Acc205 week 4 | Accounting homework help

Acc205 week 4 | Accounting homework help

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Problem 1Preparing a bank reconciliation and journal entries The December cash records of Dunlap Insurance follow: Cash Receipts                                                                            Cash PaymentsDate            Cash Debits                                               Check No.       Cash Credit Dec. 4          $4,170                                                            1416              $ 860        9               510                                                            1417                 130      14               5 30                                                           1418                 650      17            2,180                                                            1419               1,490      31            1,850                                                            1420               1,440                                                                                           1421                  900                                                                                           1422                  630 Dunlap’s Cash account shows a balance of $16,740 at December 31. On December 31, Dunlap Insurance received the following bank statement: Bank Statement for December Beginning Balance                                                                                       $13,600Deposits and other Credits          Dec. 1                                                              EFT      $  3005                                                                                                                                                        4,170         10                                                                                                                                                              51015                                                                                                                                                              53018                                                                                                                                                        2,180                22                                                                   BC    1,400                9,090   Checks and other Debits           Dec  8                                                            NSF      $1,000           Dec 11 (Check 1416)                                                      860           Dec 19                                                           EFT           700           Dec 22 (Check 1417)                                                      130           Dec 29 (Check 1418)                                                      650           Dec 31 (Check 1419)                                                   1,940            Dec 31                                                              SC            60               (5,340 )         Ending balance                                                                                             $ 17,350    Explanations: BC = bank collection; EFT = electronic funds transfer;NSF = nonsufficient funds checks; SC = service charge a.       The EFT credit was a receipt of rent. The EFT debit was an insurance payment.b.      The NSF check was received from a customerc.       The $1400 bank collection was a note receivable.d.      The correct amount of check 1419 for rent is $1940. Dunlap’s controller mistakenly recorded the check for $1490 AssignmentPrepare the bank reconciliation of Dunlap Insurance at December 31, 2012Journalize any required entries from the bank reconciliation  Problem 2 Accounting for uncollectible accounts using the allowance and direct write-off methods, and reporting receivables on the balance sheet On August 31, 2012, Daisy Floral Supply had a $155,000 debit balance in Accounts receivable and a $6,200 credit balance in Allowance for uncollectible accounts.During September, Daisy made:  * sales on account, $590,000.  * collections on account $62,700  * write-offs of uncollectible receivables, $7,000 AssignmentJournalize all September entries using the allowance method. Uncollectible account expense was estimated at 3% of credit sales. Show all September activities in Accounts receivable, Allowance for uncollectible accounts, and Uncollectible account expense (post to these T- accounts)Using the same facts, Journalize the entries using the direct write-off method. Post to Accounts receivable and Uncollectible account expense and show their balances at September 30, 2012.What amount of uncollectible account expense would Daisy report on its September income statement under each of the two method? Which amount better matches expense with revenue? Give your reasonWhat amount of net accounts receivable would Daisy report on its September 30, 2012 balance sheet under each two methods? Which amount is more realistic? Give your reason.         Problem 3 Accounting for uncollectible accounts using allowance method, and reporting receivables on the balance sheet At September 30, 2012, the accounts of Mountain Terrace Medical Center (MTMC) include the following: Accounts receivable…………………………………………….$145,000Allowance for uncollectible accounts (credit balance)……………..3,500 During the last quarter of 2012, MTMC completed the following selected transactions Dec 28   Wrote off accounts receivable as uncollectible: Regan, Co., $1,300;Owen Mac, $900; and Rain, Inc., $700………………………………………. Dec 31 Recorded uncollectible account expense based on the aging of accountsReceivable, as follows………………………………………………………  Age of Accounts                                                                                                                                                                                                     1-30                      31-60               61-90          over 90Accounts Receivable                          Days                     Days                 Days           Days$165,000……………                       $97,000               $37,000             $14,000      $17,000 estimated percent    uncollectible                                      0.3%                      3%                   30%            35% Assignment  1.                                                                                            Journalize the transactions2.                  Open the allowance for uncollectible accounts T-account, and post entries   affecting the account. Keep a running Balance 3.                  Show how MTMC should report net accounts receivable on its December 31, 2012 balance sheet. Use the three line reporting format.

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