Homework Answers
Journal entries
| No | account and explanation | Debit | Credit |
| a | Account receivable | 800000 | |
| Sales revenue | 800000 | ||
| (To record credit Sales) | |||
| Cash | 763000 | ||
| Account receivable | 763000 | ||
| (To record collection) | |||
| b | Allowance for doubtful accounts | 7300 | |
| Account receivable | 7300 | ||
| c | Account receivable | 3100 | |
| Allowance for doubtful accounts | 3100 | ||
| (To record reinstate account) | |||
| Cash | 3100 | ||
| Account receivable | 3100 | ||
| (To record collection) | |||
| d | Bad debt expense (25000-4800) | 20200 | |
| Allowance for doubtful accounts | 20200 | ||
2) Ending balance of account receivable = 229700
Ending balance of allowance for doubtful accounts = 25000
3) Net realizable value = 229700-25000 = 204700
Journal entries
| No | account and explanation | Debit | Credit |
| a | Account receivable | 800000 | |
| Sales revenue | 800000 | ||
| (To record credit Sales) | |||
| Cash | 763000 | ||
| Account receivable | 763000 | ||
| (To record collection) | |||
| b | Allowance for doubtful accounts | 7300 | |
| Account receivable | 7300 | ||
| c | Account receivable | 3100 | |
| Allowance for doubtful accounts | 3100 | ||
| (To record reinstate account) | |||
| Cash | 3100 | ||
| Account receivable | 3100 | ||
| (To record collection) | |||
| d | Bad debt expense (25000-4800) | 20200 | |
| Allowance for doubtful accounts | 20200 | ||
e) Ending balance of account receivable = 229700
Ending balance of allowance for doubtful accounts = 25000
f) Net realizable value = 229700-25000 = 204700
Add Answer to:
At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000...
Exercise 8-04 a-f (Video) At the beginning of the current period, Rose Corp. had balances in...
Exercise 8-04 a-f (Video) At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivab $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost...
Exercise 8-03 At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of S202,700 an...
Exercise 8-03 At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of S202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of 5744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a 52,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total 526,820 at the end of the...
At the beginning of the current period, Sage Hill Corp. had balances in Accounts Receivable of...
At the beginning of the current period, Sage Hill Corp. had balances in Accounts Receivable of $218,900 and in Allowance for Doubtful Accounts of $9,890 (credit). During the period, it had net credit sales of $742,000 and collections of $711,970. It wrote off as uncollectible accounts receivable of $6,689. However, a $2,793 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $27,030 at the end of the period....
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
Current Attempt in Progress At the beginning of the current period, Shamrock Corp. had balances in...
Current Attempt in Progress At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $187,800 and in Allowance for Doubtful Accounts of $9,630 (credit). During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off as uncollectible accounts receivable of $7,381. However, a $2,859 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,070 at the end...
At the beginning of the current period, Whisper Corp. had balances in Accounts Receivable of $211,700...
At the beginning of the current period, Whisper Corp. had balances in Accounts Receivable of $211,700 and in Allowance for Doubtful Accounts of $8,370 (credit). During the period, it had net credit sales of $763,800 and collections of $782,420. It wrote off as uncollectible accounts receivable of $7,326. However, a $2,985 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,790 at the end of the period. (Omit...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in A...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $192,800...
At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit). During the period, it had net credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit...
Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable...
Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable of $190,400 and in Allowance for Doubtful Accounts of $9,040 (credit). During the period, it had net credit sales of $839,100 and collections of $760,090. It wrote off as uncollectible accounts receivable of $6,576. However, a $3,350 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,900 at the end of the...
Exercise 8-04 a-f (Video) At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of $7,300. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivab $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost...
Exercise 8-03 At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of S202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of 5744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a 52,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total 526,820 at the end of the...
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
Current Attempt in Progress At the beginning of the current period, Shamrock Corp. had balances in Accounts Receivable of $187,800 and in Allowance for Doubtful Accounts of $9,630 (credit). During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off as uncollectible accounts receivable of $7,381. However, a $2,859 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,070 at the end...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
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