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Mila [183]
3 years ago
12

Which of the following statements is false?

Business
1 answer:
viktelen [127]3 years ago
8 0

Answer: d. A company paid for an insurance premium of $6,000 on January 1. The insurance is for a year. Failing to make adjustments for the month of January would overstate assets and stockholder's equity by $6,000.

Explanation:

If a company were to pay $6,000 for Insurance for the YEAR in January, this would be recorded as a PREPAID EXPENSE.

This Prepaid Expense will then be apportioned per month over the year to each month as expenses of $500.

Failing to make adjustments for the month of January would not overstate assets and stockholder's equity by $6,000 but by $500.

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(a) 2 and 9

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Answer:

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1. Journal Entries:

March 31:  Debit Accounts Receivable $21,000

Credit Service Revenue $21,000

To record the rendering of service on account.

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Credit Accounts Receivable $1,300

To write-off uncollectible accounts.

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Credit Allowance for Uncollectible Accounts $760

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To record the cash collected from the customer.

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Credit Allowance for Uncollectible Accounts $460

To record bad debts expense for the year.

A) Debit Accounts Receivable $34,000

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To record the rendering of service on account.

B) Debit Allowance for Uncollectible Accounts $1,950

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To write off uncollectible accounts.

C1) Debit Accounts Receivable $810

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C2) Debit Cash $810

Credit Accounts Receivable $810

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D) Debit Bad Debts Expense $590

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To record bad debts expense for the year.

2. Transaction  Net Receivable  Net Sales   Income From Operation

        A                  +34,000           +34,000           +34,000

        B                  -1,950                 NE                   -1950

        C                  +/- 810                NE                    +810

        D                   NE                     NE                    -590

Explanation:

a) Data and Analysis:

March 31:  Accounts Receivable $21,000 Service Revenue $21,000

Oct. 31: Allowance for Uncollectible Accounts $1,300 Accounts Receivable $1,300

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