Homework Answers
Requirement 1:
| Accounts receivable | |||
| Beginning balance | $91,000 | 2 | $880,000 |
| 1 | $1,050,000 | 3 | $13,000 |
| Ending balance | $248,000 | ||
Customers owe the company at December 31,2017 is $248,000
Requirement 2:
| Allowance for uncollectible accounts | |||
| 3 | $13,000 | Beginning balance | $17,500 |
| 4 | $14,000 | ||
| Ending balance | $18,500 | ||
The company expects not to collect at December 31,2017 is $18,500
Requirement 3:
| Accounts receivable, Ending balance | $248,000 |
| (less): Allowance for uncolectible accounts, Ending balance | ($18,500) |
| Net realizable value at Dec 31,2017 | $229,500 |
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Use the information from the following journal entries to answer the questions about Winter Retreat Inc....
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the information from the following journal entries to answer the
questions about Natural Life Inc. for 2017.
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Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are...
Requirement 1. Record the transactions for the
last quarter of 2019 in the journal. Explanations are not
required.
Requirement 2. Prepare a T-account for
Allowance for Uncollectible Accounts with the appropriate beginning
balance. Post the entries from Requirement 1 to that account.
Open the T-account by posting the beginning balance. Then post
the entries to the Allowance for Uncollectible Accounts T-account
and calculate the ending balance.
Requirement 3. Show how
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Use
the information from the following journal entries to answer the
questions about Natural Life Inc. for 2017.
Use the information from the following journal entries to answer the questions about Natural Life Inc. for 2017 Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($30,000) and then post to the Account Receivable T account. How much do Natural Life's customers owe the company at December 31, 2017? 2. Start with the Allowance...
Requirement 1. Record the transactions for the
last quarter of 2019 in the journal. Explanations are not
required.
Requirement 2. Prepare a T-account for
Allowance for Uncollectible Accounts with the appropriate beginning
balance. Post the entries from Requirement 1 to that account.
Open the T-account by posting the beginning balance. Then post
the entries to the Allowance for Uncollectible Accounts T-account
and calculate the ending balance.
Requirement 3. Show how
Perfecto CommunicationsPerfecto Communications will report its
accounts receivable in a...
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Show in T-Accounts and Journal. These entries related to
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