Homework Answers
1.
| S No | Date | Account Titles | Debit | Credit |
| a | Dec 31 | Bad debt expense | 1500 | |
| Accounts receivable | 1500 | |||
| b | Dec 31 | Bad debt expense | 12600 | |
| Allowance for doubtful accounts | 12600 | |||
| [150,000*10% - 2400] | ||||
| c | Dec 31 | Bad debt expense | 9200 | |
| Allowance for doubtful accounts | 9200 | |||
| [150,000*6% +200] |
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The ledger of Splish ASA at the end of the current year shows Accounts Receivable €128,500,...
The ledger of Splish ASA at the end of the current year shows
Accounts Receivable €128,500, Sales Revenue €853,500, and Sales
Returns and Allowances €30,900. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
(a)
If Splish uses the direct write-off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Splish determines that T. Thum’s €2,500 balance is
uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
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The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
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The ledger of Splish ASA at the end of the current year shows
Accounts Receivable €128,500, Sales Revenue €853,500, and Sales
Returns and Allowances €30,900. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
(a)
If Splish uses the direct write-off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Splish determines that T. Thum’s €2,500 balance is
uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of...
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