Homework Answers
Journal entries
| Date | account and explanation | Debit | Credit |
| Jan 1 | Account receivable | 540 | |
| Sales revenue | 540 | ||
| Feb 1 | Cash | 380 | |
| Account receivable | 380 | ||
| July 1 | Allowance for doubtful accounts | 160 | |
| Account receivable | 160 | ||
| Sep 1 | Account receivable | 160 | |
| allowance for doubtful account | 160 | ||
| (To reverse write off) | |||
| Cash | 160 | ||
| Account receivable | 160 | ||
| (To record collection) | |||
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Assuming that the allowance method is being used, prepare general journal entries without explanations to record...
Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts...
Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record sales) (To record cash collected from customers) (To write off accounts receivable) (To reinstate an account that were previously written...
Prepare journal entries for the transactions. Ace of Base Company uses the allowance method for estimating...
Prepare journal entries for the transactions.
Ace of Base Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions January 5 Sold merchandise on account to Al Stewart for $1,500 April 15 Received $400 from Al Stewart as partial payment for his Jan. 5 purchase. August 21 Wrote off as uncollectible the balance of the Al Stewart account when he declared bankruptcy October 5 Unexpectedly received a check for $550 from Al Stewart.
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below 12/31/2021 $417,500 12/31/2022 Net Credit Sales $550,000 85,000 Accounts Receivable 140,000 4,800 Allowance for Doubtful Accounts Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $135,000 Allowance for doubtful accounts...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11,470 944,000 906,000 5,400 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
PART A. Presented below are transactions related to Wildhorse Company. Prepare the journal entries to record...
PART A.
Presented below are transactions related to Wildhorse Company.
Prepare the journal entries to record these transactions on the
books of Wildhorse Company using a perpetual inventory system.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
1. On December 3, Wildhorse Company sold $593,600 of merchandise on
account to Novak Co., terms 4/10, n/30, FOB destination. Wildhorse
paid $430 for freight charges. The cost of the merchandise sold was
$383,200.
2. On December...
3. Prepare general journal entries to record the following transactions for the Smith Company. The company...
3. Prepare general journal entries to record the following transactions for the Smith Company. The company uses the allowance for uncollectible accounts approach for recording bad debts expense. The Jan 1 balance in Allowance for Doubtful Accounts (after adjustment) is $900. (12 pts) 2020 Jan. Jul. 3 Wrote off Jal's account as uncollectible, $260 5 Recovered $55 from Hall GENERAL JOURNAL Account Titles and Description PR A=L+OE Date Debit Credit
At December 31, 2019, Metlock Company had a credit balance of $16,100 in Allowance for Doubtful...
At December 31, 2019, Metlock Company had a credit balance of
$16,100 in Allowance for Doubtful Accounts. During 2020, Metlock
wrote off accounts totaling $12,500. One of those accounts ($3,300)
was later collected. At December 31, 2020, an aging schedule
indicated that the balance in Allowance for Doubtful Accounts
should be $24,400.
Prepare journal entries to record the 2020 transactions of Metlock
Company. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and...
Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record sales) (To record cash collected from customers) (To write off accounts receivable) (To reinstate an account that were previously written...
Prepare journal entries for the transactions.
Ace of Base Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions January 5 Sold merchandise on account to Al Stewart for $1,500 April 15 Received $400 from Al Stewart as partial payment for his Jan. 5 purchase. August 21 Wrote off as uncollectible the balance of the Al Stewart account when he declared bankruptcy October 5 Unexpectedly received a check for $550 from Al Stewart.
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below 12/31/2021 $417,500 12/31/2022 Net Credit Sales $550,000 85,000 Accounts Receivable 140,000 4,800 Allowance for Doubtful Accounts Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $159,000 11,470 944,000 906,000 5,400 2,000 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented whe amount is entered. Do not indent manually.) Account Titles and...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
PART A.
Presented below are transactions related to Wildhorse Company.
Prepare the journal entries to record these transactions on the
books of Wildhorse Company using a perpetual inventory system.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
1. On December 3, Wildhorse Company sold $593,600 of merchandise on
account to Novak Co., terms 4/10, n/30, FOB destination. Wildhorse
paid $430 for freight charges. The cost of the merchandise sold was
$383,200.
2. On December...
3. Prepare general journal entries to record the following transactions for the Smith Company. The company uses the allowance for uncollectible accounts approach for recording bad debts expense. The Jan 1 balance in Allowance for Doubtful Accounts (after adjustment) is $900. (12 pts) 2020 Jan. Jul. 3 Wrote off Jal's account as uncollectible, $260 5 Recovered $55 from Hall GENERAL JOURNAL Account Titles and Description PR A=L+OE Date Debit Credit
At December 31, 2019, Metlock Company had a credit balance of
$16,100 in Allowance for Doubtful Accounts. During 2020, Metlock
wrote off accounts totaling $12,500. One of those accounts ($3,300)
was later collected. At December 31, 2020, an aging schedule
indicated that the balance in Allowance for Doubtful Accounts
should be $24,400.
Prepare journal entries to record the 2020 transactions of Metlock
Company. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and...
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