Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem P5.37APGA
Journalizing
Learning Objective 4, 5
2. Total Credits $463, 300
The unadjusted trial balance for Trudel Electronics Company at March 31, 2018, follows:
| TRUDEL ELECTRONICS COMPANY Adjusted Trial Balance March 31, 2018 |
||
| Balance | ||
| Account Title | Debit | Credit |
| Cash | $ 4,000 | |
| Accounts Receivable | 38,800 | |
| Merchandise Inventory | 45,500 | |
| Office Supplies | 6,500 | |
| Equipment | 130,000 | |
| $ 36,800 | ||
| Accounts Payable | 17,400 | |
| Unearned Revenue | 13,200 | |
| Notes Payable, long-term | 48,000 | |
| Trudel, Capital | 60,100 | |
| Trudel, Withdrawals | 20,000 | |
| Sales Revenue | 282,500 | |
| Cost of Goods Sold | 160,600 | |
| Salaries Expense (Selling) | 20,000 | |
| Rest Expense (Selling) | 15,800 | |
| Salaries Expense (Administrative) | 5,700 | |
| Utilities Expense(Administrative) | 11,100 | |
| Total | $458,000 | $458,000 |
Requirements
- Journalize the adjusting entries using the following data: a. Interest revenue accued, $200.
b. Salaries (Selling) accrued, $2,300.
c. Depreciation Expense-Equipment (Administrative), $1,300.
d. Interest expense accued, $1,500.
e. A physical count of inventory was completed. The ending Merchandise Inventory should have a balance of $45,200.
f Trudel estimates that approximately $6,000 of merchandise sold will be returned with a cost of $1,200.
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Accounts Receivable Analysis
A company reports the following:
Sales
$1,460,000
Average accounts receivable (net)
100,000
Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar
and final answers to one decimal place. Assume a 365-day year.
a. Accounts receivable turnover
b. Number of days' sales in receivables
days
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Chapter 5 Solutions
Horngren's Accounting (12th Edition)
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