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During its first year of operations, Spring Garden Plans earned net credit sales of $377,000. Industry experience suggests that bad debts will amount to 1% of net credit sales. At December 31, 2018, accounts receivable total $35,000. The company uses the allowance method to account for uncollectibles. Read the requirements. Requirement 1. Journalize Spring's Bad Debts Expense using the percent-of-sales method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and...
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Suomi Test This Question: 1 pt 10 of 15 (3 complete) This Test: 15 pts possible Current > Septel During its first year of operations, Spring Garden Inc. had sales of $439,000, all on account Industry experience suggests that Spring Garden's uncollectibles will amount to 4% of credit sales. At December 31, 2018, accounts receivable total $59.000. The company uses the allowance method to account for uncollectibles N 1. 2. Make Spring Garden's journal entry for uncollectible-account expense using the...
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Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting firm, at December 31, 2017 Requirements Requirements 1. and 2. Let's prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Leave any unused cells blank.) Accounts Receivable Allowance for Uncollectible Accounts Beg, bal Beg bal. End, bal End, bal Requirement 3. Show two ways Cavanaugh and Johnson could report accounts receivable on its balance sheet at December 31, 2017. (Use parentheses or a minus sign...
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During its first year of operations, Spring Garden Plans earned net credit sales of $320,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. At December 31, 2018, accounts receivable total $42,000. The company uses the allowance method to account for uncollectibles. Read the requirements. Requirement 1. Journalize Spring's Bad Debts Expense using the percent-of-sales method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts...
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The Accounts Receivable balance and Allowance for Bad Debts for Spring Garden Plans Click the loon to view the transactions) December 31, 2017, was $10,000 and $2,000 (crede balance, respectively. During 2018, Spring Garden Pars completed the following transactions Read the t rents Requirement 1. Joumalize Spring Garden Plania's transactions for 2016 assuming Spring Garden Plans uses the lowance method. (Record debt first, then croors Select the explanation on the last line of the jumal entrybie Check your spelling carefully...
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i More Info - Sales on account, $400.000. Ignore Cost of Goods Sold. . Collections on account. $391,200 Wrote off accounts receivable as uncollectible: Silver, Co., $1.200: Oliver Welch, $1.400; and Pristine, Inc., $400. Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts Accounts Receivable Estimated percent uncollectible 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 96,000 S 36.000 S 17,000 $ 800 0.29 2% 2096 25 Print Done...
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At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $330,000. The Allowance for Uncollectible Accounts has a[n) $18,000 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: Click the icon to view the aging schedule.) Read the requirements Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? First, calculate a revised allowance for uncollectible...
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Cabbage White Map Company's balance sheet at December 31, 2017, reported the following (Click the icon to view the data) Read the requirements Requirement 1. How much of the receivables did Cabbage White expect to collect Stated differently, what was the net realizabie value of these receivable? The net realizable value of these receivables is SL Requirement 2. Joumalize, without explanations, 2018 entries for Cabbage White and post to the Accounts Receivable and Allowance for Bad Debts T-accounts Begin with...
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please help me solve requirements for this problem
The September 30, 2019, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the year. First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance...
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During its first year of operations, Summer Sand and Castles
Resort Inc. had sales of $ 825000, all on account. Industry
experience suggests that Summer Sand and Castles Resort's bad debt
expense will be $ 10 500. Summer Sand and Castles Resort ended the
year 2016 with accounts receivable of $ 90 000 and an allowance for
uncollectible accounts of $17500. During 2017, Summer Sand and
Castles Resort completed the following transactions:
1. Credit sales, $ 1 050 000
2....
During its first year of operations, Spring Garden Plans earned net credit sales of $377,000. Industry experience suggests that bad debts will amount to 1% of net credit sales. At December 31, 2018, accounts receivable total $35,000. The company uses the allowance method to account for uncollectibles. Read the requirements. Requirement 1. Journalize Spring's Bad Debts Expense using the percent-of-sales method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and...
Suomi Test This Question: 1 pt 10 of 15 (3 complete) This Test: 15 pts possible Current > Septel During its first year of operations, Spring Garden Inc. had sales of $439,000, all on account Industry experience suggests that Spring Garden's uncollectibles will amount to 4% of credit sales. At December 31, 2018, accounts receivable total $59.000. The company uses the allowance method to account for uncollectibles N 1. 2. Make Spring Garden's journal entry for uncollectible-account expense using the...
Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting firm, at December 31, 2017 Requirements Requirements 1. and 2. Let's prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Leave any unused cells blank.) Accounts Receivable Allowance for Uncollectible Accounts Beg, bal Beg bal. End, bal End, bal Requirement 3. Show two ways Cavanaugh and Johnson could report accounts receivable on its balance sheet at December 31, 2017. (Use parentheses or a minus sign...
During its first year of operations, Spring Garden Plans earned net credit sales of $320,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. At December 31, 2018, accounts receivable total $42,000. The company uses the allowance method to account for uncollectibles. Read the requirements. Requirement 1. Journalize Spring's Bad Debts Expense using the percent-of-sales method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts...
The Accounts Receivable balance and Allowance for Bad Debts for Spring Garden Plans Click the loon to view the transactions) December 31, 2017, was $10,000 and $2,000 (crede balance, respectively. During 2018, Spring Garden Pars completed the following transactions Read the t rents Requirement 1. Joumalize Spring Garden Plania's transactions for 2016 assuming Spring Garden Plans uses the lowance method. (Record debt first, then croors Select the explanation on the last line of the jumal entrybie Check your spelling carefully...
help solve
i More Info - Sales on account, $400.000. Ignore Cost of Goods Sold. . Collections on account. $391,200 Wrote off accounts receivable as uncollectible: Silver, Co., $1.200: Oliver Welch, $1.400; and Pristine, Inc., $400. Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts Accounts Receivable Estimated percent uncollectible 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 96,000 S 36.000 S 17,000 $ 800 0.29 2% 2096 25 Print Done...
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Solar Power Manufacturing, Inc., is $330,000. The Allowance for Uncollectible Accounts has a[n) $18,000 credit balance. Solar Power Manufacturing prepares the following aging schedule for Accounts Receivable: Click the icon to view the aging schedule.) Read the requirements Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? First, calculate a revised allowance for uncollectible...
Cabbage White Map Company's balance sheet at December 31, 2017, reported the following (Click the icon to view the data) Read the requirements Requirement 1. How much of the receivables did Cabbage White expect to collect Stated differently, what was the net realizabie value of these receivable? The net realizable value of these receivables is SL Requirement 2. Joumalize, without explanations, 2018 entries for Cabbage White and post to the Accounts Receivable and Allowance for Bad Debts T-accounts Begin with...
please help me solve requirements for this problem
The September 30, 2019, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the year. First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance...
During its first year of operations, Summer Sand and Castles
Resort Inc. had sales of $ 825000, all on account. Industry
experience suggests that Summer Sand and Castles Resort's bad debt
expense will be $ 10 500. Summer Sand and Castles Resort ended the
year 2016 with accounts receivable of $ 90 000 and an allowance for
uncollectible accounts of $17500. During 2017, Summer Sand and
Castles Resort completed the following transactions:
1. Credit sales, $ 1 050 000
2....