Homework Answers
| Transaction | Accounts Titles and Explanation | Debit | Credit |
| Year 1 | |||
| a.1 | Accounts Receivable | $1,345,434 | |
| Sales | $1,345,434 | ||
| a.2 | Cost of goods sold | $975,000 | |
| Merchandise inventory | $975,000 | ||
| b. | Allowance for doubtful accounts | $18,300 | |
| Accounts Receivable | $18,300 | ||
| c. | Cash | $669,200 | |
| Accounts Receivable | $669,200 | ||
| d. | Bad debts expense | $28,169 | |
| Allowance for doubtful accounts | $28,169 | ||
| [($1,345,434 - $18,300 - $669,200)*1.5% + $18,300] | |||
| Year 2 | |||
| a.1 | Accounts Receivable | $1,525,634 | |
| Sales | $1,525,634 | ||
| a.2 | Cost of goods sold | $1,250,000 | |
| Merchandise inventory | $1,250,000 | ||
| b. | Allowance for doubtful accounts | $27,800 | |
| Accounts Receivable | $27,800 | ||
| c. | Cash | $1,204,600 | |
| Accounts Receivable | $1,204,600 | ||
| d. | Bad debts expense | $13,899 | |
| Allowance for doubtful accounts | $13,899 | ||
| [($657,934 + 1,525,634 - $27,800 - $1,204,600) x 1.5% - ($28,169 - $27,800)] | |||
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Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations...
Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations...
Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations in Year I. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transac- tions are summarized as follows. Year 1 a. Sold S1,345,434 of merchandise (that had cost $975.000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable....
Problem 9-4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations...
Problem 9-4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations in Year 1. During its first two years, the company completed a rumber of transactions involving sales on credit, accounts receivable collections, and bad debts. These transac- tions are summarized as follows. Year 1 a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,354,000 of merchandise (that had cost $979,100) on credit, terms 1/30, b. Wrote off $21.500 of uncollectible accounts receivable. c. Received $667,400 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable....
Problem 7.4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7.4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows Year 1 a. Sold $1.349.800 of merchandise that had cost $981.400) on credil terms/30 b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671000 cash in payment of accounts receivable. d....
Problem 9-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 9-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2016 a. Sold $1,347,300 of merchandise (that had cost $982,000) on credit, terms n/30. b. Wrote off $20,700 of uncollectible accounts receivable. c. Received $671,400 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2016 a. Sold $1,347,400 of merchandise (that had cost $977,900) on credit, terms n/30. b. Wrote off $21,000 of uncollectible accounts receivable. c. Received $670,300 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year a. Sold $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable. d....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows Year 1 a. Sold $1,350,100 of merchandise (that had cost $982,000) on credit, terms n/30. b. Wrote off $20,800 of uncollectible accounts receivable. c. Received $668,600 cash in payment of accounts receivable....
Check my we Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3...
Check my we Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,353,500 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. C. Received $669.900 cash in payment...
Problem 9.4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations in Year I. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transac- tions are summarized as follows. Year 1 a. Sold S1,345,434 of merchandise (that had cost $975.000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable....
Problem 9-4A Accounts receivable transactions and bad debts adjustments C1 P2 P3 Liang Company began operations in Year 1. During its first two years, the company completed a rumber of transactions involving sales on credit, accounts receivable collections, and bad debts. These transac- tions are summarized as follows. Year 1 a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,354,000 of merchandise (that had cost $979,100) on credit, terms 1/30, b. Wrote off $21.500 of uncollectible accounts receivable. c. Received $667,400 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable....
Problem 7.4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows Year 1 a. Sold $1.349.800 of merchandise that had cost $981.400) on credil terms/30 b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671000 cash in payment of accounts receivable. d....
Problem 9-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2016 a. Sold $1,347,300 of merchandise (that had cost $982,000) on credit, terms n/30. b. Wrote off $20,700 of uncollectible accounts receivable. c. Received $671,400 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2016 a. Sold $1,347,400 of merchandise (that had cost $977,900) on credit, terms n/30. b. Wrote off $21,000 of uncollectible accounts receivable. c. Received $670,300 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year a. Sold $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable. d....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows Year 1 a. Sold $1,350,100 of merchandise (that had cost $982,000) on credit, terms n/30. b. Wrote off $20,800 of uncollectible accounts receivable. c. Received $668,600 cash in payment of accounts receivable....
Check my we Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,353,500 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $18,300 of uncollectible accounts receivable. C. Received $669.900 cash in payment...
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