Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 05 Aug 2017 My Price 11.00

Gulf Corp.

Shown below are selected transactions of Gulf Corp. during the month of December 2011.

Dec.   1     Accepted a one-year, 8 percent note receivable from a customer, Glenn Holler. The note is in settlement of an existing $1,500 account receivable. The note, plus interest, is due in full on November 30, 2012.

Dec.   8     An account receivable from S. Willis in the amount of $700 is determined to be uncollectible and is written off against the Allowance for Doubtful Accounts.

Dec. 15     Unexpectedly received $200 from F. Hill in full payment of her account. The $200 account receivable from Hill previously had been written off as uncollectible.

 

Dec. 31     The month-end bank reconciliation includes the following items: outstanding checks,

$12,320; deposit in transit, $3,150; check from customer T. Jones returned “NSF,”

$358; bank service charges, $10; bank collected $20,000 in maturing U.S. Treasury bills (a cash equivalent) on the company’s behalf. (These Treasury bills had cost

$19,670, so the amount collected includes $330 interest revenue.)

 

Data for Adjusting Entries

1.    An aging of accounts receivable indicates probable uncollectible accounts totaling $9,000. Prior to the month-end adjustment, the Allowance for Doubtful Accounts had a credit balance of $5,210.

2.    Prior to any year-end adjustment, the balance in the Marketable Securities account was

$213,800. At year-end, marketable securities owned had a cost of $198,000 and a market value of $210,000.

3.    Accrued interest revenue on the note receivable from Glenn Holler dated December 1.

 

Instructions

a.       Prepare entries in general journal entry form for the December transactions. In adjusting the accounting records from the bank reconciliation, make one entry to record any increases in the Cash account and a separate entry to record any decreases.

b.       Prepare the month-end adjustments indicated by the data for adjusting entries given above.

c.        What is the adjusted balance in the Unrealized Holding Gain (or Loss) on Investments account at December 31? Where in the financial statements does this account appear?

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Aug 2017 04:08 PM My Price 11.00

Hel-----------lo -----------Sir-----------/Ma-----------dam-----------Tha-----------nk -----------You----------- fo-----------r u-----------sin-----------g o-----------ur -----------web-----------sit-----------e a-----------nd -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------n.P-----------lea-----------se -----------pin-----------g m-----------e o-----------n c-----------hat----------- I -----------am -----------onl-----------ine----------- or----------- in-----------box----------- me----------- a -----------mes-----------sag-----------e I----------- wi-----------ll

Not Rated(0)
Relevent Questions