Accounting 2010 summary
Problem 10-3A (Part Level Submission)
Problem 10-7A (Part Level Submission)
1. Exercise 185
Determine the interest of following notes (round answers two decimals places).
(a) $2,000 to 6 % for 90 days
(b) $900 to 9% for 5 months
(c) $3,000 at 8% for 60 days
(d) $1,600 at 7 % for 6 months
2. exercise 182
Underwood Company’s ledger at the end of the current year shows Accounts Receivable of $150,000
If Allowance for Doubtful Accounts has a credit balance of $4,500in the trail balance and bad debts are expected to be 8% of accounts receivable
Account titles and Explanation Debit Credit
Account Receivable
Sales Revenue
If Allowance for Doubtful Accounts has a debit balance of $4,500in the trail balance and bad debts are expected to be 8% of accounts receivable
Account titles and Explanation Debit Credit
Cash
Accounts Receivable
3. Exercise 186
The petty cash fund of $200 for George Company appeared as following on December 31, 2016
cash $59.40
petty cash vouchers
Freight-In $27.60
Postage 40.00
Balloons for a special occasion 68.00
Prepare the general journal entry to replenish the fund
Account Titles and Explanation Debit Credit
petty cash
cash
Freight-In
Postage Expense
balloons for special occasion
On December 31, the office manager gives instructions to increase the petty cash fund by $50. Make the appropriate journal entry
Account Tiles and Explanation Debit Credit
Freight-In
cash
