Homework Answers
Journal entry
| No | account and explanation | Debit | Credit |
| a | Account receivable | 540000 | |
| Sales revenue | 540000 | ||
| (To record sales) | |||
| b | Cash | 581000 | |
| Account receivable | 581000 | ||
| (To record collection) | |||
| c | Allowance for doubtful accounts | 2000 | |
| Account receivable | 2000 | ||
| (To record write off) | |||
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On August 31, 2018 Hewes Floral Supply had a $165,000 debit balance in Accounts Receivable and...
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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,...
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NAME I Accounts Receivable A) On November 30, Penny Co. had a $41,000 balance in Accounts...
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At January 1, 2018, Winding Mountain Flagpoles had Accounts Receivable of $34,000, and Allowance for Bad...
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At January 1, 2018, Winding Mountain Flagpoles had Accounts Receivable of $34,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Winding Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize Winding'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 $186,000 ($164,000 on...
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...
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...
The Accounts Receivable balance and Allowance for Bad Debts for Winter Retreats at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Winter Retreats completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Winter Retreats's transactions for 2018 assuming Winter Retreats 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, $287,300 (ignore...
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...
At January 1, 2018. Windy Mountain Flagpoles had Accounts Receivable of $31.000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Windy Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize Windy'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 $186,000 ($164,000 on...
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