The general ledger account | Business & Finance homework help

The general ledger account for Accounts Receivable shows a debit balance of $40,000. The Allowance for Uncollectible Accounts has a credit balance of $2,000. Net sales for the year were $250,000. In the past, 3 percent of net sales have proved uncollectible. An aging of accounts receivable results in an estimate of $9,000 of uncollectible accounts receivable.

Calculate (1) Uncollectible Accounts Expense and (2) the ending balance of the Allowance for Uncollectible Accounts using (a) the percentage of net sales method and (b) the accounts receivable aging method.

Post closing trial balance for April 30, 2008
Transactions for the month of May 2008
Adjustments for May 31,2008
Insurance was purchased for a one‐year period, starting on March 1, 2008.
Rent was prepaid on January 1, 2008, for a one‐year period, starting on January 1.
Office equipment has a 5 year life, with a 2,500 salvage value.
A supplies inventory count shows an ending balance of $1,235.
Assume that the receptionist works 5 days a week, and earns an even amount per day. The May 28th payroll pays her up to May 28th (Wednesday).
The following is download.
1. Journal page to copy and use
2. Ledger page to copy and use
3. Portfolio Project Excel Spreadsheet template with accounts pre‐entered
May 3 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $1,550.
May 5 Received cash from clients on account, $1,750.
May 9 Paid cash for a newspaper advertisement, $100
May 13 Paid Office Station Co. for part of the debt incurred on April 5, $400
May 15 Recorded services provided on account for the period May 1‐15, $5,100.
May 16 Paid part‐time receptionist for two weeks’ salary including the amount owed on April 13, $750.
May 17 Recorded cash from cash clients for fees earned during the period May 1‐16, $7,380
May 20 Purchased supplies on account, $500.
May 21 Recorded services provided on account for the period May 16‐20, $2,900.
May 25 Recorded cash from cash clients for fees earned for the period May 17‐23, $4,200
May 27 Received cash from clients on account, $6,600.
May 28 Paid part‐time receptionist for two weeks’ salary, $750.
May 30 Paid telephone bill for May, $150.
May 31 Paid electricity bill for May, $225.
May 31 Recorded cash from cash clients for fees earned for the period May 25‐31, $2,875.
May 31 Recorded services provided on account for the remainder of May, $2,200.
May 31 Kelly withdrew $7,500 for personal use.

Portfolio Instructions
1. Record the ending balances from the April 30 post closing trial balance into the ledger sheets or alternatively, you may create T‐accounts on an Excel spreadsheet.
2. Record journal entries for the May transactions on the journal sheets given or create a spreadsheet configured as a journal sheet.
3. Post the journal entries to the ledger sheets or if you created T‐accounts post the entries to your T‐accounts.
4. Enter the ending balances from the ledger or T‐accounts on to the worksheet trial balance columns.
5. Enter the adjustments directly on to the worksheet.
6. Extend to the adjusted trial balance columns.
7. Extend to the financial statement columns.
8. Prepare the financial statements.
9. Enter the closing entries on to the worksheet.
10. Prepare the post‐closing trial balance for May.
Submit your work in a Portfolio Project Excel worksheet that you download. Make sure all the sections listed below are on the worksheet as a single document with each of the four sections described clearly identified.
Make sure you include the following sections in your final Excel Workbook:
I. The completed Worksheet on the given downloadable spreadsheet
II. Formal income statement, statement of owner’s equity, and balance sheet (These may be prepared on separate tabs on the Excel Workbook where “Worksheet” is the first tab)
III. Post‐Closing Trial Balance for May 31
IV. T‐ Accounts

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more