Homework Answers
| 1 | ||
| Bad Debts expense | 43500 | |
| Allowance for Doubtful Accounts | 43500 | |
| 2 | ||
| Balance Sheet (Partial) | ||
| Current Assets | ||
| Cash | 93180 | |
| Accounts Receivable | 637800 | |
| Less: Allowance for Doubtful Accounts | 43500 | 594300 |
| Inventory | 134200 | |
| Prepaid Insurance | 9180 | |
| Total Current Assets | 830860 | |
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Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT RESOURCES mework Brief Exercise 3-3 During its...
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,...
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
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...
i just need the first adjusting entry (b) Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK RESOURCES 24 (...
i just need the first adjusting entry (b)
Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK RESOURCES 24 (Video 3 Total 185,500 0-30 74,600 Accounts receivable uncollectible Number of Days Outstanding 1-60 61-90 91-120 Over 120 40,700 35,000 21,000 $14,200 496 5% 8% 20% D EL 1750 I 1680, 2840 Estimated bad debts T 8644 1628 rise 01 LINK TO TEXT VIDEO: SIHTLAR PROBLEM by Study Your answer is partially correct. Try again. (b) Prepare the year-end adjusting journal entry...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of $201.400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8.026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are...
CALCULATOR PRINTER VERSION BACK NEXT Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit t...
CALCULATOR PRINTER VERSION BACK NEXT Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. % Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31...
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
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
Weygandt, Financial & Managerial Accounting, 2e Helo Contact Ms Loe Financial & Managerial Accounting (ACCT 2100...
Weygandt, Financial & Managerial Accounting, 2e Helo Contact Ms Loe Financial & Managerial Accounting (ACCT 2100 &21 Practice Assignment Gradebook ORION Downloadable eTextbook ssignment FURL SCREEN PRINTER VERSON CES 1BACK NEXT Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,433,400: $620,000 remained uncollected at year-end. The credit manager estimates that $37,800 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when...
During its first year of operations, Sheridan Company had credit sales of $4,200,000, of which $400,000...
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...
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...
GILL CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-4 The ledger of Swifty Corporation at the end...
GILL CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the trial balance,...
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...
i just need the first adjusting entry (b)
Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK RESOURCES 24 (Video 3 Total 185,500 0-30 74,600 Accounts receivable uncollectible Number of Days Outstanding 1-60 61-90 91-120 Over 120 40,700 35,000 21,000 $14,200 496 5% 8% 20% D EL 1750 I 1680, 2840 Estimated bad debts T 8644 1628 rise 01 LINK TO TEXT VIDEO: SIHTLAR PROBLEM by Study Your answer is partially correct. Try again. (b) Prepare the year-end adjusting journal entry...
CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK NEXT At the beginning of the current period, Nash's Trading Post, LLC had balances in Accounts Receivable of $201.400 and in Allowance for Doubtful Accounts of $8,570 (credit). During the period, it had credit sales of $840,400 and collections of $758,910. It wrote off as uncollectible accounts receivable of $8.026. However, a $2,889 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are...
CALCULATOR PRINTER VERSION BACK NEXT Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. % Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31...
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
Weygandt, Financial & Managerial Accounting, 2e Helo Contact Ms Loe Financial & Managerial Accounting (ACCT 2100 &21 Practice Assignment Gradebook ORION Downloadable eTextbook ssignment FURL SCREEN PRINTER VERSON CES 1BACK NEXT Brief Exercise 8-3 During its first year of operations, Gavin Company had credit sales of $3,433,400: $620,000 remained uncollected at year-end. The credit manager estimates that $37,800 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when...
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...
GILL CALCULATOR PRINTER VERSION BACK NEXT Exercise 8-4 The ledger of Swifty Corporation at the end of the current year shows Accounts Receivable $74,500; Credit Sales $786,220; and Sales Returns and Allowances $42,810. (a) If Swifty Corporation uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Swifty Corporation determines that Matisse's $922 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,116 in the trial balance,...
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