Copley Press has a $5,400 account receivable from one of its advertisers, Baldwin Developers. When Copley...
Copley Press has a $5,400 account receivable from one of its advertisers, Baldwin Developers. When Copley receives $2,300 from Baldwin as partial payment:
a) Copley makes no journal entry until a total of $5,400 is received from Baldwin.
b) Copley should debit Accounts Receivable for $3,100.
c) Copley should credit Cash for $2,300.
d) Copley should credit Accounts Receivable for $2,300.
Homework Answers
Answer- Copley Press has a $5400 account receivable from one of its advertisers, Baldwin Developers. When Copley receives $2300 from Baldwin as partial payment= Copley should credit Accounts Receivable for $2300 (Option d).
Explanation- Journal entry for received partial payment-
Transactions General Journal Debit Credit
1. Cash $2300
Accounts Receivable $2300
(Being amount received from Baldwin Developers)
Add Answer to:
Copley Press has a $5,400 account receivable from one of its
advertisers, Baldwin Developers. When Copley...
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Requirements 2 and 3. Prepare T-Accounts for each account. Insert in each T-account its September 30...
Requirements 2 and 3. Prepare T-Accounts for
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please help
Under the direct write-off method, when an account receivable is written off in one accounting period and is collected in the following accounting period, which of the following would be included in the journal entry? Oa. debit Accounts Receivable Ob. credit Bad Debt Expense Occredit Cash Od credit Accounts Receivable
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help please asap On December 31, 2017, when its accounts receivable were $312,000 and its account...
help please asap
On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare...
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Requirements 2 and 3. Prepare T-Accounts for
each account. Insert in each T-account its September 30 balance as
given (example: Cash $2,300). Then, post the October transactions
to the T-accounts. Compute the balance in each account.
Common Stock Bal Bal (a) (b) 8,500 4,3001 Cash 23001 4,3001 6,400 (c) 14001 (th) 50001 (e) 4,400 1,700 3,300 Bal Bal 10809 Accounts Receivable 3,500 (e) Retained Eamings Bal Bal 2,8001 1,400 Bal 21001 Supplies Dividends Service Revenue Equipment 11,500 Bal Rent Expense...
please help
Under the direct write-off method, when an account receivable is written off in one accounting period and is collected in the following accounting period, which of the following would be included in the journal entry? Oa. debit Accounts Receivable Ob. credit Bad Debt Expense Occredit Cash Od credit Accounts Receivable
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help please asap
On December 31, 2017, when its accounts receivable were $312,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $2,100, Springfield Corp. estimated that $17,500 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Springfield determined that Fei Ya Cheng's account was uncollectible and wrote off $2,000. On November 12, 2018, Cheng paid the amount previously written off. Your answer is correct. Prepare...
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