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(Solved by Expert Tutors) The chart is attached.?1.?How much of Accounts Receivable we


1.?How much of Accounts Receivable were ?written off? the month??

(Hint: Run the ADA t-account)

2. What is Fargo?s Net Realizable Value of Accounts Receivable at the end of July?

3. How much cash was paid on Accounts Payable during the month?? Assume the beginning balance of Accounts Payable in July was zero.

4. If all vendors sell to Fargo on terms 2/10, n/30, what was the total amount of purchases discounts which were allowed to lapse.? No purchases were made in the last 10 days of July.

5. If there was no prepaid advertising at the beginning of the period, what was the total cash outlay for advertising in July? (Hint: Think of converting from accrual basis to cash basis.)

6. How much cash received on accounts receivable in July? ??(Hint: Run the AR t-account)

7. What is the amount of the change to Income Summary account for the closing entry to close nomianl accounts with a normal debit balance at July 31. ?

8. What is the amount of the change to Income Summary account for the closing entry to close Income Summary to Retained Earnings at July 31.

9. After you have adusted inventory and done the four closing entries for the month, what is the ending balance in Retained Earnings on July 31??




ACG 340 Case 3: Fargo The adjusted trial balance of Fargo Company as of July 31, 2016 is presented below. (Read that again, think about what that means about where Fargo is in the accounting cycle.) Notice that the total debits and credits for each account are indicated (including the beginning balances) rather than the usual account balance. For example, the cash account had transactions which resulted in a total of $67,700 debits (including the beginning balance) and a total of $55,400 credits. All adjusting entries have been made for the month of July 2016, except the adjustment for inventory. Fargo?s fiscal year end is June 30. Account Debit Credit Cash $67,700 $55,400 Accounts Receivable 58,000 54,400 Allowance for Doubtful Accounts 700 1,100 Inventory 60,000 Prepaid Advertising 1,200 400 Office Supplies on Hand 1,700 1,300 Office Equipment 22,000 1,500 Accumulated Depreciation 400 7,600 Accounts Payable 31,900 40,000 Salaries Payable 800 Interest Payable 100 Dividends Payable 4,000 8,200 Notes Payable 3,000 30,000 Common Stock 12,600 Paid-In Capital in Excess of Par 20,000 Retained Earnings 19,900 Dividends Declared 7,200 Sales 61,000 Sales Returns 2,200 Sales Discounts 500 Purchases 42,000 Purchase Returns and Allowances 900 Purchase Discounts 400 Salaries Expense 9,200 Office Supplies Expense 1,300 Insurance Expense 700 Advertising Expense 600 Bad Debt Expense 500 Miscellaneous Expense 400 Depreciation Expense 300 Interest Expense 300 Gain on Sale of Office Equipment 200 Totals $315,800 $315,800

 


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