Homework Answers
| (a) | Date | Account Title | Dr | Cr | |
| 1 | 10-Aug | Allowance for Doubtful Debts | 500.00 | ||
| Jane Duncan Account (Account Receivable) | 500.00 | ||||
| (Receivable being written off) | |||||
| 2 | 12-Sep | Allowance for Doubtful Debts | 3,000.00 | ||
| Jeff Lynch Account (Account Receivable) | 3,000.00 | ||||
| (Receivable being written off) | |||||
| 3 | 10-Oct | Jane Duncan Account (Account Receivable) | 500.00 | ||
| Allowance for Doubtful Debs | 500.00 | ||||
| (Re-instate the Account as money is recovered) | |||||
| 4 | 10-Oct | Cash / Bank | 500.00 | ||
| Jane Duncan Account (Account Receivable) | 500.00 | ||||
| (Cash Received ) | |||||
| b | 31-Dec | Adjusting Journal Entry to record bad debt provision | |||
| Bad Debts | 4500 | ||||
| Allowance for Doubtful Debs | 4500 | ||||
| (Bad Debt Provision Creation - 4.5% of 100,000) |
C. Total value of Allowance for doubtful debts is 4,600 (4,500 is for current year (100,000(4.5%) and previous year balance of 100 (3600 PY Balance and other balances written off and collected 3500)
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Problem II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible...
blemi II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible...
blemi II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible s. Past experience indicates that 4.5% of accounts receivable will eventually be uncollectible. Selected want balances at December 31, 2017, and December 31, 2018, appear below: 12/31/2017 12/31/2018 Net Credit Sales S400,000 $500,000 Accounts Receivable 80,000 100,000 Allowance for Doubtful Accounts 3,600 Instructions: (a) Record the following events in 2018. Aug, 10 Determined that the account of Jane Duncan for $500 is uncollectible. Sept....
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts....
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts. Past account balances at December 31, 2016, and December 31, 2017, appear below: experience indicates that 6% of accounts receivable will eventually be uncollectible Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2016 12/31/2017 400,000 $500,000 100,000 80,000 4,000 Your answer is correct Record the following events in 2017.(Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below 12/31/2021 $417,500 12/31/2022 Net Credit Sales $550,000 85,000 Accounts Receivable 140,000 4,800 Allowance for Doubtful Accounts Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Am i doing this problem right? The Marigold Corp. uses the allowance method in accounting for...
Am i doing this problem right?
The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Pas unele L receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Question: 4 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience...
Question: 4 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2013, and December 31, 2014, appear below: 12/31/13 12/31/14 Net Credit Sales $400,000 $500,000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 5,200 ? Instructions (a) Record the following events in 2014. Aug. 10 Determined that the account of Sue King for $800 is uncollectible. Sept. 12...
lemid=1062726 21 pCWTTIORES BO cum Tubbs Sign Company uses the allowance method in accounting for uncollectible...
lemid=1062726 21 pCWTTIORES BO cum Tubbs Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances af December 31, 2019, and December 31, 2020. appear below Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/19 12/31/20 $300,000 $400,000 60.000 80.000 4,800 - Your answer is partially correct. Record the following events in 2020. Credit account dies are automatically indented when the amount...
Itd be great if you could run me through it: Exercise 248 The Garvey Sign Company...
Itd be great if you could run me through it:
Exercise 248
The Garvey Sign Company uses the allowance method in accounting for
uncollectible accounts. Past experience indicates that 6% of
accounts receivable will eventually be uncollectible. Selected
account balances at December 31, 2016, and December 31, 2017,
appear below:
12/31/2016 12/31/2017
Net Credit Sales $400,000 $500,000
Accounts Receivable 80,000 100,000
Allowance for Doubtful Accounts 4,000 ?
Enter the 12/31/2016 balances for Accounts Receivable and Allowance
for Doubtful Accounts in...
PRIN. OF ACETTAIT (ACET 2101 CALCULATOR Question 9 The Concord Corporation uses the allowance method in...
PRIN. OF ACETTAIT (ACET 2101 CALCULATOR Question 9 The Concord Corporation uses the allowance method in accounting for uncollectible accounts Past experience indicates that Selected account balances at December 31, 2021, and December 31, 2022, appear below of accounts receivable will eventually be collectie Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 $139,000 86,000 4,500 12/31/2022 $542,500 170,000 Record the following events in 2022. (Ce onder presented in the problem countries are automatically indented when the antise m...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
blemi II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible s. Past experience indicates that 4.5% of accounts receivable will eventually be uncollectible. Selected want balances at December 31, 2017, and December 31, 2018, appear below: 12/31/2017 12/31/2018 Net Credit Sales S400,000 $500,000 Accounts Receivable 80,000 100,000 Allowance for Doubtful Accounts 3,600 Instructions: (a) Record the following events in 2018. Aug, 10 Determined that the account of Jane Duncan for $500 is uncollectible. Sept....
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts. Past account balances at December 31, 2016, and December 31, 2017, appear below: experience indicates that 6% of accounts receivable will eventually be uncollectible Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2016 12/31/2017 400,000 $500,000 100,000 80,000 4,000 Your answer is correct Record the following events in 2017.(Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Question 9 The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Exercise 225 The Kingbird, Inc. uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below 12/31/2021 $417,500 12/31/2022 Net Credit Sales $550,000 85,000 Accounts Receivable 140,000 4,800 Allowance for Doubtful Accounts Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Am i doing this problem right?
The Marigold Corp. uses the allowance method in accounting for uncollectible accounts. Pas unele L receivable will eventually be uncollectible. Selected account balances at December 31, 2021, and December 31, 2022, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 12/31/2022 $401,000 $537,000 90,000 130,000 4,300 Record the following events in 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in...
Question: 4 Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances at December 31, 2013, and December 31, 2014, appear below: 12/31/13 12/31/14 Net Credit Sales $400,000 $500,000 Accounts Receivable 60,000 80,000 Allowance for Doubtful Accounts 5,200 ? Instructions (a) Record the following events in 2014. Aug. 10 Determined that the account of Sue King for $800 is uncollectible. Sept. 12...
lemid=1062726 21 pCWTTIORES BO cum Tubbs Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 1% of net credit sales will eventually be uncollectible. Selected account balances af December 31, 2019, and December 31, 2020. appear below Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/19 12/31/20 $300,000 $400,000 60.000 80.000 4,800 - Your answer is partially correct. Record the following events in 2020. Credit account dies are automatically indented when the amount...
Itd be great if you could run me through it:
Exercise 248
The Garvey Sign Company uses the allowance method in accounting for
uncollectible accounts. Past experience indicates that 6% of
accounts receivable will eventually be uncollectible. Selected
account balances at December 31, 2016, and December 31, 2017,
appear below:
12/31/2016 12/31/2017
Net Credit Sales $400,000 $500,000
Accounts Receivable 80,000 100,000
Allowance for Doubtful Accounts 4,000 ?
Enter the 12/31/2016 balances for Accounts Receivable and Allowance
for Doubtful Accounts in...
PRIN. OF ACETTAIT (ACET 2101 CALCULATOR Question 9 The Concord Corporation uses the allowance method in accounting for uncollectible accounts Past experience indicates that Selected account balances at December 31, 2021, and December 31, 2022, appear below of accounts receivable will eventually be collectie Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2021 $139,000 86,000 4,500 12/31/2022 $542,500 170,000 Record the following events in 2022. (Ce onder presented in the problem countries are automatically indented when the antise m...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
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