Homework Answers
Answer:
Option A is correct. i,e increase an asset $440 ; decrease asset $440
Amount received from Account receivable Shall be record in Cash or bank account which is an asset,
And Amount decrease for same from Sundry Debtors which is Also an asset.
Add Answer to:
Collection of $440 accounts receivable
olection of a $440 Accounts Receivable Increaseh an asset $440; decreases...
Collection of a $2800 Accounts Receivable increases an asset $2800; decreases a liability $2800. decreases a...
Collection of a $2800 Accounts Receivable increases an asset $2800; decreases a liability $2800. decreases a liability $2800; increases stockholders' equity $2800. increases an asset $2800; decreases an asset $2800. decreases an asset $2800; decreases a liability $2800. Save for Later 80
Collection of a $620 Accounts Receivable O increases an asset $620; decreases an asset $620. O...
Collection of a $620 Accounts Receivable O increases an asset $620; decreases an asset $620. O decreases an asset $620; decreases a liability $620. O increases an asset $620; decreases a liability $620. O decreases a liability $620; increases stockholders' equity $620.
Question 18 View Policies Current Attempt in Progress Collection of a $470 Accounts Receivable increases an...
Question 18 View Policies Current Attempt in Progress Collection of a $470 Accounts Receivable increases an asset $470; decreases an asset $470. decreases a liability $470; increases stockholders' equity $470. increases an asset $470; decreases a liability $470. decreases an asset $470; decreases a liability $470.
Problem 9-04A a-d (Video) Whispering Inc. uses the allowance method to estimate uncollectible accounts receivable. The...
Problem 9-04A a-d (Video)
Whispering Inc. uses the allowance method to estimate
uncollectible accounts receivable. The company produced the
following aging of the accounts receivable at year-end.
Calculate the total estimated bad debts based on the below
information.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
276,800
92,000
60,700
53,300
38,600
$32,200
% uncollectible
1%
4%
5%
8%
20%
Estimated Bad debts
$
$
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT...
Questions At the end of 2016, Blossom Company has accounts receivable of $691,500 and an allowance...
Questions At the end of 2016, Blossom Company has accounts receivable of $691,500 and an allowance for doubtful accounts of $25,740. 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 $3,943. Use a tabular summary to record the write-off. Enter 2016 amounts as beginning balances (Enfer negative amounts using either a negative sign preceding the number e.g.-45 or parentheses (45) Liabilities Assets Allow. For Accts....
The financial statements of the Sheridan Company reports net sales of $756000 and accounts receivable of...
The financial statements of the Sheridan Company reports net sales of $756000 and accounts receivable of $67200 and $24000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation) 9.8 days 44.0 days 34.2 days 22.0 days Click if you would like to Show Work for this question: Open Show Work mupe Cruice Question 56 Sunland Clinic purchases land for $530000 cash. The...
Do It! Review 1-1 Identify each of the following organizational characteristics with the organizational form or...
Do It! Review 1-1 Identify each of the following organizational characteristics with the organizational form or forms with which it is associated. (a) Easier to transfer ownership b) Easier to raise funds (e) More owner control (d) Tax advantages. (e) No personal legal lisbility. Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used SAVE FOR LATER SUBHET ANSWER Question Attempts: 0 of 3 used savE FOR LATER Do It!...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head and Factors Inc. on without recourse basis Head and assesses a 2 finance charge of the amount of accounts receivable and retains an amount equal to 5 of accounts receivable for possible adjustments Prepare the journal entry for Marin Incorporated and Head and Factors to record the factoring of the accounts receivable to Head and the entry is required, select "No Entry for the...
The following data are taken from the financial statements of Wildhorse Co.. Accounts receivable (net), end...
The following data are taken from the financial statements of Wildhorse Co.. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, 1/45 $ 555,000 4,489,500 $ 540,000 3,614,200 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $523,000. (Round answers 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5....
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
Collection of a $2800 Accounts Receivable increases an asset $2800; decreases a liability $2800. decreases a liability $2800; increases stockholders' equity $2800. increases an asset $2800; decreases an asset $2800. decreases an asset $2800; decreases a liability $2800. Save for Later 80
Collection of a $620 Accounts Receivable O increases an asset $620; decreases an asset $620. O decreases an asset $620; decreases a liability $620. O increases an asset $620; decreases a liability $620. O decreases a liability $620; increases stockholders' equity $620.
Question 18 View Policies Current Attempt in Progress Collection of a $470 Accounts Receivable increases an asset $470; decreases an asset $470. decreases a liability $470; increases stockholders' equity $470. increases an asset $470; decreases a liability $470. decreases an asset $470; decreases a liability $470.
Problem 9-04A a-d (Video)
Whispering Inc. uses the allowance method to estimate
uncollectible accounts receivable. The company produced the
following aging of the accounts receivable at year-end.
Calculate the total estimated bad debts based on the below
information.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
276,800
92,000
60,700
53,300
38,600
$32,200
% uncollectible
1%
4%
5%
8%
20%
Estimated Bad debts
$
$
$
$
$
$
SHOW LIST OF ACCOUNTS
LINK TO TEXT...
Questions At the end of 2016, Blossom Company has accounts receivable of $691,500 and an allowance for doubtful accounts of $25,740. 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 $3,943. Use a tabular summary to record the write-off. Enter 2016 amounts as beginning balances (Enfer negative amounts using either a negative sign preceding the number e.g.-45 or parentheses (45) Liabilities Assets Allow. For Accts....
The financial statements of the Sheridan Company reports net sales of $756000 and accounts receivable of $67200 and $24000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? (Use 365 days for calculation) 9.8 days 44.0 days 34.2 days 22.0 days Click if you would like to Show Work for this question: Open Show Work mupe Cruice Question 56 Sunland Clinic purchases land for $530000 cash. The...
Do It! Review 1-1 Identify each of the following organizational characteristics with the organizational form or forms with which it is associated. (a) Easier to transfer ownership b) Easier to raise funds (e) More owner control (d) Tax advantages. (e) No personal legal lisbility. Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used SAVE FOR LATER SUBHET ANSWER Question Attempts: 0 of 3 used savE FOR LATER Do It!...
CALCURATOM PRINTER VERSION BACK Brief Exercise 7-10 Marin Incorporated factored 5124,300 of accounts receivable with Head and Factors Inc. on without recourse basis Head and assesses a 2 finance charge of the amount of accounts receivable and retains an amount equal to 5 of accounts receivable for possible adjustments Prepare the journal entry for Marin Incorporated and Head and Factors to record the factoring of the accounts receivable to Head and the entry is required, select "No Entry for the...
The following data are taken from the financial statements of Wildhorse Co.. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, 1/45 $ 555,000 4,489,500 $ 540,000 3,614,200 Compute for each year the accounts receivable turnover. At the end of 2018, accounts receivable was $523,000. (Round answers 2020 2019 Accounts receivable turnover times times LINK TO TEXT Compute for each year the average collection period. (Round answers to 1 decimal place, e.g. 12.5....
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
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