Accounting 2010

Accounting 2010

 

Problem 10-3A (Part Level Submission)

Problem 10-6A

Problem 10-7A (Part Level Submission)

1. Exercise 185

Determine the interest of following notes (round answers two decimals places).

(a) $2,000 to 6 % for 90 days

(b) $900 to 9% for 5 months

(c) $3,000 at 8% for 60 days

(d) $1,600 at 7 % for 6 months

2. exercise 182

Underwood Company’s ledger at the end of the current year shows Accounts Receivable of $150,000

If Allowance for Doubtful Accounts has a credit balance of $4,500in the trail balance and bad debts are expected to be 8% of accounts receivable

Account titles and Explanation Debit Credit

Account Receivable

Sales Revenue

If Allowance for Doubtful Accounts has a debit balance of $4,500in the trail balance and bad debts are expected to be 8% of accounts receivable

Account titles and Explanation Debit Credit

Cash

Accounts Receivable

3. Exercise 186

The petty cash fund of $200 for George Company appeared as following on December 31, 2016

cash $59.40

petty cash vouchers

Freight-In $27.60

Postage 40.00

Balloons for a special occasion 68.00

Prepare the general journal entry to replenish the fund

Account Titles and Explanation Debit Credit

petty cash

cash

Freight-In

Postage Expense

balloons for special occasion

On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry

Account Tiles and Explanation Debit Credit

Freight-In

cash

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