Prepare journal entries for the transactions.
Homework Answers
| Date | General Journal | Debit | Credit |
| January 5 | Accounts Receivable-Al Stewart | $1,500 | |
| Sales Revenue | $1,500 | ||
| April 15 | Cash | $400 | |
| Accounts Receivable-Al Stewart | $400 | ||
| August 21 | Allowance for Doubtful Accounts | $1,100 | |
| Accounts Receivable-Al Stewart | $1,100 | ||
| October 5 | Accounts Receivable-Al Stewart | $550 | |
| Allowance for Doubtful Accounts | $550 | ||
| Cash | $550 | ||
| Accounts Receivable-Al Stewart | $550 |
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Prepare journal entries for the transactions.
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Problem -4 Marina Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to...
Problem -4 Marina Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: January 5 Provided services to Molly trans. for $5,000, terms n/15. Received $2,000 from Molly trans. on account April 15 July The sales manager considered the remaining amount of 3,000 uncollectible 10 August 21 They wrote off the uncollectible balance of the Molly trans. account when they declared bankruptcy Unexpectedly received a check for $1,000 from Molly trans.. October 5
Record the following transactions for Kramer Company: 1-Sep Sold merchandise to Akin Company, terms 2/10, net...
Record the following transactions for Kramer Company: 1-Sep Sold merchandise to Akin Company, terms 2/10, net 30 $920 3-Sep Akin Co. returned damaged merchandise to Kramer Company. $20 7-Sep Kramer Co. received payment in full. GENERAL JOURNAL DATE ACCOUNT TITLE DEBIT CREDIT Heyward Company uses the allowance method for estimating uncollectible accounts. Prepare the journal entries to record the following transactions: 1-Jun Sold merchandise to retail customer for $1,500 terms n/15. 5-Jul Received payment from this customer for $ 1,000...
Problem V Jeremy Inc. uses the allowance method to estimate its uncollectible accounts. Instructions: Prepare journal...
Problem V Jeremy Inc. uses the allowance method to estimate its uncollectible accounts. Instructions: Prepare journal entries to record the following transactions: January 3 - Sold merchandise to Trevor Fletcher for $18,000, terms 2/15, n/30. January 15 - Received payment in full from Trevor Fletcher. February 5 - Sold merchandise to Tabisco Inc. for $15,000, terms 2/15, n/30. April 30 - Received $8,000 from Tabisco Inc. on account. Sept 1 - Wrote off as uncollectible the balance of the Tabisco...
Assuming that the allowance method is being used, prepare general journal entries without explanations to record...
Assuming that the allowance method is being used, prepare general journal entries without explanations to record the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 1 Sold merchandise to Mary Jones for $540 on account. February 1 Received $380 from Jones. July 1 Wrote off Jones's account as uncollectible. September 1 Unexpectedly received payment in full from Jones. Date Account...
Name 10. Using the allowance method, prepare the journal entries for the following using proper form:...
Name 10. Using the allowance method, prepare the journal entries for the following using proper form: March 2. Sold merchandise on account to Kline Co., $29,000. The cost of the merchandise sold was $17,500. May 5. Received $7,500 from Kline Co. and wrote off the remainder owed on the sale of March 2 as uncollectible October 15. Reinstated the account of Kline Co. that had been written off on May 5 and received $21,500 cash in full payment.
3. Prepare general journal entries to record the following transactions for the Smith Company. The company...
3. Prepare general journal entries to record the following transactions for the Smith Company. The company uses the allowance for uncollectible accounts approach for recording bad debts expense. The Jan 1 balance in Allowance for Doubtful Accounts (after adjustment) is $900. (12 pts) 2020 Jan. Jul. 3 Wrote off Jal's account as uncollectible, $260 5 Recovered $55 from Hall GENERAL JOURNAL Account Titles and Description PR A=L+OE Date Debit Credit
This company uses the Allowance Method for accounting for bad debts: Use the below journal to...
This company uses the Allowance Method for accounting for bad debts: Use the below journal to prepare these transactions April 3rd - Wrote off $3,200 owed by Jane Smith who filed bankruptcy June 5th - Wrote off $4,500 owed by David Duke who has made no payments in a year Dec. 15th - David Duke came in and paid $600 on the account that was written off on June 5th. of Paragraph III This company uses the Allowance Method for...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $260 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. 17 Sent a check to Lyon Company for...
prepare journal entries to record the following transactions for a retail store. the company uses perpetual...
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Prepare journal entries to record the following transactions for a retail store. The company uses a...
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Problem -4 Marina Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: January 5 Provided services to Molly trans. for $5,000, terms n/15. Received $2,000 from Molly trans. on account April 15 July The sales manager considered the remaining amount of 3,000 uncollectible 10 August 21 They wrote off the uncollectible balance of the Molly trans. account when they declared bankruptcy Unexpectedly received a check for $1,000 from Molly trans.. October 5
Problem V Jeremy Inc. uses the allowance method to estimate its uncollectible accounts. Instructions: Prepare journal entries to record the following transactions: January 3 - Sold merchandise to Trevor Fletcher for $18,000, terms 2/15, n/30. January 15 - Received payment in full from Trevor Fletcher. February 5 - Sold merchandise to Tabisco Inc. for $15,000, terms 2/15, n/30. April 30 - Received $8,000 from Tabisco Inc. on account. Sept 1 - Wrote off as uncollectible the balance of the Tabisco...
Assuming that the allowance method is being used, prepare general journal entries without explanations to record the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 1 Sold merchandise to Mary Jones for $540 on account. February 1 Received $380 from Jones. July 1 Wrote off Jones's account as uncollectible. September 1 Unexpectedly received payment in full from Jones. Date Account...
Name 10. Using the allowance method, prepare the journal entries for the following using proper form: March 2. Sold merchandise on account to Kline Co., $29,000. The cost of the merchandise sold was $17,500. May 5. Received $7,500 from Kline Co. and wrote off the remainder owed on the sale of March 2 as uncollectible October 15. Reinstated the account of Kline Co. that had been written off on May 5 and received $21,500 cash in full payment.
3. Prepare general journal entries to record the following transactions for the Smith Company. The company uses the allowance for uncollectible accounts approach for recording bad debts expense. The Jan 1 balance in Allowance for Doubtful Accounts (after adjustment) is $900. (12 pts) 2020 Jan. Jul. 3 Wrote off Jal's account as uncollectible, $260 5 Recovered $55 from Hall GENERAL JOURNAL Account Titles and Description PR A=L+OE Date Debit Credit
This company uses the Allowance Method for accounting for bad debts: Use the below journal to prepare these transactions April 3rd - Wrote off $3,200 owed by Jane Smith who filed bankruptcy June 5th - Wrote off $4,500 owed by David Duke who has made no payments in a year Dec. 15th - David Duke came in and paid $600 on the account that was written off on June 5th. of Paragraph III This company uses the Allowance Method for...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $260 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. 17 Sent a check to Lyon Company for...
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $6,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $390 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for...
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