|
|
|
|
Answer
Date |
Accounts title |
Debit |
Credit |
16-Jan-18 |
Allowance for Doubtful Accounts |
$7,940 |
|
Accounts receivables - Blank #2 |
$7,940 |
||
(to record write off) |
Accounts receivables |
$874,600 |
|
Less: Allowance for doubtful accounts |
$43,800 |
|
Net realizable value |
$830,800 |
Answer |
Accounts receivables [874600 - 7940] |
$866,660 |
|
Less: Allowance for doubtful accounts [43800 - 7940] |
$35,860 |
|
Net realizable value |
$830,800 |
Answer |
At the end of 2017, BLANK #1 Company has accounts receivable of $874,600 and an allowance...
Exercise 7-8 At the end of 2017, Sandhill Company has accounts receivable of $868,300 and an allowance for doubtful accounts of $48,100. On January 16, 2018, Sandhill Company determined that its receivable from Ramirez Company of $7,990 will not be collected, and management authorized its write-off. Prepare the journal entry for Sandhill Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles...
At the end of 2017, Perez Corporation has accounts receivable of $2.5 million and an allowance for doubtful accounts of $120,000. On January 16, 2018, Perez determined that its $20,000 receivable from Morganfield Ltd. will not be collected, and management has authorized its write off. On January 31, 2018, Perez received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written off 100% of the amount due...
Exercise 7-8 At the end of 2017, Headland Company has accounts receivable of $868,800 and an allowance for doubtful accounts of $49,900. On January 16, 2018, Headland Company determined that its receivable from Ramirez Company of $7,190 will not be collected, and management authorized its write-off. Prepare the journal entry for Headland Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles...
At the end of 2020, Grouper Company has accounts receivable of 5816,000 and an allowance for doubtful accounts of $40,800. On January 16, 2021. Grouper Company determined that its receivable from Ramirez Company of $6,120 will not be collected and management authorized its write-oft. 38:14 Hide Time Prepare the journal entry for Grouper Company to write off the Ramirez receivable. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
At the end of 2020, Tamarisk Company has accounts receivable of $720,000 and an allowance for doubtful accounts of $36,000. On January 16, 2021, Tamarisk Company determined that its receivable from Ramirez Company of $5,400 will not be collected, and management authorized its write-off. Prepare the journal entry for Tamarisk Company to write off the Ramirez receivable. (If no entry is required, select "No Entry"for the account titles and enter O for the amounts. Credit account titles are automatically indented...
At the end of 2021, Skysong Co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $3,913. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable...
Brief Exercise 8-3 At the end of 2016, Sheridan Company has accounts receivable of $665,400 and an allowance for doubtful accounts of $23,480. On January 24, 2017, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,415. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) What is the cash realizable value of the...
If you could please answer part (b) At the end of 2020, Marigold Corp. has accounts receivable of $2.65 million and an allowance for doubtful accounts of $115,500. On January 16, 2021, Marigold determined that its $21,300 receivable from Sunland Company will not be collected, and management has authorized its write off. On January 31, 2021, Marigold received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to Blossom Company The company had previously...
At the end of 2017, Ayayai Corp. has accounts receivable of $1.4 million and an allowance for doubtful accounts of $85,000. On January 16, 2018, Ayayai determined that its $17,000 receivable from Blossom Company will not be collected, and management has authorized its write off. On January 31, 2018, Ayayai received notification that the company will be receiving $0.15 for every $1.00 of accounts receivable relating to Sunland Company The company had previously written off 100% of the amount due...
On April 1, 2017, BLANK Company assigns $504,100 of its accounts receivable to the BLANK Bank as collateral for a $314,000 loan due July 1, 2017. The assignment agreement calls for BLANK company to continue to collect the receivables. BLANK Bank assesses a finance charge of 4% of the accounts receivable, and interest on the loan is 10% (a realistic rate of interest for a note of this type). Prepare the April 1, 2017, journal entry for BLANK Company. (If...