Belkin Company provides medical care and insurance benefits…
Belkin Company provides medical care and insurance benefits to its retirees. In the current year, Belkin agrees to contribute 5% of the employees’ $360,000 gross salaries to a retirement program. What is the amount of employee benefits expense for the current period?
Read DetailsSustainable Supplies prepares the following aging of receiva…
Sustainable Supplies prepares the following aging of receivables analysis: Days Past Due Total Current 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 57,600 $ 40,000 $ 9,000 $ 3,600 $ 2,000 $ 3,000 Percent uncollectible 1% 3% 5% 8% 11% Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $500 credit.
Read DetailsFranklin Company deposits all cash receipts on the day they…
Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $20,162. Franklin’s August bank statement shows a $19,837 balance in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 6,600 Outstanding checks $ 5,300 Bank service fees, not yet recorded by company $ 120 The bank collected on a note receivable, not yet recorded by the company $ 1,095 The adjusted cash balance should be:
Read DetailsOn April 12, Hong Company agrees to accept a 60-day, 8%, $6,…
On April 12, Hong Company agrees to accept a 60-day, 8%, $6,300 note from Indigo Company to extend the due date on an overdue account. What is the journal entry that Indigo Company would make when it records payment of the note on the maturity date? Note: Use 360 days a year.
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