Homework Answers
Journal entry
| date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (35000-10000) | 25000 | |
| Allowance for doubtful accounts | 25000 | ||
| (To record bad debt) |
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Reuben Foster Limited sells football equipment to major colleges and universities. Foster Limited maintains their accounting...
Jamal Adams Inc. sells numerous products to a large customer base. Credit sales for the year...
Jamal Adams Inc. sells numerous products to a large customer base. Credit sales for the year 2018 amounted to $4,000,000. Adams Inc. maintains their accounting records on a calendar year. The January 1, 2018 balance in the allowance for doubtful accounts was $100,000. During the year 2018, $70,000 of accounts receivable were written-off as uncollectible. On December 31, 2018, Adams Inc. estimated their uncollectible accounts to be 2% of 2018 credit sales (income statement approach). The journal entry on December...
Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31,...
2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following (10 marks): Estimated Percentage Uncollectible Current Accounts........................................... $150,000 1% 1-30 days past due.............................................. 15,000 3% 31-60 days past due.............................................. 8,000 6% 61-90 days past due.............................................. 5,000 12% Over 90 days past due.................................... 6,000 30% Total Accounts...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $185,000. The Allowance...
At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $185,000. The Allowance for Bad Debts account has a $14,160 debit balance. Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the requirements Requirement 1. Joumalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by...
Cornerstone Exercise 5-27 (Algorithmic) Aging Method On January 1, 2019, Hungryman, Inc., has the following balances...
Cornerstone Exercise 5-27 (Algorithmic) Aging Method On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,286,400 48,000 Allowance for Doubtful Accounts (a credit balance) During 2019, Hungryman had $18,800,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's...
a. Compute and HJ. Heinz Comp Does The Limited Brands agge b. accounts receivable tumover ratio?...
a. Compute and HJ. Heinz Comp Does The Limited Brands agge b. accounts receivable tumover ratio? Explain the logic underlying your answer in (b). C. olems Series A The following transactions were completed by Axiom Management Company during the Entries related to unco llectible accounts PR 9-1A current fiscal year ended December 31: 17. Received 25% of the $30,000 balance owed by Gillespie Co., a ness, and wrote off the remainder as uncollectible. Feb. bankrupt busi- Apr. 11. Reinstated the...
Jarden Company has credit sales of $2,700,000 for year 2018
Jarden Company has credit sales of $2,700,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $21,490. Jarden prepares a schedule of its December 31, 2018, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2018, using...
please help me solve requirements for this problem The September 30, 2019, records of First Data...
please help me solve requirements for this problem
The September 30, 2019, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the year. First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance...
Please show your work! Hope Company’s total assets were $5,380. Hope collected on $957 of account...
Please show your work! Hope Company’s total assets were $5,380. Hope collected on $957 of account receivable that had previously been written off. After the collection, Hope’s total assets will be $______ ================================= At the beginning of 2018 Evan Company had a $1,795 balance in its accounts receivable account and a $462 balance in allowance for doubtful accounts. During 2018, Evan experienced the following events. (1) Earned $2,697 of revenue on account. (2) Collected $1,639 cash from accounts receivable. (3) Wrote-off...
Jamal Adams Inc. sells numerous products to a large customer base. Credit sales for the year 2018 amounted to $4,000,000. Adams Inc. maintains their accounting records on a calendar year. The January 1, 2018 balance in the allowance for doubtful accounts was $100,000. During the year 2018, $70,000 of accounts receivable were written-off as uncollectible. On December 31, 2018, Adams Inc. estimated their uncollectible accounts to be 2% of 2018 credit sales (income statement approach). The journal entry on December...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
At December 31, 2018, the Accounts Receivable balance of Foley Distribution Service is $185,000. The Allowance for Bad Debts account has a $14,160 debit balance. Foley Distribution Service prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the requirements Requirement 1. Joumalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by...
Cornerstone Exercise 5-27 (Algorithmic) Aging Method On January 1, 2019, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable $1,286,400 48,000 Allowance for Doubtful Accounts (a credit balance) During 2019, Hungryman had $18,800,000 of credit sales, collected $17,945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year end, Hungryman performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Hungryman's...
a. Compute and HJ. Heinz Comp Does The Limited Brands agge b. accounts receivable tumover ratio? Explain the logic underlying your answer in (b). C. olems Series A The following transactions were completed by Axiom Management Company during the Entries related to unco llectible accounts PR 9-1A current fiscal year ended December 31: 17. Received 25% of the $30,000 balance owed by Gillespie Co., a ness, and wrote off the remainder as uncollectible. Feb. bankrupt busi- Apr. 11. Reinstated the...
please help me solve requirements for this problem
The September 30, 2019, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the year. First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance...
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