Homework Answers
| a] | Amount of cash collected from receivables = 2884+12000-3993-200 = | $ 10,691 |
| b] | Uncollectible accounts expense recognized = 201+200-122 = | $ 279 |
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Exercise 7-3A Analyzing account balances for a company using the allowance method of accounting for uncollectible...
The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful...
The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts Beginning Balance $3,133 102 Ending Balance $3,906 188 During the accounting period, Ourso recorded $11,450 of sales revenue on account. The company also wrote off a $188 account receivable Required a. Determine the amount of cash collected from receivables. Collections of accounts receivable b. Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,504 $ 3,417 Allowance for doubtful accounts 125 170...
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,504 $ 3,417 Allowance for doubtful accounts 125 170 During the accounting period, Ourso recorded $11,800 of sales revenue on account. The company also wrote off a $182 account receivable. Required Determine the amount of cash collected from receivables. Determine the amount of uncollectible accounts expense recognized during the period
Problem 5-23 Determining account balances: Percent of revenue method of accounting for uncollectible accounts LO 5-2...
Problem 5-23 Determining account balances: Percent of revenue method of accounting for uncollectible accounts LO 5-2 The following information is available for Quality Book Sales's sales on account and accounts receivable: $124,880 3,030 Accounts Receivable Balance, January 1, 2018 Allowance for Doubtful Accounts, January 1, 2018 Sales on Account, 2018 Collections of Accounts Receivable, 2018 809,270 840,735 After several collection attempts, Quality Book Sales wrote off $2,590 of accounts that could not be collected. Quality Book Sales estimates that 1.75...
Exercise 7-10A Accounting for uncollectible accounts: percent of revenue allowance versus direct write-off method LO 7-1,...
Exercise 7-10A Accounting for uncollectible accounts: percent of revenue allowance versus direct write-off method LO 7-1, 7-4 Joey’s Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1, its first year of operations, Joey’s Bike Shop experienced the following: Sales on account $ 270,400 Cash sales 660,200 Collections of accounts receivable 256,880 Uncollectible accounts charged off during the year 1,292 Required: a....
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
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...
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...
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 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts....
Exercise 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts. Past account balances at December 31, 2016, and December 31, 2017, appear below: experience indicates that 6% of accounts receivable will eventually be uncollectible Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2016 12/31/2017 400,000 $500,000 100,000 80,000 4,000 Your answer is correct Record the following events in 2017.(Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of...
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $3,800. During the year, Abbott wrote-off accounts receivable totaling $2,000 and made credit sales of $94,000. After the adjusting entry, the December 31 balance in Bad Debt Expense would be Select the correct answer. $1,880 $3,680 $5,680 $3,800
The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts Beginning Balance $3,133 102 Ending Balance $3,906 188 During the accounting period, Ourso recorded $11,450 of sales revenue on account. The company also wrote off a $188 account receivable Required a. Determine the amount of cash collected from receivables. Collections of accounts receivable b. Determine the amount of uncollectible accounts expense recognized during the period. Uncollectible accounts expense
Problem 5-23 Determining account balances: Percent of revenue method of accounting for uncollectible accounts LO 5-2 The following information is available for Quality Book Sales's sales on account and accounts receivable: $124,880 3,030 Accounts Receivable Balance, January 1, 2018 Allowance for Doubtful Accounts, January 1, 2018 Sales on Account, 2018 Collections of Accounts Receivable, 2018 809,270 840,735 After several collection attempts, Quality Book Sales wrote off $2,590 of accounts that could not be collected. Quality Book Sales estimates that 1.75...
The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: Sept. 7 Oct 15 Nov 9 Connecting Company determined that the $8,100 account receivable of the Helena Company was uncollectible, and wrote it off. Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off. Helena Company paid $6,000 of the amount owed to the Connecting Company. Connecting Company does...
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, 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 229 The Garvey Sign Company Selected uses the allowance method in accounting for uncollectible accounts. Past account balances at December 31, 2016, and December 31, 2017, appear below: experience indicates that 6% of accounts receivable will eventually be uncollectible Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts 12/31/2016 12/31/2017 400,000 $500,000 100,000 80,000 4,000 Your answer is correct Record the following events in 2017.(Credit account titles are automatically indented when the amount is entered. Do not indent manually)...
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