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NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts...
illustste t accounts for accounts receivable and allowance for bad debts A) On November 30, Penny...
illustste t accounts for accounts receivable and allowance for
bad debts
A) On November 30, Penny Cohada $41.000 halange in Accounts Recivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts. During December. Pey made credit sales of $200,000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2.910. Uncollectible account expense is estimated as 15 of credit sales. No sales returns are expected and ignore cost of goods sold REQUIRED: Journalire les collections, write-offs...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
E5-31B. (Learning Objectives 4, 5: Account for accounts receivable and uncollectible receiv- ables) On November 30,...
E5-31B. (Learning Objectives 4, 5: Account for accounts receivable and uncollectible receiv- ables) On November 30, Palmer Party Planners had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in Allowance for Uncollectible Accounts. During December, Palmer made credit sales of $200,000. December collections on account were $168,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-account expense is estimated as 1% of credit sales. No sales returns are expected. Ignore cost of goods sold. Requirements 1. Journalize sales,...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
1) On June 30, Paisley Party Planners had a $35,000 balance in Accounts Receivable and a...
1) On June 30, Paisley Party Planners had a $35,000 balance in Accounts Receivable and a $3,252 credit balance in Allowance for Uncollectible Accounts. During July, Paisley made credit sales of $198,000. July collections on account were $169,000, and write-offs of uncollectible receivables totaled $2,890. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Required Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance method during July. Explanations are not required. Show...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 Credit balance in Allowance for Bad Debts. During September, Melrose made: + Sales on account. $560.000. Ignore Cost of Goods Sold. • Collections on account, $598,000 • Write-offs of uncollectible receivables, $8,000 Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable,...
On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance...
On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance for Uncollectible Accounts. During October, the store made credit sales of $161,000. October collections on account were $137,000, and write-offs of uncollectible receivables totaled $2,300. Uncollectible account expense is estimated as 4% of revenue. How much bad debt expense should be recorded for 2010? What is the journal entry? How will Hilly Mountain Party Planners report Accounts Receivable on...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($158,000 on...
The Accounts Receivable balance and Allowance for Bad Dobls for Garcia Corporation at December 31, 2017,...
The Accounts Receivable balance and Allowance for Bad Dobls for Garcia Corporation at December 31, 2017, was $10,000 and $2,000 (credit balance), respectively. During 2018, Garcia Corporation completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize Garcia Corporation's transactions for 2018 assuming Garcia Corporation uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account. $280,000...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
illustste t accounts for accounts receivable and allowance for
bad debts
A) On November 30, Penny Cohada $41.000 halange in Accounts Recivable and a $3,584 credit balance in the Allowance for Uncollectible Accounts. During December. Pey made credit sales of $200,000. December collections on account were $168.000, and write-offs of uncollectible accounts totaled $2.910. Uncollectible account expense is estimated as 15 of credit sales. No sales returns are expected and ignore cost of goods sold REQUIRED: Journalire les collections, write-offs...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
E5-31B. (Learning Objectives 4, 5: Account for accounts receivable and uncollectible receiv- ables) On November 30, Palmer Party Planners had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in Allowance for Uncollectible Accounts. During December, Palmer made credit sales of $200,000. December collections on account were $168,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-account expense is estimated as 1% of credit sales. No sales returns are expected. Ignore cost of goods sold. Requirements 1. Journalize sales,...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
1) On June 30, Paisley Party Planners had a $35,000 balance in Accounts Receivable and a $3,252 credit balance in Allowance for Uncollectible Accounts. During July, Paisley made credit sales of $198,000. July collections on account were $169,000, and write-offs of uncollectible receivables totaled $2,890. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Required Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance method during July. Explanations are not required. Show...
On August 31, 2018, Melrose Floral Supply had a $170,000 debit balance in Accounts Receivable and a $6,800 Credit balance in Allowance for Bad Debts. During September, Melrose made: + Sales on account. $560.000. Ignore Cost of Goods Sold. • Collections on account, $598,000 • Write-offs of uncollectible receivables, $8,000 Read the requirements Requirement 1. Journalize all September entries using the allowance method. Bad Debts Expense was estimated at 2% of credit sales. Show all September activity in Accounts Receivable,...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($158,000 on...
The Accounts Receivable balance and Allowance for Bad Dobls for Garcia Corporation at December 31, 2017, was $10,000 and $2,000 (credit balance), respectively. During 2018, Garcia Corporation completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize Garcia Corporation's transactions for 2018 assuming Garcia Corporation uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account. $280,000...
Accounting for Accounts Receivable Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2016: Accounts receivable $650,000 Allowance for bad debts 20,700 (credit balance) Transactions during 2017 were as follows: Gross credit sales $4,200,000 Collections of accounts receivable ($3,690,000 less cash discounts of $63,000) 3,627,000 Sales returns and allowances (from credit sales) 46,000 Accounts receivable written off as uncollectible 19,000 Balance in Allowance for Bad Debts on December 31, 2017 (based on percent of...
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