Up to Chapter 9 Flashcards
J/E
Paddington shop records their inventory write-off by 3000
Write off 3000 dr
Inventory 3000 cr
J/E
Paddington shop sold coffee products to customers for 200. A credit card pays this price w a 1% fee
Cash 198 dr
Credit card fee 2 dr
Revenue 200 cr
J/E
SCS records their estimated $2,000 of sales returns related to 2024; their policy allows espresso coffee machine returns for up to 1 year from the purchase date
Sales Returns 2,000 dr
Sales Return Liability 2,000 cr
J/E
SCS fulfills $2,000 of cash refunds related to warranty claims by customers who originally purchased the espresso coffee machines in 2022
Warranty Payable 2,000 dr
Cash 2,000 cr
J/E
SCS disposed of a piece of equipment for $11,000 cash; the equipment had an original cost of $35,000 and an accumulated depreciation of $23,000
Cash 11,000 dr
Accumulated depreciation 23,000 dr
Equipment cost 35,000 cr
Loss on sale 1,000 dr
A) Provide the J/E they recorded when they estimated returns for the FY 2021
B) Provide the J/E to record the actual returns during FY 2021
A) How much Bad Debt Expense did HP recognize in 2021?
B) What amount of write-offs did they record in 2021?
a) What is the amount of their international, state & local, and federal income taxes during the fiscal year of 2024 using the information provided
b) Re-create the journal entry that was recorded to record international, state & local, and federal Income Taxes expense and Deferred Tax Liability for the fiscal year of 2024, assuming paid by cash.
