Homework Answers
Journal entry
| Date | account title and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (77800*8%+1371) | 7595 | |
| Allowance for doubtful account | 7595 | ||
| May 11 | Allowance for doubtful accounts | 1135 | |
| Account receivable-B.Jared | 1135 | ||
| June 12 | Account receivable-B.Jared | 1135 | |
| Allowance for doubtful accounts | 1135 | ||
| (To reinstate account previously written off) | |||
| Cash | 1135 | ||
| Account receivable-B.Jared | 1135 | ||
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Question 7 View Policies Current Attempt in Progress On December...
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Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience...
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Exercise 8-07 On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,451, Blossom Company estimates that 11% of its accounts receivable balance of $78,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Blossom Company determined that B. Jared's account was uncollectible and wrote off $1,260. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May...
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,451, Blossom Company estimates that 11% of its accounts receivable balance of $78,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Blossom Company determined that B. Jared's account was uncollectible and wrote off $1,260. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,427, Blue Spruce Corp. estimates that 9% of its accounts receivable balance of $72,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Blue Spruce Corp. determined that B. Jared's account was uncollectible and wrote off $1,283. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the lqurnal entries on December...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,476, Coronado Industries estimates that 10% of its accounts receivable balance of $98,500 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Coronado Industries determined that B. Jared's account was uncollectible and wrote off $1,168. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the journal entries on automatically indented when...
Quction View Policies Current Attempt in Progress Presented below is an aging schedule for Sheffield Corp. at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 23,700 $ 9,900 $13,800 28,700 $ 28,700 53,000 5,000 5,100 40,400 $40,400 120,700 76,900 31,600 12.200 $266,500 $110,600 $46,600 $26,000 $42,900 $40,400 Cope $42 900 DeSpears Others Estimated percentage uncollectible 3% 7% 13% 23% 6296 Total estimated bad debts $44,875 $3,318 $3.262 $3,380...
Question 9 The Marigold Corp. 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: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 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...
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