Homework Answers
Answer
| Date | Accouts title | Debit | Credit |
| 03-Apr | Allowance for doubtful accounts | $3,200 | |
| Account receivable - Jane Smith | $3,200 | ||
| (to record write off) | |||
| 05-Jun | Allowance for doubtful accounts | $4,500 | |
| Account receivable - David Duke | $4,500 | ||
| (to record write off) | |||
| 15-Dec | Account receivable - David Duke | $600 | |
| Allowance for doubtful accounts | $600 | ||
| (to record the reinstatement of written off account) | |||
| 15-Dec | Cash | $600 | |
| Account receivable - David Duke | $600 | ||
| (to record collection) |
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Question 21 (10 points) This company uses the Allowance Method for accounting for bad debts: Use...
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...
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...
PS8-44 (similar to) Question Help Shine King Cleaning uses the allowance method to estimate bad debts. Con...
PS8-44 (similar to) Question Help Shine King Cleaning uses the allowance method to estimate bad debts. Consider the following April 2019 transactions for Shine King Cleaning A (Click the icon to view the April 2019 transactions! Read the requirements Requirement 1. Prepare all required journal entries for Shine King (Record debits first, then credits. Exclude explanations from any journal entries Apr 1 Performed cleaning services for Dora's D-list for $14,000 on account with terms n 20. Date Accounts Debit Credit...
Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2019...
Crystal Clear Cleaning uses the allowance method to estimate bad
debts. Consider the following April 2019 transactions for Crystal
Clear Cleaning:
More Info ntri a's bun Apr. 1 Performed cleaning service for Debbie's D - list for $13,000 on account with terms n/20. 10 Borrowed money from First Regional Bank, $30,000, making a 180 day, 12% note 12 After discussions with More Shine, Crystal Clear has determined that $230 of the receivable owed will not be collected. Wrote off this...
Pearl Industries uses the allowance method of accounting for bad debts. The company produced the following...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
I understand part A, but I do not understand B and C. I only need B and C. If possible, can you give a detail solution. Thank you. Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise...
I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
you.
Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise Doubtful Debts-Net Credit Sales and Ageing Methods Recording transactions for bad and doubtful debts Transactions for Bradford Ltd's Accounts Receivable for the year ending 30 June 2018 are listed below. On 1 July of the previous year, the opening balance of the Allowance...
a.) Journalize the transactions. b.) Post to Allowance for Doubtful Accounts, Income Summary, and Bad Debts...
a.) Journalize the transactions.
b.) Post to Allowance for Doubtful Accounts, Income Summary, and
Bad Debts Expense accounts as needed.
c.)Prepare a current assets section of the balance sheet. Ending
balances needed as follows: Cash, $13,500; Accounts Receivable,
$165,000; Office Supplies, $2,100; Merchandise Inventory, $105,000;
Prepaid Rent, $1,350.
L. POLL balance in Allowance for Doubtful Accounts lui ITC MOUI 3. Sigmund Company completed the following transactions in 2012: • Jan. 9 Sold merchandise on account to Roger's Supply, $1,200. •...
At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit sales of $692,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $346 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet < 1 2 3...
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...
(8) Pottery Stables uses the aging method to estimate its bad debts. Sherman Potter, the company...
(8) Pottery Stables uses the aging method to estimate its bad debts. Sherman Potter, the company president, has given you the following aging of accounts receivable as of December 31, 2000, along with estimates of the percentage of accounts that are deemed uncollectible. 2% Account Age Balance Percent Deemed Uncollectible Current $290,000 1-45 days 110,000 5% 46-90 days past due 68,000 Over 90 days past due 40,000 15% 8% Compute total receivables and expected bad debts as of Dec 31,...
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...
PS8-44 (similar to) Question Help Shine King Cleaning uses the allowance method to estimate bad debts. Consider the following April 2019 transactions for Shine King Cleaning A (Click the icon to view the April 2019 transactions! Read the requirements Requirement 1. Prepare all required journal entries for Shine King (Record debits first, then credits. Exclude explanations from any journal entries Apr 1 Performed cleaning services for Dora's D-list for $14,000 on account with terms n 20. Date Accounts Debit Credit...
Crystal Clear Cleaning uses the allowance method to estimate bad
debts. Consider the following April 2019 transactions for Crystal
Clear Cleaning:
More Info ntri a's bun Apr. 1 Performed cleaning service for Debbie's D - list for $13,000 on account with terms n/20. 10 Borrowed money from First Regional Bank, $30,000, making a 180 day, 12% note 12 After discussions with More Shine, Crystal Clear has determined that $230 of the receivable owed will not be collected. Wrote off this...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
I understand part A, but I do not understand B and C. I only
need B and C. If possible, can you give a detail solution. Thank
you.
Week 9: Accounts Receivable Lecture Demonstration Bad Debts Exercise Doubtful Debts-Net Credit Sales and Ageing Methods Recording transactions for bad and doubtful debts Transactions for Bradford Ltd's Accounts Receivable for the year ending 30 June 2018 are listed below. On 1 July of the previous year, the opening balance of the Allowance...
a.) Journalize the transactions.
b.) Post to Allowance for Doubtful Accounts, Income Summary, and
Bad Debts Expense accounts as needed.
c.)Prepare a current assets section of the balance sheet. Ending
balances needed as follows: Cash, $13,500; Accounts Receivable,
$165,000; Office Supplies, $2,100; Merchandise Inventory, $105,000;
Prepaid Rent, $1,350.
L. POLL balance in Allowance for Doubtful Accounts lui ITC MOUI 3. Sigmund Company completed the following transactions in 2012: • Jan. 9 Sold merchandise on account to Roger's Supply, $1,200. •...
At year-end (December 31), Chan Company estimates its bad debts as 100% of its annual credit sales of $692,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $346 account of P Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet < 1 2 3...
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...
(8) Pottery Stables uses the aging method to estimate its bad debts. Sherman Potter, the company president, has given you the following aging of accounts receivable as of December 31, 2000, along with estimates of the percentage of accounts that are deemed uncollectible. 2% Account Age Balance Percent Deemed Uncollectible Current $290,000 1-45 days 110,000 5% 46-90 days past due 68,000 Over 90 days past due 40,000 15% 8% Compute total receivables and expected bad debts as of Dec 31,...
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