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Category > Accounting Posted 30 Jul 2017 My Price 11.00

Allen Wholesale Electric Co.

Adjusting Entries

The bookkeeper for Allen Wholesale Electric Co. records all revenue and expense items in nominal accounts during the period. The following balances, among others, are listed on the trial balance at the end of the fiscal period, December 31, 2008, before accounts have been adjusted:

 

Dr.. (Cr.)

Accounts Receivable

$148,000

Allowance for Bad Debts

(3,000)

Interest Receivable

2,300

Discount on Notes Payable

400

Prepaid Real Estate and Personal Property Tax

1,700

Salaries and Wages Payable

(5,200)

Discount on Notes Receivable

(2,600)

Unearned Rent Revenue

(3,300)

Inspection of the company’s records reveals the following as of December 31, 2008:

(a) Uncollectible accounts are estimated at 4% of the accounts receivable balance.

(b) The accrued interest on investments totals $2,900.

(c) The company borrows cash by discounting its own notes at the bank. Discounts on notes payable at the end of 2008 are $1,100.

(d) Prepaid real estate and personal property taxes are $1,700,the same as at the end of 2007.

(e) Accrued salaries and wages are $6,700.

(f) The company accepts notes from customers, giving its customers credit for the face of the note less a charge for interest. At the end of each period, any interest applicable to the succeeding period is reported as a discount. Discounts on notes receivable at the end of 2008 are $1,800.

(g) Part of the company’s properties had been sublet on September 15, 2007, at a rental of $2,500 per month. The arrangement was terminated at the end of one year.

Instructions: Give the adjusting entries required to bring the books up to date.

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Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 12:07 PM My Price 11.00

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