Homework Answers
1.
| Account Titles | Debit | Credit |
| Bad debt expense | 27605 | |
| Allowance for bad debt expense | 27605 |
| Allowance for bad debts balance | 1605 | |
|
Add:Current year allowance [2,500,000*2%] |
50000 | |
| Less:
Write off [600,000*4%] |
24000 | 26000 |
| Bad debt expense | 27605 |
2.
| Account Titles | Debit | Credit |
| Accounts receivable | 4500 | |
| Sales revenue | 4500 | |
| Bad debts expense | 4500 | |
| Allowance for bad debt expense | 4500 | |
| Cash | 1700 | |
| Accounts receivable | 1700 |
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W JC WULUI DI $ 4,500 to Rosa Inc. term 2/15, n/30 On August I was...
In August 2020, Angela Martin started her new contracting business: Stair at Me Inc. The business...
In August 2020, Angela Martin started her new contracting business: Stair at Me Inc. The business focused on building staircases. The following transactions occurred during August: August 1 Angela invested $1,000 cash in exchange for 250 common shares. August 2 The company borrowed $5,000 in the form of a long-term bank loan. The money was planned to purchase much of the equipment that would be needed. August 5 Purchased equipment: $4,000. Paid $1,000 cash with the rest payable at the...
On August 5, Granger, Inc. purchased inventory for $10,000 with terms of 1/15, n/30 from May...
On August 5, Granger, Inc. purchased inventory for $10,000 with terms of 1/15, n/30 from May Distributors. On August 8, Granger, Inc. returned $2,000 of the merchandise purchased on August 5. The entry to record Granger, Inc.'s payment with discount to May Distributors on August 19 would be: Accounts Payable 10,000 Cash 8,000 Inventory 2,000 0 |Accounts Payable 10,000 9.900 100 Cash Inventory Accounts Payable 8,000 Cash Inventory 80 Cash 7.920 Sales Discounts 80 Accounts Receivable 8,000
Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms...
Rockford Corporation, which began business on August 1, sells on terms of 2/10, n/30. Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all transactions are on account and involve merchandise held for resale. The perpetual inventory system is used. Aug. 1 Purchased merchandise from Norris, Inc., $3,700, terms 2/10, n/30. 5 Paid freight on shipment from Norris, Inc., $190. 7 Sold merchandise to Denton Corporation, $5,100 ($3,700 cost). 7 Paid...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If...
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
Question 9 (1 point) The ASU Company purchased $10,000 of merchandise on September 1, term 2/10,n/30....
Question 9 (1 point) The ASU Company purchased $10,000 of merchandise on September 1, term 2/10,n/30. On September 5, ASU returns $1,000 worth of merchandise. On September 10, ASU, paid the balance in full. What is the amount of the payment? $9,800. $8,820 $9,000. $10,000. Question 10 (1 point) The Golden Company sold merchandise to Rams Company on account (n/30) for $100,000. The cost of merchandise sold was $60,000. Golden Company issued a credit memo for $12,000 for merchandise return....
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB...
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
I need help with this please. My professor wants journal entries for every one of these...
I need help with this please. My professor wants journal entries
for every one of these dates.
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and pay- able; for example, record the purchase on July 1 in Accounts Payable-Boden. Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1...
July 1 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, yon...
July 1 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, yon shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, POB shipping point, invoice dated July 2. The merchandise had cost $550. 3 Paid $135 cash for freight charges on the purchase of July 1. @ Bold merchandise that had coat $1,900 for $2,300 cash. Purchased merchandise from Light Co. for $2,900 under credit...
1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowanc...
1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1.200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $13,000. b. debit to Allowance for Doubtful Accounts for $11,800. c. debit to Bad Debt Expense for $11,800. d. credit to Allowance for Doubtful Accounts for $13,000. 2.Cost of goods sold is determined only at the...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was r...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000 b. Cash.... 15,000 Accounts Receivable. 15,000 Cash.... 14,700...
On August 5, Granger, Inc. purchased inventory for $10,000 with terms of 1/15, n/30 from May Distributors. On August 8, Granger, Inc. returned $2,000 of the merchandise purchased on August 5. The entry to record Granger, Inc.'s payment with discount to May Distributors on August 19 would be: Accounts Payable 10,000 Cash 8,000 Inventory 2,000 0 |Accounts Payable 10,000 9.900 100 Cash Inventory Accounts Payable 8,000 Cash Inventory 80 Cash 7.920 Sales Discounts 80 Accounts Receivable 8,000
5. AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? a. Debit Accounts Receivable for $24,500. b. Debit Accounts Receivable for $24,500 and Sales Discounts for $500. C. Debit Accounts Receivable for $25,000. d. Debit Accounts Receivable for $25,000 and Sales Discounts for $500. 6. On July 22, Peter sold...
Question 9 (1 point) The ASU Company purchased $10,000 of merchandise on September 1, term 2/10,n/30. On September 5, ASU returns $1,000 worth of merchandise. On September 10, ASU, paid the balance in full. What is the amount of the payment? $9,800. $8,820 $9,000. $10,000. Question 10 (1 point) The Golden Company sold merchandise to Rams Company on account (n/30) for $100,000. The cost of merchandise sold was $60,000. Golden Company issued a credit memo for $12,000 for merchandise return....
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
I need help with this please. My professor wants journal entries
for every one of these dates.
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and pay- able; for example, record the purchase on July 1 in Accounts Payable-Boden. Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1...
July 1 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, yon shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, POB shipping point, invoice dated July 2. The merchandise had cost $550. 3 Paid $135 cash for freight charges on the purchase of July 1. @ Bold merchandise that had coat $1,900 for $2,300 cash. Purchased merchandise from Light Co. for $2,900 under credit...
1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1.200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $13,000. b. debit to Allowance for Doubtful Accounts for $11,800. c. debit to Bad Debt Expense for $11,800. d. credit to Allowance for Doubtful Accounts for $13,000. 2.Cost of goods sold is determined only at the...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000 b. Cash.... 15,000 Accounts Receivable. 15,000 Cash.... 14,700...
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