Majestic Equipment sales company
Statement of financial position (Partial)
As on December 31,2020
Account receivable | 147000 |
Less: Allowance for doubtful account | -7560 |
Account receivable, net | 139440 |
Bad debt expense for year = $8210
PRINTER VERSION BACK NEXT Application Problem 6-5B a-c Majestic Equipment Sales Company, which sells only on...
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...
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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...
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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...
AP6-5B (Accounts receivable and uncollectible accounts-percentage of credit sales method) Majestic Equipment Sales Company, which sells only on account, had a $120,000 balance in its Accounts Receivable and a $4,200 balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $820,000 and its total cash collections from customers were $780,000. During the year, the company concluded that customers with accounts totalling $6,000 would be unable to pay, and wrote these receivables...
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...
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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...
Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record sales) (To record cash collected from customers) (To write off accounts receivable) (To reinstate an account that were previously written...
WELL LUULI TULLUT due. AP6-54 (Accounts receivable and uncollectible accounts-percentage of credit sales method) On December 31, 2019, Mills Manufacturing Ltd. had a $190,000 balance in its Accounts Receivable and a $9.400 balance in its Allowance for Doubtful Accounts. During 2020, the company made total sales of $940,000, of which $210,000 were cash sales. By the end of the year, Mills had received pay- ments of $652,000 from its customers on account. The company also wrote off as uncollectible $12,800...
Application Problem 6-11A a-c DejaVu Company has been in business for several years and has the following information for its operations in the current year: Total credit sales Bad debts written off in the year Accounts receivable balance on December 31 (after writing off the bad debts above) $3,186,000 64,000 535,000 Assume that DejaVu Company decides to estimate its bad debts expense at 2% of credit sales. 1. What amount of bad debts expense will the company record if it...
Application Problem 6-11A a-c DejaVu Company has been in business for several years and has the following information for its operations in the current year: Total credit sales Bad debts written off in the year Accounts receivable balance on December 31 (after writing off the bad debts above) $3,186,000 64,000 535,000 Assume that DejaVu Company decides to estimate its bad debts expense at 2% of credit sales. 1. What amount of bad debts expense will the company record if it...