1) | Journal entries | ||||||||
Accouting titles & Explanations | Debit | Credit | |||||||
Allowance for uncollectible accounts | 35,000 | ||||||||
Account receivable | 35,000 | ||||||||
Account receivbale | 3,000 | ||||||||
allowance for uncollectible accouts | 3,000 | ||||||||
Cash | 3,000 | ||||||||
Account receivable | 3,000 | ||||||||
2) | Journal entries | ||||||||
Accouting titles & Explanations | Debit | Credit | |||||||
a) | Bad debts expense | 52500 | |||||||
Allowance for uncollectible accounts | 52,500 | ||||||||
(1,750,000*3%) | |||||||||
b) | Bad debts expense | 36,700 | |||||||
Allowance for uncollectible accounts | 36,700 | ||||||||
(347000*10%+2000) | |||||||||
T-account | |||||||||
Account receivable | Allowance for uncollectible | ||||||||
openint | 462000 | Cash | 1,830,000 | written off | 35,000 | opening | 30,000 | ||
Sales | 1,750,000 | writtehn off | 35,000 | reinstated | 3,000 | ||||
restated | 3,000 | collected | 3,000 | ||||||
bal | 2,000 | ||||||||
End bal | 347,000 | ||||||||
c) | Bad debts expense | 37,047 | |||||||
Allowance for uncollectible accounts | 37,047 | ||||||||
(35047+2000) | |||||||||
Age grouo | % | ||||||||
0--60 | 225550 | 4% | 9022 | ||||||
61--90 | 69400 | 15% | 10410 | ||||||
91----120 | 34700 | 25% | 8675 | ||||||
over 120 | 17350 | 40% | 6940 | ||||||
35047 | |||||||||
3) | net account | ||||||||
receivable reported | |||||||||
a | 296,500 | ||||||||
b | 312,300 | ||||||||
c | 311,953 | ||||||||
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...
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: $ 487.000 Receivables, net of allowance for uncollectible accounts of $41,000 During 2021, credit sales were $1,805,000, cash collections from customers $1,885,000, and $50,000 in accounts receivable were written off. In addition, $4,100 was collected from a customer whose account was written...
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...
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...
Only #2b, c, and 3 please 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 $42,000 $ 492,000 During 2021, credit sales were $1,810,000, cash collections from customers $1,890,000, and $51,000 in accounts receivable were written off. In addition, $4,200 was collected from...
I just need help with requirement three! 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...
Raintree Cosmetic Company sells its product to customers on a credit basis. An adjusting entry for uncollectible accounts expense is recorded only at December 31, the company's fiscal year-end. The 2018 balance sheet disclosed the following: Current Assets: Accounts Receivable, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. An aging of receivable at December 31, 2018, reveals the following: Age...
Raintree Cosmetic Company sells its product to customers on a credit basis. An adjusting entry for uncollectible accounts expense is recorded only at December 31, the company's fiscal year-end. The 2018 balance sheet disclosed the following: Current Assets: Accounts Receivable, net of allowance for uncollectible accounts of $30,000 $432,000 During 2019, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. An aging of receivable at December 31, 2019, reveals the following: Age...
Raintree Cosmetic Company sells its product to customers on a credit basis. An adjusting entry for uncollectible accounts expense is recorded only at December 31, the company's fiscal year-end. The 2018 balance sheet disclosed the following: Current Assets: Accounts Receivable, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. An aging of receivable at December 31, 2018, reveals the following: Percentage...
Raintree Cosmetic Company sels its groducts to customers on a credit basis. An adiusting entry for bad debt expense is recorded only ar December 31, the company's fiscal year-end The 2020 balance sheet disclosed the folowing Current assets Receivables, net of alowance for uncollectible accounts of $50 000 $432,000 During 2021, credit sales were $1.750.000, cash colecions from customers S1.830.000 and $35 000 in accounts mceivable were wrte addition, $3 000 was collected from a qustomer whose account was witen...