Problem 8-2b, problem 8-6b, problem 9-2b, problem 9-7b

Problem 8-2B

(a) Journalize the transactions, including explanations.  (Note, enter all accounts in one box.  The dates have been included to help with formatting). 

 

 

Date

 

Account Titles and Explanation

 

Debit

 

Credit

             1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts

Be sure to post the amounts to the correct side of the T-Account!

 

Accounts Receivable

Bal.                               

(2)

(1)

(3)

(5)

(4)

 

(5)

Bal.

 

 

 

Allowance for Doubtful Accounts

(4)

Bal.

 

(5)

 

Bal.

 

 

(c) Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.

 

            Balance needed…………………………………………………………………….                                               $

            Balance before adjustment [see (b)]…………………………………………                                                 

            Adjustment required……………………………………………………………..                                                $

            The journal entry would therefore be as follows:

 

(d) Accounts Receivable Turnover Ratios:

 

Enter your answer here

 

Average Collection Period: 

 

Enter your answer here

 

 

 

 

 

 

 

 

 

Problem 8-6B

(a) Journalize the transactions, including explanations.  (Note, enter all accounts in one box.  The dates have been included to help with formatting). 

 

 

Date

 

Account Titles and Explanation

 

Debit

 

Credit

             5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Feb     18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apr     20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May   25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aug    18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sept.    1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Problem 9-2B

 

(a) Journalize the transactions, including explanations.  (Note, enter all accounts in one box.  The dates have been included to help with formatting). 

 

If there are two entries for the same day, then you do not need to enter the date again.

 

 

Date

 

Account Titles and Explanation

 

Debit

 

Credit

April     1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May     1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May     1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June      1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sept     1

 

 

 

 

 

 

 

 

 

 

 

PART B

 

 

 

 

 

Dec     31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

            31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c) Partial Balance Sheet

 

TONG CORPORATION

Partial Balance Sheet

December 31, 2014

 

Assets

Plant assets

 

Account title

Amount

 

Account title

Amount

 

Account title

Amount

 

Account title (or contra account)

Amount

 

Total plant assets

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Problem 9-7B

 

(a)

BUS 1

Year

Computation

Accumulated Depreciation

 

Amount

 

 

Amount

 

 

Amount

 

 

 

BUS 2

Year

Computation

Accumulated Depreciation

 

Amount

 

 

Amount

 

 

Amount

 

 

BUS 3

Year

Computation

Accumulated Depreciation

 

Amount

 

 

Amount

 

 

Amount

 

 

(b)

 

BUS 2

Year

Depreciation Expense

 

Amount

 

Amount

 

 

 

 

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