skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Hi!  Is there anyway you can complete these within the next hour for me?

Chao Corporation uses the accounts receivable aging method to  account for Uncollectible Accounts Expense. As of December 31, Chao’s  accountant prepared the following data about ending receivables: $40,000 was  not yet due (1 percent expected not to be collected), $20,000 was 1-60 days  past due (4 percent expected not to be collected), and $4,000 was over 60 days  past due (8 percent expected not to be collected). At December 31, Allowance  for Uncollectible Accounts had a credit balance prior to adjustment of $400. In  the journal provided, prepare Chao’s end-of-period adjustment for estimated  uncollectible accounts. Also prepare the entry that would have been made had  the credit balance instead been a debit balance.  Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis.
Chao Corporation uses the accounts receivable aging method to  account for Uncollectible Accounts Expense. As of December 31, Chao’s  accountant prepared the following data about ending receivables: $40,000 was  not yet due (1 percent expected not to be collected), $20,000 was 1-60 days  past due (4 percent expected not to be collected), and $4,000 was over 60 days  past due (8 percent expected not to be collected). At December 31, Allowance  for Uncollectible Accounts had a credit balance prior to adjustment of $400. In  the journal provided, prepare Chao’s end-of-period adjustment for estimated  uncollectible accounts. Also prepare the entry that would have been made had  the credit balance instead been a debit balance.

 
Assuming a perpetual inventory system is used, use the following information to calculate cost of goods sold on an average-cost basis.

Dec. 1 Beginning inventory 50 units @ $22 9 Purchases 50 units @ $24 17 Sales 25 units 22 Purchases 75 units @ $27 27 Sales 40 units
Dec. 1 Beginning inventory 50 units @ $22 9 Purchases 50 units @ $24 17 Sales 25 units 22 Purchases 75 units @ $27 27 Sales 40 units
Dec. 1 Beginning inventory 50 units @ $22
Dec.
Dec.
1
1

Beginning inventory
Beginning inventory
50 units @ $22
50 units @ $22
9 Purchases 50 units @ $24

9
9

Purchases
Purchases
50 units @ $24
50 units @ $24
17 Sales 25 units

17
17

Sales
Sales
25 units
25 units
22 Purchases 75 units @ $27

22
22

Purchases
Purchases
75 units @ $27
75 units @ $27
27 Sales 40 units

27
27

Sales
Sales
40 units
40 units

Prepare journal entries for the following transactions involving notes payable for Homer Company, whose fiscal year ends June 30. Omit explanations.

June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense for the note. 30 Made end-of-year closing entry pertaining to interest expense. Sept. 18 Paid amount due on note, plus interest.
June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value. 30 Made end-of-year adjusting entry to accrue interest expense for the note. 30 Made end-of-year closing entry pertaining to interest expense. Sept. 18 Paid amount due on note, plus interest.
June 20 Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value.
June
June
20
20
Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value.
Paid a trade account payable with a 90-day, 9 percent $60,000 note. Interest is in addition to the face value.
30 Made end-of-year adjusting entry to accrue interest expense for the note.

30
30
Made end-of-year adjusting entry to accrue interest expense for the note.
Made end-of-year adjusting entry to accrue interest expense for the note.
30 Made end-of-year closing entry pertaining to interest expense.

30
30
Made end-of-year closing entry pertaining to interest expense.
Made end-of-year closing entry pertaining to interest expense.
Sept. 18 Paid amount due on note, plus interest.
Sept.
Sept.
18
18
Paid amount due on note, plus interest.
Paid amount due on note, plus interest.

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®

Back To Top