Homework Answers
Journal entry
| Number | Account title | Debit | Credit |
| 1 | Account receivable | 1300000 | |
| Sales revenue | 1300000 | ||
| Cost of goods sold | 650000 | ||
| Merchandise inventory | 650000 | ||
| 2 | Sales return and allowance | 40000 | |
| Account receivable | 40000 | ||
| Merchandise inventory | 20000 | ||
| Cost of goods sold | 20000 | ||
| 3 | Cash | 1180000 | |
| Account receivable | 1180000 | ||
| 4 | Allowance for doubtful accounts | 10000 | |
| Account receivable | 10000 | ||
| 5 | Bad debt expense (2000+20000) | 22000 | |
| Allowance for doubtful accounts | 22000 | ||
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Journal Entry question
At the beginning of 2019, Stark Dry Goods disclosed the following information related...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
Required information [The following information applies to the questions displayed below.) At the beginning of 2021,...
Required information [The following information applies to the questions displayed below.) At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $26,000 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to actount for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that BHA now will...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollec...
end of the current year, ARS Industries has the following account balances before making an adjusting entry for uncollectible accounts Accounts Receivable has a balance $1,300,000; Allowance for Doubtful Accounts $ 7,000 Credit sales for this year $8,500,000 A. If the company uses the percent of sales method and estimates that ½ of 1% of credit sales for the year will be uncollectible, then a. Determine the bad debt expense for the period, and journalize the adjusting entries. (2 points)...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
View attached The credit manager of Montour Fuel has gathered the following information about the company's...
View attached
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year Net credit sales for the year Accounts receivable at year-end 7,500,000 1,750,000 Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) 87,000 84,000 171,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible...
Use the information from the following journal entries to answer the questions about Natural Life Inc....
Use
the information from the following journal entries to answer the
questions about Natural Life Inc. for 2017.
Use the information from the following journal entries to answer the questions about Natural Life Inc. for 2017 Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($30,000) and then post to the Account Receivable T account. How much do Natural Life's customers owe the company at December 31, 2017? 2. Start with the Allowance...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $46,000 512,000 During 2021, credit sales were $1,830,000, cash collections from customers $1,910,000, and $55,000 in accounts receivable were written off. In addition, $4,600 was collected from a customer whose account was written off...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
Required information [The following information applies to the questions displayed below.) At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $26,000 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to actount for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that BHA now will...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2021, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a customer whose account was written off...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
View attached
The credit manager of Montour Fuel has gathered the following information about the company's accounts receivable and credit losses during the current year Net credit sales for the year Accounts receivable at year-end 7,500,000 1,750,000 Uncollectible accounts receivable: Actually written off during the year Estimated portion of year-end receivables expected to prove uncollectible (per aging schedule) 87,000 84,000 171,000 a. Uncollectible accounts expense is estimated at an amount equal to 2.5 percent of net credit sales. b. Uncollectible...
Use
the information from the following journal entries to answer the
questions about Natural Life Inc. for 2017.
Use the information from the following journal entries to answer the questions about Natural Life Inc. for 2017 Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($30,000) and then post to the Account Receivable T account. How much do Natural Life's customers owe the company at December 31, 2017? 2. Start with the Allowance...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $46,000 512,000 During 2021, credit sales were $1,830,000, cash collections from customers $1,910,000, and $55,000 in accounts receivable were written off. In addition, $4,600 was collected from a customer whose account was written off...
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