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D ACCOUNTING FOR UNCOLLECTIBLE ACCOUNTS н ....
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible accounts...................$66,600 The following are the transactions to be taken into consideration for 2019: Total credit sales for 2019 were $3,600,000. 2% of sales were estimated to be uncollectible. The company received cash payments on account during 2019 for $1,000,000 Accounts receivable identified to be uncollectible totaled $94,000. December 31, 2019, aging of receivables indicates that $75,000 of the receivables is uncollectible. Requirements: What was...
I have this excel spreadsheet home work I'm not quite sure how to do it rontr...
I have this excel spreadsheet home work I'm not quite
sure how to do it
rontr Alignment Number 19 1 DEPRECIATION 2 A machine with a cost of $260,000 has an estimated salvage value of $20,000 and an estimated life of 6 years or 15,000 hours 4 It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year? a. 6 1) 7 8 9 10 What is the amount of depreciation...
All Sections THE ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS SHOWS A DEBIT BALANCE OF $1,200 BEFORE ANY ADJUSTMENTS....
All Sections THE ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS SHOWS A DEBIT BALANCE OF $1,200 BEFORE ANY ADJUSTMENTS. SALES ON ACCOUNT WERE $950,000 FOR THE MONTH OF JANUARY, OF WHICH 2.5% IS DEEMED UNCOLLECTIBLE. REQUIRED: 1. PREPARE THE APPROPRIATE ADJUSTING JOURNAL ENTRIES TO RECORD THE AMOUNT DEEMED UNCOLLECTIBLE 2. THE BALANCE IN THE ALLOWANCE FOR UNCOLLECTIBLE ACCOUNT AFTER THE JOURNAL ENTRY IN “A". C. THE NET REALIZABLE VALUE OF ACCOUNTS RECEIVABLE Search entries or author Unread Subscribe Reply
Show in T-Accounts and Journal. These entries related to uncollectible accounts Entries related to uncollectible accounts...
Show in T-Accounts and Journal. These entries related to
uncollectible accounts
Entries related to uncollectible accounts Chart of Accounts T Accounts Journal Final Questions Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote of the remainder as uncollectible Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
Learning Objectives 1,3 P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables...
Learning Objectives 1,3 P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Delta Watches completed the following selected transactions during 2018 and 2019; 2. Net AR $119,800 2018 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method Dec. 31 31 2019 Jan. 17 Made the closing entry for bad debts expense Sold merchandise inventory...
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...
Problem 5-23 Determining account balances: Percent of revenue method of accounting for uncollectible accounts LO 5-2...
Problem 5-23 Determining account balances: Percent of revenue method of accounting for uncollectible accounts LO 5-2 The following information is available for Quality Book Sales's sales on account and accounts receivable: $124,880 3,030 Accounts Receivable Balance, January 1, 2018 Allowance for Doubtful Accounts, January 1, 2018 Sales on Account, 2018 Collections of Accounts Receivable, 2018 809,270 840,735 After several collection attempts, Quality Book Sales wrote off $2,590 of accounts that could not be collected. Quality Book Sales estimates that 1.75...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: September 7 Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off. October 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off. November 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does...
I have this excel spreadsheet home work I'm not quite
sure how to do it
rontr Alignment Number 19 1 DEPRECIATION 2 A machine with a cost of $260,000 has an estimated salvage value of $20,000 and an estimated life of 6 years or 15,000 hours 4 It is to be depreciated by the straight-line method. What is the amount of depreciation for the first full year? a. 6 1) 7 8 9 10 What is the amount of depreciation...
All Sections THE ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS SHOWS A DEBIT BALANCE OF $1,200 BEFORE ANY ADJUSTMENTS. SALES ON ACCOUNT WERE $950,000 FOR THE MONTH OF JANUARY, OF WHICH 2.5% IS DEEMED UNCOLLECTIBLE. REQUIRED: 1. PREPARE THE APPROPRIATE ADJUSTING JOURNAL ENTRIES TO RECORD THE AMOUNT DEEMED UNCOLLECTIBLE 2. THE BALANCE IN THE ALLOWANCE FOR UNCOLLECTIBLE ACCOUNT AFTER THE JOURNAL ENTRY IN “A". C. THE NET REALIZABLE VALUE OF ACCOUNTS RECEIVABLE Search entries or author Unread Subscribe Reply
Show in T-Accounts and Journal. These entries related to
uncollectible accounts
Entries related to uncollectible accounts Chart of Accounts T Accounts Journal Final Questions Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote of the remainder as uncollectible Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
Learning Objectives 1,3 P9-30A Accounting for uncollectible accounts using the allowance method (percent-of-sales) and reporting receivables on the balance sheet Delta Watches completed the following selected transactions during 2018 and 2019; 2. Net AR $119,800 2018 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense. The company uses the allowance method Dec. 31 31 2019 Jan. 17 Made the closing entry for bad debts expense Sold merchandise inventory...
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...
Problem 5-23 Determining account balances: Percent of revenue method of accounting for uncollectible accounts LO 5-2 The following information is available for Quality Book Sales's sales on account and accounts receivable: $124,880 3,030 Accounts Receivable Balance, January 1, 2018 Allowance for Doubtful Accounts, January 1, 2018 Sales on Account, 2018 Collections of Accounts Receivable, 2018 809,270 840,735 After several collection attempts, Quality Book Sales wrote off $2,590 of accounts that could not be collected. Quality Book Sales estimates that 1.75...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: September 7 Links Company determined that the $8,000 account receivable of the Rainier Company was uncollectible, and wrote it off. October 15 Links Company determined that the $3,500 account receivable of the Olympic Company was uncollectible and wrote it off. November 9 Rainier Company paid $6,000 of the amount owed to the Links Company. Links Company does...
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