PROBLEM NO.
4
Understatement:
5332 264,131
5331 10,639
Total 274,770
Overstatement:
5329 191,430
5328 62,022
Total 253,452
Difference - Understatement 21,318
PROBLEM NO. 5
Adjusting Journal Entry:
A. Sales 130,000
Accounts Receivables 130,000
Merchandise Inventory 100,000
Cost of Sales 100,000
B. Accounts Receivables 13,000
Sales 13,000
C. Sales Returns and Allowances 6,500.00
Accounts Receivable 6,500.00
Cost of Sales 1,500.00
Merchandise Inventory 1,500.00
12,000.00 Date Due Date Balance
22,000.00 Mark 31-May 31-Jul 2,000.00
97,600.00 7-Jul 5-Sep 2,000.00
20,000.00 25-Sep 23-Nov 5,000.00
55,000.00 10-Dec 10-Feb-22 3,000.00
7,500.00 12,000.00
214,100.00
97,600.00 Kent Nov. 25 Jan. 25, 2022 22,000.00
116,500.00
Rey 3-Feb 3-Apr 10,000.00
AJE: 3-Aug 3-Oct 10,000.00
NR 97,600.00 20,000.00
AR 97,600.00
Julius 6-Sep Nov. 6 52,780.00
25-Nov 1/25 2,220.00
55,000.00
Jeremy 30-Sep Nov. 30 7,500.00
116,500.00
-
8,177.80
Not Yet Due 0-60 61-120 over 120
2,000.00
2,000.00
5,000.00
3,000.00
22,000.00
10,000.00
10,000.00
52,780.00
2,220.00
7,500.00
27,220.00 65,280.00 12,000.00 12,000.00
1% 2% 5% 50%
272.20 1,305.60 600.00 6,000.00
ADA
5,000.00
3,178.00
8,178.00
AJE:
Bad Debts / Doutful Allowance Expense 3,178.00
Allowance for Doubtful Accounts 3,178.00
