Alpha Company replenished a $500 petty cash fund. The petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $180. The journal entry to reflect replenishment would include: A. debit to Cash Short for $2 B. credit to Cash or $180 C. credit to Petty Cash for […]
Annapolis Company’s bank statement indicated an ending cash balance of $8,140. Alpha’s accountant discovered that outstanding checks amounted to $715 and deposits in transit were $560. Additionally, the bank statement showed service charges of $30. What is the correct adjusted ending cash balance? Looking for a Similar Assignment? Order now and Get 10% Discount! […]
Baltimore Company uses aging to estimate uncollectible. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of: Dollar Value Age of Account Estimated Collectible $140,000 < 30 days old 98% 60,000 30 to 60 days old 89% 40,000 61 to 120 days old 75% 8,000 >120 days old […]
Dorchester Company had the following balances at the end of 2018 and 2019 respectively: Net Credit Sales – $925,000 for 2018 and $932,000 for 2019. Accounts Receivable – $80,000 for 2018 and $115,000 for 2019. Allowance for Doubtful Accounts – $6,000 for 2018 and 7,500 for 2019 Calculate the accounts receivable turnover ratio to one […]
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