Homework Answers
2.
| Total accounts receivable | $30000 |
| Less: Allowance for uncollectible accounts | 6000 |
| Net realizable value | $24000 |
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During 2018, its first year of operations, Pave Construction provides services on account...
During 2018, its first year of operations, Pave Construction provides services on account of $130,000
During 2018, its first year of operations, Pave Construction provides services on account of $130,000. By the end of 2018, cash collections on these accounts total $95,000. Pave estimates that 30% of the uncollected accounts will be bad debts. Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Calculate the net realizable value of accounts receivable. Total accounts receivable Net realizable...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction provides services on account of $136,000. By the end of 2018, cash collections on these accounts total $98,000. Pave estimates that 30 % of Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit...
During 2021, its first year of operations, Pave Construction provides services on account of $152,000
During 2021, its first year of operations, Pave Construction provides services on account of $152,000. By the end of 2021, cash collections on these accounts total $106,000. Pave estimates that 30% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $12,420. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2-a. Record the...
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By...
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $10,000. 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. 2-a. Record the write-off of accounts receivable in 2022. 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the...
Requirement 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. (Record...
Requirement 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $178,000 ($162,000 on account: $16,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit 0 Requirements 2018 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. Post Windy's transactions to...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($158,000 on...
During 2018, the uncollected accounts will be bad debts. s first year of operations, Pave Construction provides services on account of $136,000. By the end of 2018, cash collections on these accounts total $98,000. Pave estimates that 30 % of Required: 1. Record the adjustment for uncollectible accounts on December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet General Journal Debit...
Requirement 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $178,000 ($162,000 on account: $16,000 for cash). Ignore Cost of Goods Sold. (Prepare a single compound journal entry) Date Accounts and Explanation Debit Credit 0 Requirements 2018 1. Journalize Windy's transactions that occurred during 2018. The company uses the allowance method. Post Windy's transactions to...
The Accounts Receivable balance for Lantana Company at December 31, 2017, was $26,000. During 2018. Lantana earned revenue of $460,000 on account and collected $329,000 on account. Lantana wrote off $6,200 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 3% of accounts receivable. Read the requirements Requirement 1. Assume Lantana had an unadjusted $2,300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lantana's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Southside Company at December 31, 2017, was $26,000. During 2018, Southside earned revenue of $459,000 on account and collected $323,000 on account. Southside wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the requirements Requirement 1. Assume Southside had an unadjusted $2,500 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Southside's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
The Accounts Receivable balance for Lakeside Company at December 31, 2017, was $22,000. During 2018, Lakeside earned revenue of $460,000 on account and collected $321,000 on account. Lakeside wrote off $6,100 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements Requirement 1. Assume Lakeside had an unadjusted $2.300 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Lakeside's December 31, 2018, adjustment to record bad debts expense...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($158,000 on...
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