Homework Answers
1.
| Opening | Debit | $ 5,600 |
| Write Off | Debit | $ 23,000 |
| Recovery | Credit | $(18,500) |
| $ 10,100 |
2.
Bad Debt Expense = 250,000 X 15% + 10,100 = $ 37,500 + 10,100 = $ 47,600
3. Ending Balance = $ 37,500 Credit balance
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LIFO AVERAGE COST BONUS QUESTION: At 1/1/2019 the allowance had a debit balance of 5600. Jackson...
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having trouble completing this assighment. someone help ? thank you in advance . During 2015, a...
having trouble completing this assighment. someone help ?
thank you in advance .
During 2015, a company sells 220 units of inventory. The company has the following inventory purchase transactions for 2018 (6 points) Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 115 $60 $0900 Sep 8 Purchase 210 62 13020 Nov 18 Purchase 6375 4101 $26.295 Calculate cost of goods sold and ending inventory for 2015 Specific ID Sold all of beginning inventory, 25...
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AalBbCcDd AaBbCcDd AaBE AaBbC AaBbC AaBbC AaBbCcDd Aaßb- A A Aa A 7 AEB L 2 FIFO. LIFO. AVERAGE COST I BONUS QUESTION: At 1/1/2019 the allowance had a debit balance of 5600. Jackson Inc. wrote off $23,000 of customer accounts on Jun5, 2019. Customers repaid Johnson $18,500 of the accounts that were written off on August 20, 2019. At 12/31/2019 AR was 250,000 and estimated amount uncollectible was 15 %. Jackson uses the allowance method for write offs. (3...
having trouble completing this assighment. someone help ?
thank you in advance .
During 2015, a company sells 220 units of inventory. The company has the following inventory purchase transactions for 2018 (6 points) Date Transaction Number of Units Unit Cost Total Cost Jan. 1 Beginning inventory 115 $60 $0900 Sep 8 Purchase 210 62 13020 Nov 18 Purchase 6375 4101 $26.295 Calculate cost of goods sold and ending inventory for 2015 Specific ID Sold all of beginning inventory, 25...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,427, Blue Spruce Corp. estimates that 9% of its accounts receivable balance of $72,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Blue Spruce Corp. determined that B. Jared's account was uncollectible and wrote off $1,283. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the lqurnal entries on December...
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$16,100 in Allowance for Doubtful Accounts. During 2020, Metlock
wrote off accounts totaling $12,500. One of those accounts ($3,300)
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indicated that the balance in Allowance for Doubtful Accounts
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Company. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
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