Homework Answers
19) correct option is : b $1250
21) correct option is : b allowance method
11) a ) contra cost accounts - accounts that are deducted from purchases.......
b)unearned revenue - accounts that are deducted from sales on the income statement
c)physical inventory - a physical counts of goods on hand.
d)contra revenue -cash received in advance of delivering the products .
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19. In view of past experience, it is expected there will be a loss due to...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
and drawing accounts are t 22. After the temporary owner's equity equity account, which of the...
and drawing accounts are t 22. After the temporary owner's equity equity account, which of the following accounts will have a balance? Ourers Cu pal 21 Closing entries are made in the 23 Clesing entries are made in the Geueral Sowna Cencal -Sov 24. In view of past experience, it is expected there will be a loss due to uncollectible accounts of an amount equal to one-half of one percent of the sales on account during the year. if the...
bue8 t8 $296,000, the estimated uncollectible account losses would be 25 The adjusting entry to record...
bue8 t8 $296,000, the estimated uncollectible account losses would be 25 The adjusting entry to record an increase in Allowance for Bad Debts inv for Bad Debts involves nd 26. The accounting concept that states expe nses should be recognized in the same period with the revenues they helped to produce is the Acaval rethodot aClovnter) Last year, the Tilden Co. had credit sales in the amount of $470,000, and it had uncollectible accounts in the amount of $4,700. Based...
Prepare journal entries to update the accounts regarding to the above mistakes made by accountant and...
Prepare journal entries to update the accounts regarding to the
above mistakes made by accountant and Prepare the adjusting
entries, with the consideration of the answer in first part above,
for the year if Fama Corporation used the Statement of Financial
Position approach and it estimated $11,000 as uncollectible in
2019. Then, Prepare the adjusting entries for the year if Fama
Corporation used the Income Statement approach and it estimated 2%
of net credit sales would be uncollectible in 2019....
Aging Method Information Current 0 - 30 Days Past Due 31 - 60 Days Past Due...
Aging Method Information Current 0 - 30 Days Past Due 31 - 60 Days Past Due 61 - 90 Days Past Due > 90 Days Past Due Total Amount Past experience ratio Past experience ratio for % of sales method Facts: Accounts receivable balance (beg) Sales on account Collections on account Write-offs of accounts receivable Accounts receivable balance (end) Percentage of Sales Method Allowance for uncollectible accounts (beg) Write-offs of accounts receivable Uncollectible accounts expense Allowance for Uncollectible accounts...
Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales...
Which of the following statements is true regarding sales returns and allowances? Multiple Choice Estimated sales returns and allowances are often material in relation to accounts receivable. The sales returns and allowances account is a contra-asset account. Ignoring estimated future returns and allowances has a minimal impact on reported earnings when the amount of actual returns and allowances is not material and does not vary greatly from year-to-year. When sales returns occur, they should be debited to the sales account.
At the end of the current year, a company has the following amounts: During the Estimated current for next...
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below:...
The balances of selected accounts of the Dexter Company on
December 31, 2019, are given below:
(Credit sales were $8,510,000. Returns and allowances on these
sales were $201,000.)
Required:
Compute the amount to be charged to Uncollectible
Accounts Expense under each of the following different
assumptions:
Uncollectible accounts are estimated to be 0.2 percent of net
credit sales.
Experience has shown that about 3.2 percent of the accounts
receivable will prove worthless.
Suppose Allowance for Doubtful
Accounts has a debit...
The blue words off to the right are the options that the drop down arrows provide....
The blue words off to the right are the options that the drop
down arrows provide. Thank you!
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,300 with terms 2/10, n/30. The cost of the merchandise sold was $16,380. Sale Accounts payable / Accounts Receivable / Cash / Cost of Merchandise Sold / Merchandise Inventory / Purchase Discounts Cost of Merchandse Sold / Purchases / Cash / Sales / Sales Discounts / Sales Returns and Allowances...
accounts in the uncollectible accounts Tilden Co. hacd credit sales in the amount of $470,000, and it had uncollectibie inount of $4,700. Based on last year, what would the percent of estimated 10% be this year? b.4% 1% 4.7% 28. Which of the following is a method of accounting for uncollectible accounts? reserve method allowance method allocation method accounts receivable method b. d. 29. The expense associated with an uncollectible account is recognized when it has been det that a...
and drawing accounts are t 22. After the temporary owner's equity equity account, which of the following accounts will have a balance? Ourers Cu pal 21 Closing entries are made in the 23 Clesing entries are made in the Geueral Sowna Cencal -Sov 24. In view of past experience, it is expected there will be a loss due to uncollectible accounts of an amount equal to one-half of one percent of the sales on account during the year. if the...
bue8 t8 $296,000, the estimated uncollectible account losses would be 25 The adjusting entry to record an increase in Allowance for Bad Debts inv for Bad Debts involves nd 26. The accounting concept that states expe nses should be recognized in the same period with the revenues they helped to produce is the Acaval rethodot aClovnter) Last year, the Tilden Co. had credit sales in the amount of $470,000, and it had uncollectible accounts in the amount of $4,700. Based...
Prepare journal entries to update the accounts regarding to the
above mistakes made by accountant and Prepare the adjusting
entries, with the consideration of the answer in first part above,
for the year if Fama Corporation used the Statement of Financial
Position approach and it estimated $11,000 as uncollectible in
2019. Then, Prepare the adjusting entries for the year if Fama
Corporation used the Income Statement approach and it estimated 2%
of net credit sales would be uncollectible in 2019....
At the end of the current year, a company has the following amounts: During the Estimated current for next year year $ 7,200 $ 8,300 $12,500 $9,100 $ 2,400 $ 2,600 Sales returns Sales allowances Sales discounts For what amount would the company report sales returns in its current-year in Multiple Choice $7,200. 0 $9,500. 0 $15,500 0 $22,100. 0 uizi The percentage-of-receivables method for accounting for uncollectible accounts focuses on the: Multiple Choice Total credit sales for the year....
The balances of selected accounts of the Dexter Company on
December 31, 2019, are given below:
(Credit sales were $8,510,000. Returns and allowances on these
sales were $201,000.)
Required:
Compute the amount to be charged to Uncollectible
Accounts Expense under each of the following different
assumptions:
Uncollectible accounts are estimated to be 0.2 percent of net
credit sales.
Experience has shown that about 3.2 percent of the accounts
receivable will prove worthless.
Suppose Allowance for Doubtful
Accounts has a debit...
The blue words off to the right are the options that the drop
down arrows provide. Thank you!
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,300 with terms 2/10, n/30. The cost of the merchandise sold was $16,380. Sale Accounts payable / Accounts Receivable / Cash / Cost of Merchandise Sold / Merchandise Inventory / Purchase Discounts Cost of Merchandse Sold / Purchases / Cash / Sales / Sales Discounts / Sales Returns and Allowances...
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