Financial Accounting Journalize Questions And Answers Homework Help
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1.The following information pertains to Crane Video Company.
1. Cash balance per bank, July 31, $8,035.
2. July bank service charge not recorded by the depositor $34.
3. Cash balance per books, July 31, $8,056.
4. Deposits in transit, July 31, $1,886.
5. Bank collected $1,286 note for Crane in July, plus interest $42, less fee $26. The collection has not been recorded by Crane, and no interest has been accrued.
6. Outstanding checks, July 31, $597.
a. Prepare a bank reconciliation at July 31.(List items that increase cash balance first.)
b. Journalize the adjusting entries at July 31 on the books of Crane Video Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2.Information related to Mingenback Company for 2014 is summarized below.
|Total credit sales||$2,481,000|
|Accounts receivable at December 31||916,000|
|Bad debts written off||34,600|
a.What amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for bad debts?
b.Assume that Mingenback Company estimates its bad debt expense to be 2% of credit sales. What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $3,900?
c.Assume that Mingenback Company estimates its bad debt expense based on 6% of accounts receivable. What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts credit balance of $2,700
d.Assume that Mingenback Company estimates its bad debt expense based on 6% of accounts receivable. What amount of bad debt expense will Mingenback record if it has an Allowance for Doubtful Accounts debit balance of $2,700?
3.On January 1, 2014, Evers Company purchased the following two machines for use in its production process.
|Machine A:||The cash price of this machine was $50,100. Related expenditures included: sales tax $1,900, shipping costs $140, insurance during shipping $80, installation and testing costs $60, and $190 of oil and lubricants to be used with the machinery during its first year of operations. Evers estimates that the useful life of the machine is 5 years with a $5,700 salvage value remaining at the end of that time period. Assume that the straight-line method of depreciation is used.|
|Machine B:||The recorded cost of this machine was $177,600. Evers estimates that the useful life of the machine is 4 years with a $9,900 salvage value remaining at the end of that time period.|
a.Prepare the following for Machine A. (Round answers to 0 decimal places, e.g. $2,125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
1. The journal entry to record its purchase on January 1, 2014.
2. The journal entry to record annual depreciation at December 31, 2014.
|No.||Account Titles and Explanation||Debit||Credit|
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b.Calculate the amount of depreciation expense that Evers should record for machine B each year of its useful life under the following assumptions. (Round depreciation cost per unit to 2 decimal places, e.g. 12.25. Round final answers to 0 decimal places, e.g. $2,125.)
(1) Evers uses the straight-line method of depreciation.
(2) Evers uses the declining-balance method. The rate used is twice the straight-line rate.
(3) Evers uses the units-of-activity method and estimates that the useful life of the machine is 168,300 units. Actual usage is as follows: 2014, 60,300 units; 2015, 46,500 units; 2016, 33,500 units; 2017, 28,000 units.
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