Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,972,100;...
Brief Exercise 8-3
During its first year of operations, Gavin Company had credit sales of $3,972,100; $660,400 remained uncollected at year-end. The credit manager estimates that $38,610 of these receivables will become uncollectible.
Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Prepare the current assets section of the balance sheet for Gavin Company. Assume that in addition to the receivables it has cash of $92,160, inventory of $139,400, and prepaid insurance of $9,590. (List Current Assets in order of liquidity.)
Homework Answers
a) Adjusting entry
| date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense | 38610 | |
| Allowance for doubtful accounts | 38610 | ||
b) Current assets section
| Current assets | ||
| Cash | 92160 | |
| Account receivable | 660400 | |
| Less: Allowance for doubtful accounts | -38610 | 621790 |
| Inventory | 139400 | |
| Prepaid insurance | 9590 | |
| Total current assets | 862940 |
Add Answer to:
Brief Exercise 8-3
During its first year of operations, Gavin Company had credit
sales of $3,972,100;...
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Oriole Company had credit...
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Oriole Company had credit
sales of $3,170,200, of which $380,600 remained uncollected at
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receivables will become uncollectible.
(a)
Prepare the journal entry to record the estimated uncollectibles.
(Assume an unadjusted balance of zero in Allowance for Doubtful
Accounts.) (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
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Credit
Brief Exercise 8-10 (Part Level Submission) During its first year of operations, Kingbird, Inc. had credit...
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Kingbird, Inc. had credit
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(b)
Prepare the current assets section of the balance sheet for
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Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT RESOURCES mework Brief Exercise 3-3 During its...
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During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...
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During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...
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Brief Exercise 9-03 a-b During its first year of operations, Pharoah Company had credit sales of...
Brief Exercise 9-03 a-b During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. Correct answer. Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Entry field with correct answer Bad Debt Expense Entry field with...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare...
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IS Weygandt, Accounting Principles, 13e WileyPLUS: H u s I Hele 1 Contacts I Lost PRINCIPLES...
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Brief Exercise 8-5 Skysong, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes...
Brief Exercise 8-5 Skysong, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. Accounts receivable are $376,600 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,872. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $961 instead of a credit balance of $2,872,...
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Oriole Company had credit
sales of $3,170,200, of which $380,600 remained uncollected at
year-end. The credit manager estimates that $17,750 of these
receivables will become uncollectible.
(a)
Prepare the journal entry to record the estimated uncollectibles.
(Assume an unadjusted balance of zero in Allowance for Doubtful
Accounts.) (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Brief Exercise 8-10 (Part Level Submission)
During its first year of operations, Kingbird, Inc. had credit
sales of $3,000,300, of which $401,500 remained uncollected at
year-end. The credit manager estimates that $18,830 of these
receivables will become uncollectible.
(b)
Prepare the current assets section of the balance sheet for
Kingbird, Inc., assuming that in addition to the receivables it has
cash of $89,840, merchandise inventory of $165,430, and supplies of
$11,750. (List current assets in order of
liquidity)
During its...
Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT RESOURCES mework Brief Exercise 3-3 During its first year of operations, Gavin Company had credit sales of $3,263,600; $637,800 remained uncollected at year-end. The credit manager estimates that $43.500 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 43,500 Bad Debts Expense Allowance for Doubtful...
During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $25,200 of these receivables will become uncollectible. *(a) Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $25,200 of these receivables will become uncollectible. *(a) Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 75200 7 "Allowance...
During its first year of operations, Kingbird, Inc. had credit sales of $3,000,300, of which $401,500 remained uncollected at year-end. The credit manager estimates that $18,830 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Prepare...
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IS Weygandt, Accounting Principles, 13e WileyPLUS: H u s I Hele 1 Contacts I Lost PRINCIPLES OF ACCOUNTING IA II (ACC 201-202) actice Assignment Gradebook ORION Downloadable eTextbook inment CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 9-03 a-b (Part Level Submission) During its first year of operations, Wildhorse Company had credit sales of $3,400,000; $661,300 remained uncollected at year-end. The credit manager estimates that $42,500 of these receivables will become uncollectible. Prepare the journal entry to...
Brief Exercise 8-5 Skysong, Inc. uses the percentage-of-receivables basis to record bad debt expense and concludes that 4% of accounts receivable will become uncollectible. Accounts receivable are $376,600 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,872. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $961 instead of a credit balance of $2,872,...
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