Homework Answers
Journal entry
| No | Account title and explanation | Debit | Credit |
| a | Bad debt expense | 922 | |
| Account receivable | 922 | ||
| b | Bad debt expense (74500*9%-1116) | 5589 | |
| Allowance for doubtful accounts | 5589 | ||
| c | Bad debt expense (74500*8%+500) | 6460 | |
| Allowance for doubtful accounts | 6460 | ||
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GILL CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-4 The ledger of Swifty Corporation at the end...
Help System Announcements NEXT PRINTER VERSION BACK CALCULATOR Exercise 8-4 The ledger of Swifty Corporation at...
Help System Announcements NEXT PRINTER VERSION BACK CALCULATOR Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts Receivable $74,700; Credit Sales $870,160; and Sales Returns and Allowances $36,960 a If Bramble Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Bramble Corp. determines that Matisse's $829 balance is uncollectible. (b) 1f Allowance for Doubtful Accounts has a credit balance of $1,023 in the trial balance, journalize the adjusting entry at December...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
The edge of Concord Corporation at the end of the current year shows Accounts Receivable 375.800:...
The edge of Concord Corporation at the end of the current year shows Accounts Receivable 375.800: Credit Sales 818 100, and Sales Returns and Allowances $39.00 a Concord Corporation uses the direct write-off method to account for uncollectible accounts.journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matisse's 5812 balance is uncollectible. b) If Allowance for Doubtful Accounts has a credit balance of $1.060 in the trial balance, journalize the adjusting entry at December 31, assuming bad...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000:...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000;...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,0...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,000; Credit Sales $800,000; and Sales Returns and Allowances $35,000. (a) If Kingbird uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Kingbird determines that Matisse's $700 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000;...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000; Credit Sales $825,000; and Sales Returns and Allowances $41,000. (a) If Tamarisk uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Tamarisk determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Do It! Review 8-02a Kingbird has been in business several years. At the end of the...
Do It! Review 8-02a Kingbird has been in business several years. At the end of the current year, the unadjusted trial balance shows: $336,000 Dr. Accounts Receivable 2,287,000 Cr Sales Revenue 6,006 Cr Allowance for Doubtful Accounts Bad debts are estimated to be 6% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 8-05 The ledger of...
Help System Announcements NEXT PRINTER VERSION BACK CALCULATOR Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts Receivable $74,700; Credit Sales $870,160; and Sales Returns and Allowances $36,960 a If Bramble Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Bramble Corp. determines that Matisse's $829 balance is uncollectible. (b) 1f Allowance for Doubtful Accounts has a credit balance of $1,023 in the trial balance, journalize the adjusting entry at December...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
The edge of Concord Corporation at the end of the current year shows Accounts Receivable 375.800: Credit Sales 818 100, and Sales Returns and Allowances $39.00 a Concord Corporation uses the direct write-off method to account for uncollectible accounts.journalize the adjusting entry at December 31, assuming Concord Corporation determines that Matisse's 5812 balance is uncollectible. b) If Allowance for Doubtful Accounts has a credit balance of $1.060 in the trial balance, journalize the adjusting entry at December 31, assuming bad...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,000; Credit Sales $800,000; and Sales Returns and Allowances $35,000. (a) If Kingbird uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Kingbird determines that Matisse's $700 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000; Credit Sales $825,000; and Sales Returns and Allowances $41,000. (a) If Tamarisk uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Tamarisk determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Do It! Review 8-02a Kingbird has been in business several years. At the end of the current year, the unadjusted trial balance shows: $336,000 Dr. Accounts Receivable 2,287,000 Cr Sales Revenue 6,006 Cr Allowance for Doubtful Accounts Bad debts are estimated to be 6% of receivables. Prepare the entry to adjust Allowance for Doubtful Accounts. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 8-05 The ledger of...
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