Cash
Postage on Hand is considered as a?
Prepaid Expenses
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2025, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
Dr. Cash 30,900
Cr. Notes Receivable 30,000
Cr. Interest Receivable 300
Cr. Interest Revenue 600
Splish, Inc. had net sales in 2025 of $1,465,800. At December 31, 2025, before adjusting entries, the balances in selected accounts were Accounts Receivable $337,800 debit, and Allowance for Doubtful Accounts $2,590 credit. If Splish estimates that 9% of its receivables will prove to be uncollectible.
Prepare the December 31, 2025, journal entry to record bad debt expense.
Dr. Bad Debt Expense and Cr. ADA 27812
Recent financial statements of General Mills, Inc. report net sales of $12,442,000,000. Accounts receivable are $912,000,000 at the beginning of the year and $953,000,000 at the end of the year. Compute General Mills’ accounts receivable turnover. Compute General Mills’ average collection period for accounts receivable in days.
Days Outstanding: 365 / 13.34 = 27.36 days
Manatees are known as sea cows. What are baby manatees known as?
Calf, Calves [plural]
Checking account balance at bank $63,000; money market balance at mutual fund (has checking privileges) $300,000; NSF check received from customer $1,600.
363,000
Newman Acrobats lent $14,050 to Donaldson, Inc., accepting Donaldson’s 2-year, $17,000, zero-interest-bearing note. The implied interest rate is 10%.
Prepare Newman’s journal entries for the initial transaction.
Dr. Notes Receivables 17000, Cr. Discount on Notes Receivables 2950, Cash 14050
An analysis and aging of Swifty Corp. accounts receivable at December 31, 2025, disclosed the following.
Amounts estimated to be uncollectible$180,530
Accounts receivable1,762,300
Allowance for doubtful accounts (per books)125,470
What is the net amount expected to be collected of Swifty’s receivables at December 31, 2025?
1,581,770
Restin Co. uses the gross method to record sales made on credit. On June 1, 2025, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2025, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
Dr. A/R, Cr. Sales Revenue 50,000
Dr. Cash 48500, Sales Discounts 1500, Cr. A/R 50,000
In what country did the first Starbucks open outside of North America?
Japan!
Kraft Enterprises owns the following assets at December 31, 2017.
Cash in bank—savings account 68,000
Checking account balance 17,000
Cash on hand 9,300
Postdated checks 750
Cash refund due from IRS 31,400
Certificates of deposit (180-day) 90,000
What amount should be reported as cash?
94300
On October 1, 2025, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 2% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Chung and Seneca.
Chung:
Dr. Cash 730,000, Interest Expense 20,000, Cr. Notes Payable 750,000
Seneca National Bank:
Dr. Notes Receivable 750,000, Cr. Interest Revenue 20,000, Cash 730,000
At the end of 2025, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2026, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and management authorized its write-off.
Prepare the journal entry for Aramis Company to write off the Ramirez receivable. ALSO, what is the net amount expected to be collected of Aramis Company’s accounts receivable before and after the write-off of the Ramirez receivable?
Dr. ADA and Cr. 6000
Net amount expected to be collected before and after the write-off: 760,000
Restin Co. uses the net method to record sales made on credit. On June 1, 2025, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2025, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
Dr. A/R and Cr. Sales Revenue 48500
Dr. Cash and Cr. A/R 48500
What is the classification for bank overdrafts
What is considered Cash for the following:
Checking account balance $106,000; savings account balance $198,000; cash advance to subsidiary of $547,000; utility deposit paid to electric company $100.
304,000
Waterway Family Importers sold goods to Tung Decorators for $41,400 on November 1, 2025, accepting Tung’s $41,400, 6-month, 5% note.
Prepare Waterway’s November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest.
Dr. Notes Receivables, Cr. Sales Revenue 41,400
Dr. Interest Receivable, Cr. Interest Revenue 345
Dr. Cash 42,435
Cr. Notes Receivables 41400, Interest Receivables 345, Interest Revenue 690
The adjusted trial balance of Taylor Swift Inc. shows the following balances.
Accounts Receivable: $90,000
Allowance for Doubtful Accounts (debit balance): 1,750
Sales Revenue (all on credit): $680,000
Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance.
a. Dr. Bad Debt Expense and Cr. ADA 5350
b. Dr. Bad Debt Expense and Cr. ADA 2800
Roeher Company sold $9,000 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries when (a) Roeher makes the sale, (b) Roeher grants an allowance of $700 when some of the shelving does not meet exact specifications but still could be sold by Elkins, and (c) at year-end; Roeher estimates that an additional $200 in allowances will be granted to Elkins.
Dr. A/R and Cr. Sales Revenue 9000
Dr. Sales Returns and Allowances and Cr. A/R 700
Dr. Sales Returns and Allowances and Cr. Refund Liability 200
What is the tiny piece at the end of a shoelace called?
Aglet
What is considered cash for the following: Checking account balance $225,000; postdated check from customer $11,000; cash restricted due to maintaining compensating balance requirement of $99,000; postage stamps on hand $136; cash advance of $5,000 to company executive, payable on demand.
225,000
Dold Acrobats lent $16,529 to Donaldson, Inc., accepting Donaldson’s 2-year, $20,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Dold’s journal entries for the initial transaction, recognition of interest each year, and the collection of $20,000 at maturity.
Dr. Notes Receivable $20000, Cr. Discount on Notes Receivable $3471, Cash $16529
Dr. Discount on Notes Receivable 1,653, Cr. Interest Revenue 1,653
Dr. Discount on Notes Receivable 1,818, Cr. Interest Revenue 1,818
Dr. Cash 20,000, Cr. Notes Receivable 20,000
The following accounts were taken from Cheyenne Inc.’s trial balance at December 31, 2025.
Net credit sales (credit) 744,000
Allowance for doubtful accounts (debit) 12,910
Accounts receivable (debit) 288,700
If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2025.
21,571
Record the journal entries for the following:
July 1: Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts. Perez estimates allowances of $1,300 will be honored on these sales. (Perez records these estimates at point of sale.)
July 10: Perez received payment from Robertson for the full amount owed from the July transactions.
July 1:
Dr. A/R and Cr. Sales Revenue 20,000
Dr. Sales Returns and Allowances and Cr. Refund Liability 1300
June 10:
Dr. Cash 19400, Sales Discounts 600, and Cr. A/R 20000
What was the main color scheme for today's slides presentation?
Pink