Homework Answers
| Ans. 1 | Date | Particulars | Debit | Credit |
| 31-Jan | Allowance for doubtful accounts | $1,800 | ||
| Accounts receivable - C. Green | $1,800 | |||
| (To record the write off of uncollectibles) | ||||
| Ans. 2 | Date | Particulars | Debit | Credit |
| 9-Mar | Accounts receivable - C. Green | $1,300 | ||
| Allowance for doubtful accounts | $1,300 | |||
| (To record the accounts receivables reinstated) | ||||
| Ans. 3 | Date | Particulars | Debit | Credit |
| 9-Mar | Cash | $1,300 | ||
| Accounts receivable - C. Green | $1,300 | |||
| (To record cash receipt) | ||||
Add Answer to:
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it...
нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,300 account of a customer, C. Green. On March 9, it receives a $800 payment from Green 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green 49:32 View transaction list Journal entry worksheet < 2 3 Record the write-off of Green's $1,300...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
Exercise 7-9 Writing off receivables LO P2 Daley Company estimates uncollectible accounts using the allowance me...
Exercise 7-9 Writing off receivables LO P2 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis 5 points Days Past Due Skipped Over 90 $30,000 10 Total $570,000 1 to 30 $90,000 2 0 31 to 60 61 to 90 $18,000 Accounts receivable Percent uncollectible $36,000 $396,000 7 eBook a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $944,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $472 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. 9:13 View transaction list ak Journal entry worksheet < 2...
QS 9-3 Recovering a bad debt LO P1 Solstice Company, which uses the direct write-off method,...
QS 9-3 Recovering a bad debt LO P1 Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $67,000 of its accounts receivable from its customer P. Moore On October 30, P. Moore unexpectedly paid his account in full to Solstice Company Record Solstice's entries to reflect recovery of this bad debt View transaction list Journal entry worksheet < 1 2 Record the reinstatement of the account previously written off. Note: Enter debits before...
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....
At year-end (December 31), Chan Company estimates its bad debts as 0.80 % of its annual...
At year-end (December 31), Chan Company estimates its bad debts as 0.80 % of its annual credit sales of $955,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $478 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list ok Journal entry worksheet nt <...
QS 9-2 Direct write-off method LO P1 Solstice Company determines on October 1 that it cannot...
QS 9-2 Direct write-off method LO P1 Solstice Company determines on October 1 that it cannot collect $57,000 of its accounts receivable from its customer P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet Record the write off an account. Note: Enter debits before credits. General Journal Debit Credit Date Oct 01 Record entry Clear entry View general journal
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,300 account of a customer, C. Green. On March 9, it receives a $800 payment from Green 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green 49:32 View transaction list Journal entry worksheet < 2 3 Record the write-off of Green's $1,300...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
Exercise 7-9 Writing off receivables LO P2 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis 5 points Days Past Due Skipped Over 90 $30,000 10 Total $570,000 1 to 30 $90,000 2 0 31 to 60 61 to 90 $18,000 Accounts receivable Percent uncollectible $36,000 $396,000 7 eBook a. On February 1 of the next period, the company determined that $6,800 in customer accounts was uncollectible; specifically, $900...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $944,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $472 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. 9:13 View transaction list ak Journal entry worksheet < 2...
QS 9-3 Recovering a bad debt LO P1 Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $67,000 of its accounts receivable from its customer P. Moore On October 30, P. Moore unexpectedly paid his account in full to Solstice Company Record Solstice's entries to reflect recovery of this bad debt View transaction list Journal entry worksheet < 1 2 Record the reinstatement of the account previously written off. Note: Enter debits before...
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....
At year-end (December 31), Chan Company estimates its bad debts as 0.80 % of its annual credit sales of $955,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $478 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list ok Journal entry worksheet nt <...
QS 9-2 Direct write-off method LO P1 Solstice Company determines on October 1 that it cannot collect $57,000 of its accounts receivable from its customer P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet Record the write off an account. Note: Enter debits before credits. General Journal Debit Credit Date Oct 01 Record entry Clear entry View general journal
Most questions answered within 3 hours.
-
If 20 g of Na2SO4 is reacted with 20 g of
Al(NO3)3 according to the following...
asked 4 minutes ago -
One difference between periodic and perpetual inventory systems
is:
Multiple Choice Cost of goods sold is...
asked 10 minutes ago -
Using the OSHA web site find the OSHA regulation for personal eye
protection. Write a summary...
asked 9 minutes ago -
In 600 words, answer the following
1) Why has the transfer of defense technologies to domestic...
asked 9 minutes ago -
Balance the following oxidation-reduction equations using redox
methods:
Cu + H+ --------> Cu+ +
H2
asked 30 minutes ago -
For a voltaic cell based on the reaction below, which statement
is correct?
Zn(s)+2H+(aq)→Zn2+(aq)+H2(g)
Zn2+(aq) is...
asked 13 minutes ago -
For the balanced reaction: CaCl2 (aq) + Na2CO3 (aq) -> CaCO3
(s) + 2 NaCl (aq),...
asked 23 minutes ago -
1. If ln(x)=ln(x)= -0.2 , what does xx equal? Round
your answer to three significant figures. The...
asked 20 minutes ago -
what is the current research being done on the hexokinase
enzyme?
asked 26 minutes ago -
An incline weighing 1,106 kg with its passengers travels uphill
800 meters on a 30 degree...
asked 26 minutes ago -
Let’s assume you want to retire with $1,000,000 in your
investment portfolio. Given that your investment...
asked 26 minutes ago -
profit motivation is one of the biggest differences between
public and private organizations. what about resource...
asked 25 minutes ago