Homework Answers
| 39) | The entry would be: | |
| Accounts receivable | ||
| Bad debts recovered | ||
| and | ||
| Cash | ||
| Accounts receivable | ||
| 40) | A Non-interest bearing note | |
| 41) | Negotiation | |
| 42) | Promisor | |
| 43) | Principal | |
| 44) | Interest = 7300*11.9%*60/365 = | $ 142.80 |
| 45) | Maturity value = 6700+6700*8.5%*75/365 = | $ 6,817.02 |
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39 Under the direct write-off period and is collected in the the journal entry? method, when...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing note. non-interest-bearing note variable note b. d. rses a note and transfers it to a bank, the process is callerd discounting a note receivable. b. cosigning a note receivable. collecting a note receivable dishonoring a note receivable. person who promises to pay a certain amount of money at a definite future time is caliled the b. c. discounter of the note. 42. The maker...
please help Under the direct write-off method, when an account receivable is written off in one...
please help
Under the direct write-off method, when an account receivable is written off in one accounting period and is collected in the following accounting period, which of the following would be included in the journal entry? Oa. debit Accounts Receivable Ob. credit Bad Debt Expense Occredit Cash Od credit Accounts Receivable
p 46. When a bank collects a note for the holder, it notifies the holder on...
p
46. When a bank collects a note for the holder, it notifies the holder on a form called a 47.A $5,000, 12% note is dated April 10 and is due in 90 days. The due date would be 48. When the holder of an interest-bearing note is unable to collect the note when due, the journal entry includes 49. Face value of a note plus interest is called the -50. The adjusting entry for accrued interest on a notes...
Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is recorded a.when...
Under the direct write-off method of accounting for uncollectible accounts, Bad Debt Expense is recorded a.when a credit sale is past due b.whenever a predetermined amount of credit sales has been made c.at the end of each accounting period d.when an account is determined to be worthless
46 When a bank collects a note for the holder, it notifies the holder on a...
46 When a bank collects a note for the holder, it notifies the holder on a form called a 87)55,000, 12% note is dated April 10 and is due in 90 days. The due date would be 4e When the holder of an interest-bearing note is unable to collect the note when due, the jo entry includes 49. Face value of a note plus interest is called the The adjusting entry for accrued interest on a notes receivable includes 51....
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods...
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Commu Casebolt Company wrote off the follo accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount Shawn Brooke $4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Accounts Receivable x Accounts Receivable-Shawn Brooke...
Question 6 (4 points) When an account has been written off under the direct write-off method...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
6. What is the amount of the adjusting entry? 7. After making the adjusting entry, what...
6.
What is the amount of the adjusting entry?
7.
After making the adjusting entry, what is the Allowance for Bad
Debts account balance as of Dec.31?
8.
What is the maturity value amount for Note #2?
9.
What day in January is note #3 due? (include only the day
number)
10.
What is the account title of the account that should be
credited?
HW 1: Central Texas Plumbing Supply had the following account balances as of Nov. 30, 2018:...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
40. A note on which no rate of interest is specified is atn) market-rate note interest-bearing note. non-interest-bearing note variable note b. d. rses a note and transfers it to a bank, the process is callerd discounting a note receivable. b. cosigning a note receivable. collecting a note receivable dishonoring a note receivable. person who promises to pay a certain amount of money at a definite future time is caliled the b. c. discounter of the note. 42. The maker...
please help
Under the direct write-off method, when an account receivable is written off in one accounting period and is collected in the following accounting period, which of the following would be included in the journal entry? Oa. debit Accounts Receivable Ob. credit Bad Debt Expense Occredit Cash Od credit Accounts Receivable
p
46. When a bank collects a note for the holder, it notifies the holder on a form called a 47.A $5,000, 12% note is dated April 10 and is due in 90 days. The due date would be 48. When the holder of an interest-bearing note is unable to collect the note when due, the journal entry includes 49. Face value of a note plus interest is called the -50. The adjusting entry for accrued interest on a notes...
46 When a bank collects a note for the holder, it notifies the holder on a form called a 87)55,000, 12% note is dated April 10 and is due in 90 days. The due date would be 4e When the holder of an interest-bearing note is unable to collect the note when due, the jo entry includes 49. Face value of a note plus interest is called the The adjusting entry for accrued interest on a notes receivable includes 51....
00000 Chapter 8 Homework Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Commu Casebolt Company wrote off the follo accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount Shawn Brooke $4,650 Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. Accounts Receivable x Accounts Receivable-Shawn Brooke...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
6.
What is the amount of the adjusting entry?
7.
After making the adjusting entry, what is the Allowance for Bad
Debts account balance as of Dec.31?
8.
What is the maturity value amount for Note #2?
9.
What day in January is note #3 due? (include only the day
number)
10.
What is the account title of the account that should be
credited?
HW 1: Central Texas Plumbing Supply had the following account balances as of Nov. 30, 2018:...
ales and notes receivable transactions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year Caldemeyer sells and installs home and business security systems Jan 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8 % note Feb 10 Sold merchandise on account to Bradford & Co, $24,000. The cost of the goods sold was $14,400 Sold merchandise on account to Dry Creek Co, $60,000 The cost of...
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