Homework Answers
Journal entry
| Account title and explanation | debit | Credit |
| Account receivable | 821000 | |
| Sales revenue | 821000 | |
| (To record sales) | ||
| Cash | 796000 | |
| Account receivable | 796000 | |
| (To record collection) | ||
| Allowance for doubtful accounts | 6000 | |
| Account receivable | 6000 | |
| (To record write off) | ||
| Account receivable | 850 | |
| Allowance for doubtful account | 850 | |
| (To record reinstate account) | ||
| Cash | 850 | |
| Account receivable | 850 | |
| (To record collection) | ||
| Bad debt expense (821000*1%) | 8210 | |
| Allowance for doubtful accounts | 8210 | |
| (to record bad debt expense) | ||
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Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts...
Please try to show as many steps as possible. Thank you. Majestic Equipment Sales Company, which...
Please try to show as many steps as possible. Thank you.
Majestic Equipment Sales Company, which sells only on account, had a $128,000 balance in its Accounts Receivable and a $4,500 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $821,000 and its total cash collections from customers were $796,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote...
Step wise last attempt please Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only...
Step wise last attempt please
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling $8,000 would be unable to pay, and wrote these receivables...
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $129,000...
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $129,000 balance in its Accounts Receivable and a $4,300 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were 5827,000 and its total cash collections from customers were $798,000. During the year, the company conduded that customers with accounts totalling $7,600 would be unable to pay, and wrote these receivables off. However, one of these...
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on...
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $128,000 balance in its Accounts Receivable and a $4,500 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $821,000 and its total cash collections from customers were $796,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables off....
Answer the following ( LAST ATTEMPT SO KINDLY ANSWER CORRECT PLEASE Answer the ticked boxes Application...
Answer the following ( LAST ATTEMPT SO KINDLY ANSWER CORRECT
PLEASE
Answer the ticked boxes
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling...
Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance...
Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $938,000 73,000 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,889,250 55,000 2,763,000 91,000 28,000 Prepare the journal entries to record each...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
Majestic Equipment Sales Company, which sells only on account, had a $136,000 balance in its Accounts...
Majestic Equipment Sales Company, which sells only on account,
had a $136,000 balance in its Accounts Receivable and a $5,700
credit balance in its Allowance for Doubtful Accounts on December
31, 2019. During 2020, the company's sales of equipment were
$836,000 and its total cash collections from customers were
$791,000.
During the year, the company concluded that customers with accounts
totalling $6,500 would be unable to pay, and wrote these
receivables off. However, one of these customers subsequently made
a...
Pearl Industries uses the allowance method of accounting for bad debts. The company produced the following...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
At the beginning of the current period, Sheridan Company had balances in AcCounts Receivable of $203,500...
At the beginning of the current period, Sheridan Company had balances in AcCounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
Please try to show as many steps as possible. Thank you.
Majestic Equipment Sales Company, which sells only on account, had a $128,000 balance in its Accounts Receivable and a $4,500 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $821,000 and its total cash collections from customers were $796,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote...
Step wise last attempt please
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling $8,000 would be unable to pay, and wrote these receivables...
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $129,000 balance in its Accounts Receivable and a $4,300 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were 5827,000 and its total cash collections from customers were $798,000. During the year, the company conduded that customers with accounts totalling $7,600 would be unable to pay, and wrote these receivables off. However, one of these...
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $128,000 balance in its Accounts Receivable and a $4,500 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $821,000 and its total cash collections from customers were $796,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables off....
Answer the following ( LAST ATTEMPT SO KINDLY ANSWER CORRECT
PLEASE
Answer the ticked boxes
Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on account, had a $132,000 balance in its Accounts Receivable and a $6,000 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $826,000 and its total cash collections from customers were $782,000. During the year, the company concluded that customers with accounts totalling...
Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $938,000 73,000 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,889,250 55,000 2,763,000 91,000 28,000 Prepare the journal entries to record each...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
Majestic Equipment Sales Company, which sells only on account,
had a $136,000 balance in its Accounts Receivable and a $5,700
credit balance in its Allowance for Doubtful Accounts on December
31, 2019. During 2020, the company's sales of equipment were
$836,000 and its total cash collections from customers were
$791,000.
During the year, the company concluded that customers with accounts
totalling $6,500 would be unable to pay, and wrote these
receivables off. However, one of these customers subsequently made
a...
Pearl Industries uses the allowance method of accounting for bad
debts. The company produced the following aging of the accounts
receivable at year-end.
Calculate the total estimated bad debts based on the
information below.
Number of Days Outstanding
Total
0–30
31–60
61–90
91–120
Over 120
Accounts receivable
$409,000
$246,000
$84,000
$43,000
$23,000
$13,000
% uncollectible
1%
4%
5%
8%
11%
Estimated bad debts
$enter estimated bad debts in dollars
$enter estimated bad debts in dollars
$enter estimated bad debts in...
At the beginning of the current period, Sheridan Company had balances in AcCounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
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