1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Anna [14]
3 years ago
7

You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The prev

ious accountant left abruptly in late December, 20Y7, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 20Y8. The following journal shows some of the accounts receivable transactions that you are reviewing.
JOURNAL
ACCOUNTING EQUATION
DATE DESCRIPTION POST. DEBIT CREDIT ASSETS LIABILITIES EQUITY
1 Jan.
17 Sales 9,600.00
2 Bad Debt Expense 9,600.00
3 17 Bad Debt Expense 9,600.00
4 Accounts Receivable-
CJ’s Sports Corp. 9,600.00
5 21 Cash 10,700.00
6 Bad Debt Expense 2,200.00
7 Accounts Receivable-Four
Seasons Sportswear Co. 12,900.00
8 Feb.
15 Accounts Receivable-Healthy
Running Inc. 3,000.00
9 Bad Debt Expense 500.00
10 Sales 3,500.00
11 Mar.
4 Accounts Receivable-Four
Seasons Sportswear Co. 2,200.00
12 Bad Debt Expense 2,200.00
13 4 Cash 2,200.00
14 Bad Debt Expense 2,200.00
15 13 Cash 5,540.00
16 Accounts Receivable-
Barb’s Best Gear 5,540.00
17 31 Bad Debt Expense 20,970.00
18 Accounts Receivable-
Healthy Running Inc. 5,150.00
19 Accounts Receivable-
The Locker Room 4,100.00
20 Accounts Receivable-
CJ’s Sports Corp. 2,780.00
21 Accounts Receivable-
Get Your Gear Inc. 7,050.00
22 Accounts Receivable-
Ready-2-Go 1,890.00
CHART OF ACCOUNTS
Fan-Tastic Sports Gear Inc.
General Ledger
ASSETS
110 Cash
111 Petty Cash
121 Accounts Receivable-Healthy Running Inc.
122 Accounts Receivable-The Locker Room
123 Accounts Receivable-CJ’s Sports Corp.
124 Accounts Receivable-Get Your Gear Inc.
125 Accounts Receivable-Four Seasons Sportswear Co.
126 Accounts Receivable-Ready-2-Go
127 Accounts Receivable-Barb’s Best Gear
132 Notes Receivable-Fast Feet Co.
136 Interest Receivable
141 Inventory
145 Office Supplies
151 Prepaid Insurance
181 Land
191 Store Equipment
192 Accumulated Depreciation-Store Equipment
193 Office Equipment
194 Accumulated Depreciation-Office Equipment
LIABILITIES
210 Accounts Payable
211 Salaries Payable
212 Unearned Rent
213 Customer Refunds Payable
215 Notes Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
610 Rent Revenue
612 Interest Revenue
EXPENSES
510 Cost of Goods Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense-Store Equipment
523 Delivery Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
532 Depreciation Expense-Office Equipment
533 Insurance Expense
534 Office Supplies Expense
536 Credit Card Expense
537 Cash Short and Over
538 Bad Debt Expense
539 Misc. Administrative Expense
710 Interest Expense
1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel and make any necessary changes.
2. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 20Y7.
3. Journalize the entry needed to record collection of the note at maturity on March 19, 20Y8.
Business
1 answer:
Ber [7]3 years ago
8 0

Answer:

Accounts Receivable (Dr.) $9,600

Sales (Cr.) $9,600

Bad debt expense (Dr.) $500

Accounts Receivable (Cr.) $500

Bad Debt Expense (Dr.) $2,200

Accounts Receivable (Cr.) $2,200

Notes Receivable - Fast Feet (Dr.) $3,600

Sales (Cr.) $3,600

Explanation:

Fan-Tastic Sports Gear Inc., has incurred business transactions. It has recorded sales to Sportswear Co on accounts. The money is not received and the accounts receivable are offset by recording bad debt expense.

You might be interested in
Si para cierta cantidad de un bien su demanda es elástica el ingreso total será creciente
joja [24]

Answer:

Literally like everyone here speaks english

Explanation:

3 0
3 years ago
What is the net pay for Joseph T. O'Neill?
Shtirlitz [24]

Answer:

1153.85 per week and 28.85 per hour

Explanation:

6 0
3 years ago
As governor, Marcy has decided that anyone who works but earns less than $20,000 a year will have their health insurance premium
harina [27]

Answer:

They have risen.

Explanation:

Demand has increased, but supply has remained constant.

8 0
3 years ago
Kenji has had an illness and an accident during the year. His combined out-of-pocket expense for both incidents was $1,000. The
AfilCa [17]

Answer:

b. Deductible

Explanation:

Since in the question it is mentioned that Kenji who had an illness and had an accident during the year also the combined out of pocket expenses is $1,000.

So this $1,000 represent the deductible

hence, the correct option is b.

And the other options are wrong

Therefore the same is to be considered

7 0
2 years ago
The Harvest Company sponsors a defined benefit pension plan. The following information pertains to that plan: Projected benefit
tia_tia [17]

Answer:

260 million. The answer is not in the available options.

Explanation:

Projected benefit obligation as at January 01, 2018 250

Add: Service cost 30

Add: Interest Cost (250*6%) 15

Less: Retiree benefits paid 35

Projected benefit obligation as at December 31, 2018 260

3 0
3 years ago
Other questions:
  • Reggie is busy trying to prepare a complicated recipe for dinner when his sons come in asking him who can use the computer first
    10·1 answer
  • Managers might want to offer _____ to employees who want to talk to someone about their problems.
    8·2 answers
  • If a person wants to start a business but limit the amount of liability he is responsible for, a _____________ would be most app
    11·1 answer
  • On January 1, 2018, Martinez Inc. granted stock options to officers and key employees for the purchase of 22,000 shares of the c
    13·1 answer
  • Positively-framed marketing messages are generally more persausive than negatively-framed marketing messages.
    6·1 answer
  • In ________ ranking, raters look at a list of employees, decide who the best employee is, and cross that person's name off the l
    10·1 answer
  • 4.
    6·1 answer
  • On January 1, 2020, Commonwealth Inc. leases equipment to Tap Inc. The equipment has a fair value of $156,000, a carrying value
    8·1 answer
  • PLEASE HELP!!!
    8·1 answer
  • Which of these describes one function of a household in the economy? buys finished products sells finished products taxes finish
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!