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Prepare the journal entry for Headland Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Date |
Account Titles and Explanation |
Debit |
Credit |
Jan. 16, 2018 |
Allowance for doubtful accounts |
7190 |
|
Account receivable |
7190 |
b) Net realizable value = 868800-49900 = 818900
c) Net realizable value = 818900
Exercise 7-8 At the end of 2017, Headland Company has accounts receivable of $868,800 and an...
Exercise 7-8 At the end of 2017, Sandhill Company has accounts receivable of $868,300 and an allowance for doubtful accounts of $48,100. On January 16, 2018, Sandhill Company determined that its receivable from Ramirez Company of $7,990 will not be collected, and management authorized its write-off. Prepare the journal entry for Sandhill Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles...
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At the end of 2020, Grouper Company has accounts receivable of 5816,000 and an allowance for doubtful accounts of $40,800. On January 16, 2021. Grouper Company determined that its receivable from Ramirez Company of $6,120 will not be collected and management authorized its write-oft. 38:14 Hide Time Prepare the journal entry for Grouper Company to write off the Ramirez receivable. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles...
At the end of 2020, Tamarisk Company has accounts receivable of $720,000 and an allowance for doubtful accounts of $36,000. On January 16, 2021, Tamarisk Company determined that its receivable from Ramirez Company of $5,400 will not be collected, and management authorized its write-off. Prepare the journal entry for Tamarisk Company to write off the Ramirez receivable. (If no entry is required, select "No Entry"for the account titles and enter O for the amounts. Credit account titles are automatically indented...
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At the end of 2017, BLANK #1 Company has accounts receivable of $874,600 and an allowance for doubtful accounts of $43,800. On January 16, 2018, BLANK #1 Company determined that its receivable from BLANK #2 Company of $7,940 will not be collected, and management authorized its write-off. Prepare the journal entry for BLANK #1 Company to write off the BLANK #2 receivable. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts....
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