Homework Answers
Journal entry
| Date | account title and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (775000*9%-7000) | 62750 | |
| Allowance for doubtful accounts | 62750 |
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The December 31, 2021, balance sheet of the Tamarisk, Inc....
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
Please help! The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of...
Please help!
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107,000;collections from customers, $1,254,000; accounts written off, $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do...
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and...
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107.000; collections from customers, $1,254,000; accounts written off $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable $640,000 Less: Allowance for doubtful accounts 41,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,060,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,760,000 4. Write-offs of accounts receivable deemed uncollectible 42,000 5. Recovery of bad debts previously written off as uncollectible 20,000 Prepare the journal entries to record each of these five transactions....
The December 31, 2021. balance sheet of the Whisperine. Winds Corp. Mad Accounts Receivable of $700.000...
The December 31, 2021. balance sheet of the Whisperine. Winds Corp. Mad Accounts Receivable of $700.000 and a creclit balance in Allowance for Doubtful Accounts of $34,000. During 2022. the following transactions occurred: sales of account $1.608,000, sales retums and allowances $181.000 collections from cusumers. $2,307,000; .courils willen bil, $35.000:previously willen of accounts of $8.000 were collected. Your wer is correct Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not inderit manually.)...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less:...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $620,000 42,000 During 2022, the company had the following transactions related to receivables. 1 Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,810,000 63,000 2,510,000 44,000 15,000 Your answer is correct. Prepare the journal entries to record each...
Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its...
Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $558,400 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,015,000 65,100 1,715,000 42,000 14,000 Prepare the journal entries to record each...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts recelvable $525,000...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts recelvable $525,000 34,000 Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,510,000 Sales returns and allowances Collections of accounts receivable 4. 2. 53,000 3. 2,210,000 Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible 44,000 17,000 (a) Prepare the journal entries to record each of these five...
Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance...
Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $938,000 73,000 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,889,250 55,000 2,763,000 91,000 28,000 Prepare the journal entries to record each...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment....
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
Please help!
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107,000;collections from customers, $1,254,000; accounts written off, $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do...
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107.000; collections from customers, $1,254,000; accounts written off $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not...
The December 31, 2021. balance sheet of the Whisperine. Winds Corp. Mad Accounts Receivable of $700.000 and a creclit balance in Allowance for Doubtful Accounts of $34,000. During 2022. the following transactions occurred: sales of account $1.608,000, sales retums and allowances $181.000 collections from cusumers. $2,307,000; .courils willen bil, $35.000:previously willen of accounts of $8.000 were collected. Your wer is correct Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not inderit manually.)...
At December 31, 2021, Oriole Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $620,000 42,000 During 2022, the company had the following transactions related to receivables. 1 Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $2,810,000 63,000 2,510,000 44,000 15,000 Your answer is correct. Prepare the journal entries to record each...
Problem 8-02A (Part Level Submission) At December 31, 2021, Pharoah Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $558,400 39,000 During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,015,000 65,100 1,715,000 42,000 14,000 Prepare the journal entries to record each...
At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts recelvable $525,000 34,000 Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,510,000 Sales returns and allowances Collections of accounts receivable 4. 2. 53,000 3. 2,210,000 Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible 44,000 17,000 (a) Prepare the journal entries to record each of these five...
Current Attempt in Progress At December 31, 2019, Sheffield Corp.reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $938,000 73,000 During 2020, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,889,250 55,000 2,763,000 91,000 28,000 Prepare the journal entries to record each...
At December 31, 2022, the trial balance of Blue Spruce Corp.contained the following amounts before adjustment. Debit Credit Accounts Receivable $180,300 Allowance for Doubtful Accounts $ 1.460 Sales Revenue 855,400 (a) Prepare the adjusting entry at December 31, 2022, to record bad debt expense, assuming that the aging schedule indicates that $9.260 of accounts receivable will be uncollectible. (b) Repeat part(a), assuming that instead of a credit balance there is a $1.460 debit balance in Allowance for Doubtful Accounts. (d)...
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