Homework Answers
Answer
--Requirements 1,2,3 and 4
| Transaction | General Journal | Debit | Credit |
| 1 | Bad Debt Expense [0.5 x 1% x $ 42201] | $ 211 | |
| Allowance for Doubtful Accounts | $ 211 | ||
| Transaction | General Journal | Debit | Credit |
| 1 | Bad Debt Expense [$233 - 129] | $ 104 | |
| Allowance for Doubtful Accounts | $ 104 | ||
| Transaction | General Journal | Debit | Credit |
| 1 | Bad Debt Expense [$233 + 20] | $ 253 | |
| Allowance for Doubtful Accounts | $ 253 | ||
| Transaction | General Journal | Debit | Credit |
| 1 | Allowance for Doubtful Accounts | $ 15 | |
| Accounts receivables | $ 15 | ||
| (to record write offs) |
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Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported...
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported...
Kraft Foods Inc. is the second-largest food company in the
world. Assume the company recently reported the following amounts
in its unadjusted trial balance (in millions) as of December 31,
2017:
Debits
Credits
Accounts Receivable
$
6,320
Allowance for Doubtful Accounts
$
200
Sales (assume all on credit)
52,850
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Blackhorse Productions, Inc., used the aging of accounts receivable method to estimate that its Alllowance for...
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Kraft Foods Inc. is the second-largest food company in the
world. Assume the company recently reported the following amounts
in its unadjusted trial balance (in millions) as of December 31,
2017:
Debits
Credits
Accounts Receivable
$
6,320
Allowance for Doubtful Accounts
$
200
Sales (assume all on credit)
52,850
2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at...
Need help with the general joirnal.
Rogala Foods Inc. was formed in 2015 with the merger of Grouch Mayer and Tashamo Corporation. The company reported the following rounded amounts for the year ended January 3, 2016 (all amounts in millions): Debits $1,110 Credits Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 29 18,200 Required: 1. Assume Rogala uses 3/4 of 1 percent of sales to estimate its Bad Debt Expense for the year. Prepare the adjusting...
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Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20,150. The account had an unadjusted credit balance of $12,000 at that time. Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. The appropriate bad debt adjustment was recorded. D. Later, an account receivable for $1.200 was determined to be uncollectible...
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