The following information regarding cash for Alpha Company
Query 1The following data concerning money for Alpha Firm is supplied for the month ending March 31,2016:ItemAmount$25,000Ending Money per Financial institution Assertion$5,615Be aware collected by financial institution included curiosity of $115$55Financial institution Service ChargesDeposits in Transit$2,775Excellent Cheques$four,500$350Buyer Cheque returned NSFA evaluation of the financial institution assertion mirrored that cheque #224 recorded in thecompany cheque register as $1,735 to settle an accounts payable, was paid by the financial institution forthe quantity of $1,375. Use this data to organize the compound Common Journal entry(with out clarification) for March 31, 2016, to trigger the corporate books to match theadjusted money steadiness primarily based on the finished financial institution reconciliation. If no entry is requiredthen write "No Entry Required."DateAccountsDebitCreditQuestion 2Alpha Firm sells items to prospects who use Worldwide Categorical nonbank bank cards. Bank card saleson July 15, 2016 amounted to $20,000 and had been topic to a four.5% bank card firm assortment charge. AlphaCompany collected cost from Worldwide Categorical on July 21. Use this data to organize the GeneralJournal entries (with out clarification) for the July 15 gross sales & the July 21 collections. If no entry is requiredthen write "No Entry Required."DateAccountsDebitCreditQuestion 3On July 1, 2016, Alpha Firm bought for $76,000, gear having a service lifetime of eight years and anestimated residual worth of $four,000. Alpha has recorded depreciation of the gear utilizing the doubledeclining steadiness methodology. On December 31, 2019, earlier than making any annual adjusting entries, theequipment was bought for $20,000. Use this data to organize all Common Journal entries (withoutexplanation) required to document the sale occasion for December 31, 2019DateAccountsDebitCreditQuestion 4On July 1, 2016, Alpha Firm bought for $72,000, gear having a service lifetime of eight years and anestimated residual worth of $6,000. Alpha has recorded depreciation of the gear utilizing the doubledeclining steadiness methodology. On December 31, 2018, earlier than making any annual adjusting entries, theequipment was exchanged for brand new equipment having a good worth of $32,500. The transaction has commercialsubstance. Use this data to organize all Common Journal entries (with out clarification) required torecord the occasions for December 31, 2018.DateAccountsDebitCreditQuestion 5Alpha Firm makes use of ageing to estimate uncollectibles. On the finish of the fiscal yr, December 31, 2016,Accounts Receivable has a steadiness that consists of:Greenback ValueAge of AccountEstimatedCollectible$115,000< 30 days previous98%85,00030 to 60 days previous80%50,00061 to 120 days previous50%10,000> 120 days previous15%The present unadjusted Allowance for Uncollectable Accounts steadiness is a debit steadiness of$three,500 and the Unhealthy Debt Expense accounts has an unadjusted steadiness of zero. After theadjusting entry is made, what would be the greenback balances within the:1. Accounts Receivable2. Allowance for Uncertain Accounts3. Unhealthy Debt Expense1.2.three.Query 6Alpha Firm has the next account balances data for fiscal yr 2015 & 2016 (all balances arenormal):Alpha CompanyDecember 31AccountsAccounts Receivable20162015$40,500$35,5002,5001,500Merchandise Stock57,00050,000Workplace Provides25,00020,000Allowance for Uncertain AccountsCredit Gross sales960,000740,000Gross sales Reductions10,0009,000Curiosity Revenue25,00020,000460,000385,000Price of Items Sold1. What's the FY 2016 accounts receivable turnover ratio? Enter the reply as anumber rounded to 1 decimal place adopted by an area and the phrase instances.(Instance 1.123 can be entered 1.1 instances)2. What's the FY 2016 days excellent for accounts receivable ratio? Enter theanswer as a quantity rounded to 1 decimal place adopted by an area and theword days. (Instance 1.123 can be entered 1.1 days)1.2.Query 7February 1, 2016, Alpha Firm bought land for the longer term manufacturing unit location at a price of $50,000. Thedilapidated constructing that was on the property was demolished in order that development may start on the newfactory constructing. The brand new manufacturing unit was accomplished on November 1, 2016. Prices incurred throughout this periodwere:ItemDemolition dilapidated buildingAmount$four,000Architect Charges$10,000Authorized Charges - for title search$2,000Curiosity Throughout Energetic Development Interval$18,750Development Prices$500,000Utilizing this data, how a lot needs to be recorded as the price of: (Enter solely wholedollar values.)1. Land2. New Building1.2.