Near the end of 20X0, JNT Enterprises completes services for a customer and sends an invoice for $500. As of JNT's year end, no payment has been received. If JNT reports 20X0 revenue of $500, it must be using basis accounting
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- Near the end of 20X0, Jamboree Enterprises completes services for a customer and sends an invoice for $500. As of year-end, no payment has been received. If Jamboree reports 20X0 revenue of $500, it must be using _______ basis accounting.On December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Assume that on February 2, 2018, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank.
- Lang Company owes $50,000 in utilities at Dec 31, but the invoice has not been received or paid by the company at Dec 31. What journal entry needs to be made for these utilities at Dec 31st? No entry needs to be made since the invoice has not been received Debit Utilities Expense $50,000 and Credit to Accounts Payable $50,000 Debit Accounts Receivable $50,000 and Credit to Accounts Payable $50,000 Debit Utilities Expense $50,000 and Credit to Accounts Receivable $50,000 Assets, $50,000 decrease; equity $50,000 decrease.On November 10, JumpStart Co. provides $2,210 in services to clients. At the time of service, the clients paid $630 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select - b. On November 20, JumpStart Co. clients paid an additional $570 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 - Select - - Select - - Select - - Select - c. Calculate the accounts receivable balance on November 30.$fill in the blank dedf17fb1073fb3_1On November 10, JumpStart Co. provides $2,160 in services to clients. At the time of service, the clients paid $700 in cash and put the balance on account. a. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 10 - Select - - Select - - Select - - Select - - Select - - Select - b. On November 20, JumpStart Co. clients paid an additional $360 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 - Select - - Select - - Select - - Select - c. Calculate the accounts receivable balance on November 30.
- The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 Provide services to customers on account for $28,400. July 23, 2024 Receive $19,000 from customers on account. December 31, 2024 Estimate that 25% of uncollected accounts will not be received. April 12, 2025 Provide services to customers on account for $41,400. June 28, 2025 Receive $6,000 from customers for services provided in 2024. September 13, 2025 Write off the remaining amounts owed from services provided in 2024. October 5, 2025 Receive $37,000 from customers for services provided in 2025. December 31, 2025 Estimate that 25% of uncollected accounts will not be received. Required: 1. Record transactions for each date. 2. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. 3. Calculate net accounts receivable reported in the balance sheet at the end of 2024 and 2025.Hartmann Co. provided $42,000 worth of maintenance services to a customer, Simmons Co., the last week of December 2020. Hartmann did not invoice the customer until January 3, 2021. What adjusting entry must Simmons make at December 31, 2020? No entry needed on December 31, 2020 Debit: Accounts Receivable, $42,000; Credit: Revenue, $42,000 Debit: Maintenance Expense, $42,000; Credit: Accounts Payable, $42,000 Debit: Accounts Payable, $42,000; Credit: Maintenance Expense, $42,000 Debit: Revenue, $42,000; Credit: Accounts Receivable, $42,000Hartmann Co. provided $42,000 worth of maintenance services to a customer, Simmons Co., the last week of December 2020. Hartmann did not invoice the customer until January 3, 2021. What adjusting entry must Simmons make at December 31, 2020? No entry needed on December 31, 2020 Debit: Accounts Receivable, $42,000; Credit: Revenue, $42,000 Debit: Maintenance Expense, $42,000; Credit: Accounts Payable, $42,000 Debit: Accounts Payable, $42,000; Credit: Maintenance Expense, $42,000 Debit: Revenue, $42,000; Credit: Accounts Receivable, $42,000 Which of the following would not require an adjusting journal entry at the end of an accounting period? Multiperiod costs that must be split among two or more accounting periods Multiperiod revenues that must be split among two or more accounting periods Revenues earned in a given period but not as yet recorded in the accounts Expenses incurred in…
- Rubin Enterprises had the following sales-related transactions on a recent day: a. Billed customer $29,400 on account for services already provided. b. Collected $5,865 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,700 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $380 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $380 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions.This is a continuation of the last problem i submitted to be ansewred. Just a heads up. The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations. February 2, 2021 Provide services to customers on account for $38,000. July 23, 2021 Receive $27,000 from customers on account. December 31, 2021 Estimate that 25% of uncollected accounts will not be received. April 12, 2022 Provide services to customers on account for $51,000. June 28, 2022 Receive $6,000 from customers for services provided in 2021. September 13, 2022 Write off the remaining amounts owed from services provided in 2021. October 5, 2022 Receive $45,000 from customers for services provided in 2022. December 31, 2022 Estimate that 25% of uncollected accounts will not be received. Post transactions to the following accounts: Cash, Accounts Receivable, and Allowance for Uncollectible Accounts. The…On August 12, a company provides services on account to a customer for $3,500. However, on August 16, the customer is not completely satisfied with the service and the company grants an allowance on the amount owed of $500. On August 20, the customer makes full payment of the balance owed, excluding the allowance. Record the services provided on August 12, the sales allowance on August 16, and the cash collection on August 20. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)