Chapter 7 Financial Accounting Homework CORRECTIONS.docx -...

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Chapter 7 Financial Accounting HomeworkExercises 7-2A (parts a&b only), 7-8A, 7-9A, 7-12A, & Problem 7-26A7-2Aa.DateAccount TitleDebitCreditEvent 1Accounts Receivable84,000Service Revenue 84,000Event 2Cash 76,000Accounts Receivable 76,000Event 3Salaries Expense28,500Cash28,500Event 4Bad Debt Expense1,650Allowance for Doubtful Accounts1,650b.Assets = Liabilities + Equity
Cash76,00028,500Bal. 47,500Accounts Receivable84,00076,000Bal. 8,000Allowance for Doubt. Acct.1,650Bal. 1,6507-8Aa.DateAccount TitleDebitCreditEvent 1Accounts Receivable91,000Service Revenue 91,000Event 2Cash72,000Accounts Receivable 72,000Event 3Salaries Expense36,000Cash36,000Event 4Bad Debt Expense2,193Service Revenue84,000Bad Debt Expense1,650
Allowance for Doubtful Accounts2,193Number of DaysPast DueAmountPercent Likely toBe UncollectibleAllowanceBalanceCurrent$7,800.01$780-304,500.0522531-602,000.1020061-902,200.20440Over 90 days2,500.501,250Total$19,000$2,193Assets = Liabilities + EquityCash72,00036,000Bal. 36,000Accounts Receivable91,00072,000Bal. 19,000Allowance for Doubt. Acct.2,193Bal. 2,193Service Revenue91,000Bad Debt Expense2,193
b.Vulcan Service CoIncome StatementFor the Year Ended, Year 1
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Balance Sheet, Income Statement, Revenue, Expense, Generally Accepted Accounting Principles, Operating expense

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