Accounting Help(Accounts Receivable)?
June 12, 2012 Provide services to customers on account for $36,000. Dr Accounts Receivable 36,000 Cr Service Fees 36,000 September 17, 2012 Receive $10,500 from customers on account. Dr Cash 10,500 Cr Accounts Receivable 10,500 December 31, 2012 Estimate that 30% of accounts receivable at the end of the year will not be received. 36,000 - 10,500 = 25,500 A/R balance 25,500 x 30% = 7,650 adjustment Dr Bad Debt Expense 7,650 Cr Allowance for Doubtful Accounts 7,650 March 4, 2013 Provide services to customers on account for $50,000. Dr Accounts Receivable 50,000 Cr Service Fees 50,000 May 20, 2013 Receive $19,400 from customers for services provided in 2012. Dr Cash 19,400 Cr Accounts Receivable 19,400 July 2, 2013 Write off the remaining amounts owed from services provided in 2012. 25,500 - 19,400 = 6,100 written off Dr Allowance for Doubtful Accounts 6,100 Cr Accounts Receivable 6,100 October 19, 2013 Receive $16,400 from customers for services provided in 2013. Dr Cash 16,400 Cr Accounts Receivable 16,400 December 31, 2013 Estimate that 45% of accounts receivable at the end of the year will not be received. Current credit balance in the Allowance account = 7,650 - 6,100 = 1,550 Current balance in the A/R account = 50,000 - 16,400 = 33,600 33,600 x 45% = 15,120 amount estimated uncollectible accounts When using receivables as a basis for estimation of bad debts, you need to make an adjusting entry where the credit balance after the entry equals the amount estimated to be uncollectible (15,120). Since there is already a credit balance of 1,550 in the Allowance account, the entry would be 15,120 - 1,550 = 13,570 Dr Bad Debt Expense 13,570 Cr Allowance for Doubtful Accounts 13,570 The Allowance account now has a credit balance of 15,120, the amount that is estimated to be uncollectible.
How to journalize for accrued interest receivable?
Lorenz Company closes its books on July 31. On June 30 the Notes Receivable account balance is $23,800. Notes Receivable include the following. Date Maker Face Value Term Maturity Date Interest Rate May 21 Agler Inc. $6,000 60 days July 20 8% May 25 Girard Co. 7,800 60 days July 24 10% June 30 LSU Corp. 10,000 6 months December 31 9% During July the following transactions were completed. July 5 Made sales of $5,100 on Lorenz credit cards. July 14 Made sales of $600 on Visa credit cards. The credit card service charge is 3%. July 20 Received payment in full from Agler Inc. on the amount due. July 24 Received payment in full from Girard Co. on the amount due. (a) Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. Interest is computed using 360 days. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) (b) Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T accounts.) Show the balance sheet presentation of the receivable accounts at July 31. Current assets Notes receivable $ Accounts receivable Interest receivable Total receivables I have tried to complete this two times now and nothing seems to come out right! Please help! Thanks!
I ordered something online. Using UPS Mail Innovations how long will it take to get from MN to NJ.?
Date Description Location Jun 25 2013 Package transferred to dest MI facility Mendota Heights, MN Jun 25 2013 Package processed by Mail Innovations Mendota Heights, MN Jun 25 2013 Shipment information received Jun 25 2013 Package received for processing Mendota Heights, MN Can someone explain what transferred to destination means and pretty much what everything else above means?
Accounting question... Dividends declared?
This is the transaction I'm working on in my Intermediate class: The Board of Directors declared a $2.50 per share dividend on the 3,000 shares of $75 par value common stock outstanding. The dividends will be payable on January 31, 2014 to all stockholders of record as of January 25, 2014. It also states it wants you to use the account Dividends Declared. I'm thinking the journal entry would be dr. Dividends Declared 7,500 (3,000x2.50) and cr. Dividends Payable the same amount, but I'm not sure if I have to do anything with the par value number. TIA.
Why is my IELTS test result delayed?
Thanks for A2AYou gave exam on 19 September, 2015 and you haven’t got your results yet? That’s very (very) strange. Usually they put the result on hold for maximum of 2–3 months.As they have stated in the email, usually they withheld the result of some random students and give their answer sheets to some another examiner for rechecking purpose so that they can maintain their examiner’s accuracy level for checking. IELTS too have to maintain their level. So, by this method they cross-check their examiners.Second reason for withhelding the result is when the student don’t get the average score. For example, a student may enter into area of suspicion if he’s getting 8 bands in Reading and only 5 bands in Writing. IELTS expects that student should get an average score in all the four modules since all the four modules are inter-related. IELTS people may consider that the student may have done some cheating and that’s why they withheld the result and do some cross-checking. I’ve come across so many students who have got their result withheld due to this reason.Hope this helps. And, do mail or call them regularly to get your result on time.
How can I get account statements prior to April 2014 from State Bank of India? It’s not available online for the time before April 2014.
You can simply give a written request to any of the State Bank of India Branch mentioning your Ac number , Ac holder name and statement duration “ Ac holder signature is required “ .If you don't get the statement by doing above you can file an RTI.( STEP 1 WILL WORK)YOUR ACCOUNT SHOULD BE KYC COMPLIANT.DO MENTION TO DEDUCT CHARGES IF ANY FROM THE ACCOUNT.STATEMENT WILL GENERATE AFTER 1 PM ONLY.This will work in most of the cases (SBI)
Why does Google not offer 1 TB storage space like Yahoo! Mail does?
Because Google already has the growth and customers it wanted but Yahoo is in a state of resurrection to bring back customers.I completely agree with Christian's answer below. 1 TB is absurd amount of space to store stuff online even now in the current age when storage is damn cheap.Basically Yahoo is following the same strategy that Microsoft followed with Skydrive / Onedrive.Quoting from wikipedia's OneDrive page,On December 2, 2008, the capacity of an individual SkyDrive account was upgraded from 5 GB to 25 GB25 GB was a huge upgrade then with competitor like Dropbox offering just 2 GB . But the difference was Dropbox had the customers but Microsoft didn't. Just like Christian said, 25 GB is just virtual space when the average user used less than a GB. This is just pure marketing to pull in customers. But once they got the number of users they wanted this is what happened.On April 22, 2012, Microsoft released a SkyDrive desktop app
What happens if you pay your credit card bill early? When am i supposed to pay?
I just got my first credit card and its a secured credit card. I got this card because I don't have any credit and I want to start building my credit. I have online banking and went paperless so I WONT BE RECEIVING ANY STATEMENTS IN THE MAIL. If I want to check my statement I will have to go online and see it and it. My statement online says that my first payment is due on June 1st. I heard that if you pay my bill early before the due date then it doesn't get reported to the credit bureau and my credit score wont go up. If you pay after the due date then its considered late. So when am I suppose to pay my bill? exactly on the due date which is June 1st?
USPS Processed through Sort Facility x3?
I am expecting a package via USPS First-Class Mail. I was given a tracking number. Here is what the USPS website says when I track my package: Label/Receipt Number: XXX XXX XXX XXX XXX XX Expected Delivery Date: September 6, 2011 Class: First-Class Mail® Service(s): Delivery Confirmation™ Status: Processed through Sort Facility Your item was processed through our NEW YORK, NY 10199 facility on September 07, 2011 at 3:55 am. Information, if available, is updated periodically throughout the day. Please check again later. Detailed Results: Processed through Sort Facility, September 07, 2011, 3:55 am, NEW YORK, NY 10199 Processed through Sort Facility, September 06, 2011, 4:08 pm, NEW YORK, NY 10199 Processed through Sort Facility, September 05, 2011, 2:42 pm, NEW YORK, NY 10199 Processed through Sort Facility, September 02, 2011, 10:58 pm, FOREST PARK, IL 60130 Shipment Accepted, September 02, 2011, 3:49 pm, WOODSTOCK, IL 60098 Electronic Shipping Info Received, September 02, 2011 My question is, why would something need to be resorted in the same facility three times? I live in Manhattan, so calling the local post office isn't exactly an option. The sorting facility is roughly 3 miles from my house and takes about 30 minutes to get to by subway. The post office from which packages are delivered to my building is probably an hour from the facility. Why exactly is this taking so long?
Please can someone help with this: determine due date and interest on notes (accounting)?
To determine maturity date, count the exact days or months from the issue date of the note. Be sure to begin counting on the day following the date of the note. October 1(date of note) $10,000(face amount) 8%(interest rate) 60 days(term of note) Oct 2 to 31 = 30 days Nov 1 to 30 = 30 days Total 60 days, so maturity date is Nov 30. Amount of interest due at maturity = $10,000 x 8% x 60/360 = $133.33 August 30(date of note) 18,000(face amount) 10%(interest rate) 120 days(term of note) Aug 31 = 1 day Sep 1 to 30 = 30 days Oct 1 to 31 = 31 days Nov 1 to 30 = 30 days Dec 1 to 28 = 28 days Total 120 days, so maturity date is Dec 28. Amount of interest due at maturity = $18,000 x 10% x 120/360 = $600 May 30(date of note) 12,000(face amount) 12%(interest rate) 90 days (term of note) May 31 = 1 day June 1 to 30 = 30 days May 1 to 31 = 31 days June 1 to 28 = 28 days Total 90 days, so maturity date is June 28. Amount of interest due at maturity = $12,000 x 12% x 90/360 = $360 March 6(date of note) 15,000(face amount) 9%(interest rate) 60 days(term of note) March 7 to 31 = 25 days Apr 1 to 30 = 30 days May 1 to 5 = 5 days Total 60 days, so maturity date is May 5. Amount of interest due at maturity = $15,000 x 9% x 60/360 = $225 May 23(date of note) 9,000(face amount) 10%(interest rate) 60 days (term of note) May 24 to 31 = 8 days June 1 to 30 = 30 days July 1 to 22 = 22 days Total 60 days, so maturity date is July 22. Amount of interest due at maturity = $9,000 x 10% x 60/360 = $150