Exercises (Adjusting Entries)

    Enviado por

    Aris Diaz
    The document contains information about accounts receivable aging schedules and calculations for allowance for doubtful accounts and doubtful accounts expense. It also includes calculations for depreciation of machinery and equipment. The document shows the balances of accounts receivable broken into aging categories, calculates the required allowance for each category based on percentages, and sets up the doubtful accounts expense journal entries. It also provides the costs and useful life information for machinery and equipment and calculates fractional year depreciation and depreciation expense.

    Direitos autorais:

    Attribution Non-Commercial (BY-NC)
    Baixe no formato XLS, PDF, TXT ou leia online no Scribd
    Sinalizar o conteúdo como inadequado
    de 4

    Exercise 8 - 13 Account Classification 1 -30 days 31 -60 days 61-90 days 91-120 days 121-180 days 181-360 days

    Balance 500,000 200,000 150,000 100,000 75,000 50,000 1,075,000 % Doubtful 0.01 0.05 0.10 0.15 0.25 0.75 Required Allowance 5,000 10,000 15,000 15,000 18,750 37,500 101,250 (1) 101,250 50,000 51,250 51,250 51,250

    2 Required allowance for doubtful accounts Less: Credit balance For provision 3 Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense 4 Accounts Receivable Less: Allowance for Doubtful Accounts Net realizable value

    1,075,000 101,250 973,750

    Exercise 8 - 12 Case A Accounts Receivable, June 30, 2009 Add: Services rendered on account Total Less: Collections On prior period receivables On current period receivables Accounts Receivable, June 30, 2010 x Percentage Required allowance Less: Credit balance For adjustment/provision 421,850 724,600 1,146,450 125,000 340,200

    465,200 681,250 0 68,125 33,748 34,377 34,377 34,377

    Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense Case B Required allowance Less: Credit balance For adjustment/provision Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense

    57,500 33,748 23,752 23,752 23,752

    Case C

    Allowance for doubtful accounts, June 30, 2009 Accounts Receivable, June 30, 2009 Percentage Accounts Receivable, June 30,2010 x % of allowance Required allowance Less: Credit balance For adjustment/provision Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense

    33,748 421,850 0.08 681,250 0.08 54,500 33,748 20,752 20,752 20,752

    Exercise 8 - 11 1 Accounts receivable, June 30, 2010 x Percentage Required allowance Less: Credit balance For adjustment/provision Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense 2 Accounts receivable, June 30, 2010 x Percentage For adjustment/provision Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense 3 Accounts receivable, June 30, 2010 x Percentage For adjustment/provision Less: Credit balance For adjustment/provision Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense 4 Accounts receivable, June 30, 2010 x Percentage For adjustment/provision Less: Credit balance For adjustment/provision 140,600 0.04 5,624 4,700 924 924 924

    162,100 0.03 4,863 4,863 4,863

    157,350 0.06 9,441 1,700 7,741 7,741 7,741

    100,500 0.10 10,050 7,700 2,350

    Doubtful Accounts Expense Allowance for Doubtful Accounts Expense To set up doubtful accounts expense

    2,350 2,350

    Exercise 8 - 10 Additional Maintenance Equipment Scrap value Depreciable value Estimated useful life Annual depreciation Fractional year For adjustment/provision Depreciation Expense - Machinery Equipment Accumulated Depreciation - Machinery Maintenance Equipment Scrap value Depreciable value Estimated useful life For adjustment/provision Depreciation Expense - Machinery Equipment Accumulated Depreciation - Machinery Property, Plant and Equipment Less: Accumulated Depreciation Net carrying value 65,000 7,000 58,000 3 19,333 2/12 3,222.17 25,047.17 25,047.17 227,250 9,000 218,250 10 21,825 21,825 21,825 292,250.00 25,047.17 267,202.83

    3 Property, Plant and Equipment Less: Accumulated Depreciation Net carrying value

    292,250.00 46,902.17 245,347.83

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