Homework Answers
| Date | General Journal | Debit | Credit |
| Mar 7 | Allowance for Uncollectible Accounts | $2,000 | |
| Accounts Receivable—Bing | $2,000 | ||
| June 9 | Accounts Receivable—Bing | $1,500 | |
| Allowance for Uncollectible Accounts | $1,500 | ||
| Cash | $1,500 | ||
| Accounts Receivable—Bing | $1,500 | ||
| Dec 31 | Bad Debts Expense ($900,000 * 0.015) | $13,500 | |
| Allowance for Uncollectible Accounts | $13,500 |
Add Answer to:
Short Answer 1 (10 Points) The Branson Company uses the percent of sales method of accounting...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: September 7 Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off. October 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off. November 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does...
The Jenko Company uses the percent of sales method of accounting for uncollectible accounts receivable. At...
The Jenko Company uses the percent of sales method of accounting for uncollectible accounts receivable. At the beginning of the current year, the Allowance for Doubtful Accounts had normal balance of $10,000. The following transactions took place during the current year: Sept. 7 Jenko Company determined that the $21,400 account receivable of the Helena Company was uncollectible and wrote it off. Dec. 31 Jenko Company estimates that 2% of its $2,200,000 of credit sales would be uncollectible. The Accounts Receivable...
Question 21 (10 points) This company uses the Allowance Method for accounting for bad debts: Use...
Question 21 (10 points) This company uses the Allowance Method for accounting for bad debts: Use the below journal to prepare these transactions April 3rd - Wrote off $3,200 owed by Jane Smith who filed bankruptcy June 5th - Wrote off $4,500 owed by David Duke who has made no payments in a year Dec. 15th - David Duke came in and paid $600 on the account that was written off on June 5th. H1 - Headirv JOURNAL
Ditzler Company, a construction supply company, uses the allowance method of accounting for uncollectible accounts receivable....
Ditzler Company, a construction supply company, uses the allowance method of accounting for uncollectible accounts receivable. Selected transactions completed by Ditzler Company are as follows: Feb. 1 Sold merchandise on account to Ames Co., $8,000. The cost of the mer- chandise sold was $4,500. Accepted a 60-day, 12% note for $8,000 from Ames Co. on account. Wrote off a $2,500 account from Dorset Co. as uncollectible. Loaned $7,500 cash to Jill Klein, receiving a 90-day, 14% note. Received the interest...
This company uses the Allowance Method for accounting for bad debts: Use the below journal to...
This company uses the Allowance Method for accounting for bad debts: Use the below journal to prepare these transactions April 3rd - Wrote off $3,200 owed by Jane Smith who filed bankruptcy June 5th - Wrote off $4,500 owed by David Duke who has made no payments in a year Dec. 15th - David Duke came in and paid $600 on the account that was written off on June 5th. of Paragraph III This company uses the Allowance Method for...
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of...
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $3,800. During the year, Abbott wrote-off accounts receivable totaling $2,000 and made credit sales of $94,000. After the adjusting entry, the December 31 balance in Bad Debt Expense would be Select the correct answer. $1,880 $3,680 $5,680 $3,800
Question 22 (10 points) This company uses the Direct Write Off Method for accounting for bad...
Question 22 (10 points) This company uses the Direct Write Off Method for accounting for bad debts: Prepare the following entries. Jan. 2nd - Wrote off $6,100 owed by Jim Jones who has filed bankruptcy May 7th - Wrote off $2,000 owed by Jane Lewis who has not made a payment in over a year Nov 3rd - Reinstated the account of Jane Lewis which was written off May. 7th and received $2,000 full payment Dec 5th - Received $700...
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of...
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,500. During the year, Abbott wrote off accounts receivable totaling $2,600 and made credit sales of $92,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be a.$3,660 b.$1,750 c.$6,260 d.$2,760
Learning Objectives 1,3 P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables...
Learning Objectives 1,3 P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Delta Watches completed the following selected transactions during 2018 and 2019; 2. Net AR $119,800 2018 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method Dec. 31 31 2019 Jan. 17 Made the closing entry for bad debts expense Sold merchandise inventory...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: September 7 Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off. October 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off. November 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does...
Question 21 (10 points) This company uses the Allowance Method for accounting for bad debts: Use the below journal to prepare these transactions April 3rd - Wrote off $3,200 owed by Jane Smith who filed bankruptcy June 5th - Wrote off $4,500 owed by David Duke who has made no payments in a year Dec. 15th - David Duke came in and paid $600 on the account that was written off on June 5th. H1 - Headirv JOURNAL
Ditzler Company, a construction supply company, uses the allowance method of accounting for uncollectible accounts receivable. Selected transactions completed by Ditzler Company are as follows: Feb. 1 Sold merchandise on account to Ames Co., $8,000. The cost of the mer- chandise sold was $4,500. Accepted a 60-day, 12% note for $8,000 from Ames Co. on account. Wrote off a $2,500 account from Dorset Co. as uncollectible. Loaned $7,500 cash to Jill Klein, receiving a 90-day, 14% note. Received the interest...
This company uses the Allowance Method for accounting for bad debts: Use the below journal to prepare these transactions April 3rd - Wrote off $3,200 owed by Jane Smith who filed bankruptcy June 5th - Wrote off $4,500 owed by David Duke who has made no payments in a year Dec. 15th - David Duke came in and paid $600 on the account that was written off on June 5th. of Paragraph III This company uses the Allowance Method for...
Question 22 (10 points) This company uses the Direct Write Off Method for accounting for bad debts: Prepare the following entries. Jan. 2nd - Wrote off $6,100 owed by Jim Jones who has filed bankruptcy May 7th - Wrote off $2,000 owed by Jane Lewis who has not made a payment in over a year Nov 3rd - Reinstated the account of Jane Lewis which was written off May. 7th and received $2,000 full payment Dec 5th - Received $700...
Learning Objectives 1,3 P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Delta Watches completed the following selected transactions during 2018 and 2019; 2. Net AR $119,800 2018 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method Dec. 31 31 2019 Jan. 17 Made the closing entry for bad debts expense Sold merchandise inventory...
Most questions answered within 3 hours.
-
Now that this course has taken you on a journey of introduction
to the world of...
asked 24 minutes ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 38 minutes ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 2 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 2 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 4 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 3 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 3 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 4 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 4 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 4 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 4 hours ago -
we
convert sugars into another form of stored potential energy. This
is called?
asked 5 hours ago