Homework Answers
Journal
| January 31 | Allowance for doubtful accounts | 1,000 | |
| Accounts receivable - C. Red | 1,000 | ||
| March 9 | Accounts receivable - C. Red | 800 | |
| Allowance for doubtful accounts | 800 | ||
| March 9 | Cash | 800 | |
| Accounts receivable - C. Red | 800 |
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10/31/2019 Part IV. (28 points) 1. Warner Company uses the allowance method to account for unc...
нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it...
нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,300 account of a customer, C. Green. On March 9, it receives a $800 payment from Green 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green 49:32 View transaction list Journal entry worksheet < 2 3 Record the write-off of Green's $1,300...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the gross method of accounting for purchases. The company had the following transactions during January January 6 January 8 January 15 Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credil Paid the amount due, less the returned items Prepare jourmal entries to record each of the preceding transactions. Jan. 6 Jan. 8 Jan....
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet > < 1...
OP Germosen Lewis Abdul & Melina (GLAM) uses the allowance and Income Statement approach to account...
OP Germosen Lewis Abdul & Melina (GLAM) uses the allowance and Income Statement approach to account for bad debt. Glam had the following transactions in 2019 and year end 2018 as pertains to Bad Debt. Prepare the journal entries and determine the net realizable value as of December 31" 2019. Dec 31" 2018: Estimated bad debt for 2019 would be 3% of expected credit sales of $360,000. Dec 31" 2018: Closed the Bad Debt expense account. Jan 16" 2019: Wrote...
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.
Allowance Method versus Direct Write-Off Method On March 10, Barrett, Inc., declared a $17,000 account receivable...
Allowance Method versus Direct Write-Off Method On March 10, Barrett, Inc., declared a $17,000 account receivable from the Lamas Company as uncollectible and wrote off the account. On November 18, Barrett received an $11,000 payment on the account from Lamas. A. Assume that Barrett uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Lamas's account B. Assume that Barrett uses the direct write-off method of handling credit losses....
Allowance Method versus Direct Write-Off Method On March 10, Barnes, Inc., declared a $3,700 account receivable from La...
Allowance Method versus Direct Write-Off Method On March 10, Barnes, Inc., declared a $3,700 account receivable from Lamas Company as uncollectible and wrote off the account. On November 18, Barnes received a $1,600 payment on the account from Lamas. a. Assume that Barnes uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Lamas's account. b. Assume that Barnes uses the direct write-off method of handling credit losses. Prepare...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and ing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. 16 Wrote off the $5,700 balance owed...
нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,300 account of a customer, C. Green. On March 9, it receives a $800 payment from Green 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green 49:32 View transaction list Journal entry worksheet < 2 3 Record the write-off of Green's $1,300...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the gross method of accounting for purchases. The company had the following transactions during January January 6 January 8 January 15 Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credil Paid the amount due, less the returned items Prepare jourmal entries to record each of the preceding transactions. Jan. 6 Jan. 8 Jan....
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet > < 1...
OP Germosen Lewis Abdul & Melina (GLAM) uses the allowance and Income Statement approach to account for bad debt. Glam had the following transactions in 2019 and year end 2018 as pertains to Bad Debt. Prepare the journal entries and determine the net realizable value as of December 31" 2019. Dec 31" 2018: Estimated bad debt for 2019 would be 3% of expected credit sales of $360,000. Dec 31" 2018: Closed the Bad Debt expense account. Jan 16" 2019: Wrote...
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.
Allowance Method versus Direct Write-Off Method On March 10, Barnes, Inc., declared a $3,700 account receivable from Lamas Company as uncollectible and wrote off the account. On November 18, Barnes received a $1,600 payment on the account from Lamas. a. Assume that Barnes uses the allowance method of handling credit losses. Prepare the journal entries to record the write-off and the subsequent recovery of Lamas's account. b. Assume that Barnes uses the direct write-off method of handling credit losses. Prepare...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and ing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. 16 Wrote off the $5,700 balance owed...
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