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On July 1st, Milwaukee Inc. issued a $720,000 note receivable due in 6 months with a...
At the beginning of 2022, Terrarium Co. had $1,620,000 of gross accounts receivables and $201,000 in...
At the beginning of 2022, Terrarium Co. had $1,620,000 of gross accounts receivables and $201,000 in their allowance for doubtful accounts. During 2022, Terrarium sold $4,860,000 worth of plants on account and collected $2,550,000 worth of receivables in cash. In addition, Terrarium wrote-off $63,000 worth of accounts receivables and made $3,000 of cash recoveries in 2022. Terrarium Co. uses the percentage sales method to determine bad debt expense, estimating 6% of sales to be uncollectible. What are the gross accounts...
At the beginning of 2022, Terrarium Co. had $1,370,000 of gross accounts receivables and $224,000 in...
At the beginning of 2022, Terrarium Co. had $1,370,000 of gross accounts receivables and $224,000 in their allowance for doubtful accounts. During 2022, Terrarium sold $4,670,000 worth of plants on account and collected $2,930,000 worth of receivables in cash. In addition, Terrarium wrote-off $59,000 worth of accounts receivables and made $4,100 of cash recoveries in 2022. Terrarium Co. uses the percentage sales method to determine bad debt expense, estimating 5% of sales to be uncollectible. What are the gross accounts...
At the beginning of 2022, Terrarium Co. had $1,530,000 of gross accounts receivables and $231,000 in...
At the beginning of 2022, Terrarium Co. had $1,530,000 of gross accounts receivables and $231,000 in their allowance for doubtful accounts. During 2022, Terrarium sold $4,610,000 worth of plants on account and collected $2,910,000 worth of receivables in cash. In addition, Terrarium wrote-off $60,000 worth of accounts receivables and made $3,800 of cash recoveries in 2022. Terrarium Co. uses the percentage sales method to determine bad debt expense, estimating 2% of sales to be uncollectible. What are the net accounts...
1 Data Table Accounts Receivable Allowance for Bad Debts 79,000 1,861 The aging of accounts receivable...
1 Data Table Accounts Receivable Allowance for Bad Debts 79,000 1,861 The aging of accounts receivable yields the following data: Age of Accounts Receivable 0-60 Days Total Receivables Over 60 Days 3,000 x 19% S 76,000 s 79,000 Accounts Receivable Estimated percent uncollectible х 4% Print Done We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imagee Falling's entry to record bad debts expense for 2018 u Accounts re Collected cash...
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, Folgeys Coffee Company reports the following results for its calendar year. Exercise 9-11...
At December 31, Folgeys Coffee Company reports the following results for its calendar year. Exercise 9-11 Estimating bad debts P3 Cash sales.......................... $900,000 Credit sales ......................... $300,000 We were unable to transcribe this imageWe were unable to transcribe this image350 Chapter 9 Accounting for Receivables Its year-end unadjusted trial balance includes the following items. Allowance for doubtful accounts ..... $5,000 debt $125,000 debit Accounts receivable........... Check Dr Bad Debts Expense: (1) $9.000 1. Prepare the adjusting entry to record bad...
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is...
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is past due for up to 180 days, and $91,000 is past due for more than 180 days. Under the aging of receivables method, Crimson Inc. expects it will not collect 5% of the amount not yet due, 18% of the amount past due for up to 180 days, and 22% of the amount past due for more than 180 days. The allowance account had...
Indigo Inc. had the following long-term receivable account balances at December 31, 2019. Note receivable from...
Indigo Inc. had the following long-term receivable account
balances at December 31, 2019.
Note receivable from sale of division
$1,800,000
Note receivable from officer
439,100
We were unable to transcribe this imagePrepare the long-term receivables section of Indigo's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) INDIGO INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Indigo's...
thank you for your help! Question 8 (1 point) On July 1st, a company exchanges an...
thank you for your help!
Question 8 (1 point) On July 1st, a company exchanges an account receivable from a customer with a $100,000 note receivable due in 3 years with a 12% annual interest rate. The customer repays the loan and the accrued interest at the end of the three years. Assume that interest is not compounding from period to period. On receipt of cash from the customer, who pays the principal and all of the interest owed to...
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Category Receivable Total 0-30 days...
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Category Receivable Total 0-30 days $91,550 31-90 days 34,230 Over 90 days 23,170 Percentage Uncollectible 8% 1696 37% Determine the estimated uncollectible bad debt from Marshall Inc. Using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two...
At the beginning of 2022, Terrarium Co. had $1,620,000 of gross accounts receivables and $201,000 in their allowance for doubtful accounts. During 2022, Terrarium sold $4,860,000 worth of plants on account and collected $2,550,000 worth of receivables in cash. In addition, Terrarium wrote-off $63,000 worth of accounts receivables and made $3,000 of cash recoveries in 2022. Terrarium Co. uses the percentage sales method to determine bad debt expense, estimating 6% of sales to be uncollectible. What are the gross accounts...
1 Data Table Accounts Receivable Allowance for Bad Debts 79,000 1,861 The aging of accounts receivable yields the following data: Age of Accounts Receivable 0-60 Days Total Receivables Over 60 Days 3,000 x 19% S 76,000 s 79,000 Accounts Receivable Estimated percent uncollectible х 4% Print Done We were unable to transcribe this imageWe were unable to transcribe this imageWe were unable to transcribe this imagee Falling's entry to record bad debts expense for 2018 u Accounts re Collected cash...
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, Folgeys Coffee Company reports the following results for its calendar year. Exercise 9-11 Estimating bad debts P3 Cash sales.......................... $900,000 Credit sales ......................... $300,000 We were unable to transcribe this imageWe were unable to transcribe this image350 Chapter 9 Accounting for Receivables Its year-end unadjusted trial balance includes the following items. Allowance for doubtful accounts ..... $5,000 debt $125,000 debit Accounts receivable........... Check Dr Bad Debts Expense: (1) $9.000 1. Prepare the adjusting entry to record bad...
Crimson Inc. recorded credit sales of $881,000, of which $590,000 is not yet due, $200,000 is past due for up to 180 days, and $91,000 is past due for more than 180 days. Under the aging of receivables method, Crimson Inc. expects it will not collect 5% of the amount not yet due, 18% of the amount past due for up to 180 days, and 22% of the amount past due for more than 180 days. The allowance account had...
Indigo Inc. had the following long-term receivable account
balances at December 31, 2019.
Note receivable from sale of division
$1,800,000
Note receivable from officer
439,100
We were unable to transcribe this imagePrepare the long-term receivables section of Indigo's balance sheet at December 31, 2020. (Round answers to 0 decimal places, e.g. 5,125.) INDIGO INC. Long-Term Receivables Section of Balance Sheet Prepare a schedule showing the current portion of the long-term receivables and accrued interest receivable that would appear in Indigo's...
thank you for your help!
Question 8 (1 point) On July 1st, a company exchanges an account receivable from a customer with a $100,000 note receivable due in 3 years with a 12% annual interest rate. The customer repays the loan and the accrued interest at the end of the three years. Assume that interest is not compounding from period to period. On receipt of cash from the customer, who pays the principal and all of the interest owed to...
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Category Receivable Total 0-30 days $91,550 31-90 days 34,230 Over 90 days 23,170 Percentage Uncollectible 8% 1696 37% Determine the estimated uncollectible bad debt from Marshall Inc. Using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two...
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