Cash | |||
3. | 99,000 | ||
4. | 4,950 | ||
6. | 2,450 | ||
10. | 75,000 | ||
11. | 133,650 | ||
18. | |||
Accounts Receivable | |||
1. | 5,000 | 4. | 5,000 |
2. | 2,750 | 5. | 250 |
7. | 75,000 | 6. | 2,500 |
8. | 150,000 | 9. | 15,000 |
15. | 93,229 | 10. | 75,000 |
16. | 215,405 | 11. | 135,000 |
17. | 250 | ||
19. | 1,250 | ||
Allowance for Uncollectible Accounts | |||
17. | 250 | Beg. bal. | 476 |
19. | 1,250 | 14. | 3,352.42 |
End. bal. | 2,328.42 | ||
12.
Date | Principal | Rate ( % ) | Term ( Months) | Interest Revenue |
2021/ 2/28 | $ 650,000 | 4.90 % | 8 | $ 21,233.33 |
2020/6/30 | 1,750,000 | 4.85 % | 15 | 63,656.25 |
2021/9/1 | 995,500 | 5.15 % | 6 | 17,089.42 |
$ 101,979 |
13. & 14.
Customer | Not Due | 1-30 late | 31-60 late | 61-90 late | > 90 late | Total |
ABC Co. | $ 58,104 | 358 | 95 | - | 2,500 | |
DDD Co. | 25,888 | 1,806 | 49 | - | - | |
Fox Inc. | 100,756 | 25 | - | 250 | 1,000 | |
JKL Inc. |
25,460 | 1,000 | - | - | 250 | |
Star Co. | 99,463 | 3,500 | - | 650 | - | |
XYZ LLC | 65,000 | 752 | 199 | |||
364,671 | 7,441 | 343 | 900 | 3,750 | ||
Estimated Bad Debt Percentage | 0.25 % | 0.75 % | 1.00 % | 5.00 % | 35.00 % | |
Estimated Bad Debt $ | $ 911.68 | $ 55.81 | $ 3.43 | $ 45.00 | $ 1,312.50 | $ 2,328.42 |
Accounts receivable Cash 99,508 99,508 Revenue Sales discounts 99,508 Use the T-accounts to record the following...
Cash Accounts receivable Use the T-accounts to record the following transactions for LAX, LLC.: 99,508 169,010 1. LAX sold goods to Onalaska, Inc. for $55,000, on account, 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $76,000, on account, 2/15, net 30. 3. LAX collected half of the amount due from Onalaska, Inc. 10 days after the purchase date and the rest 30 days after the purchase date. 99,508 169,010 4. La Crescent, LLC returned half the goods...
Cash 99,508 Accounts receivable 169,010 Use the T-accounts to record the following transactions for LAX, LLC.: 1. LAX sold goods to Onalaska, Inc. for $55,000, on account, 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $76,000, on account, 2/15, net 30. 3. LAX collected half of the amount due from Onalaska, Inc. 10 days after the purchase date and the rest 30 days after the purchase date. 4. La Crescent, LLC returned half the goods bought and...
Cash 125,808 Accounts receivable 377,105 $ 125,808 377,105 Revenue Allowance for UA Use the T-accounts to record the following transactions for LAX, LLC.: 14. Record the estimated bad debt expense from #13 for LAX for 2021 15. LAX sold $93,229 in goods to Star, Co., on account. 16. LAX sold $215,405 in goods to Fox, Inc., on account. 17. LAX decided to write off the >90 receivable for JKL. 18. LAX collected the amount due from Star, Co. 19. LAX...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
Cheyenne Corp. had record sales in 2020. It began 2020 with an Accounts Receivable balance of $455,000 and an Allowance for Doubtful Accounts of $32,000. Cheyenne recognized credit sales during the year of $6,650,000 and made monthly adjusting entries equal to 0.5% of each month’s credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,900 of accounts that were deemed to be uncollectible, although one customer whose $5,400 account had been written off surprised...
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 15 18 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. P Received check from Fox Co. (full balance outstanding for July sale (less the 2% discount) Sent check No.757 for $4,900 to Able Co. in full payment of outstanding balance from the prior month. tuin Sold merchandise on credit to...
Question 7 Concord Corporation had record sales in 2020. It began 2020 with an Accounts Receivable balance of $490,000 and an Allowance for Doubtful Accounts of $36,000. Concord recognized credit sales during the year of $6,665,000 and made monthly adjusting entries equal to 0.5% of each month's credit sales to recognize bad debt expense. Also during the year, the company wrote off $36,500 of accounts that were deemed to be uncollectible, although one customer whose $4,300 account had been written...
P6-1 Reporting Net Sales and Expenses with Discounts, Returns, and Bad Debts LO6-1, 6-2 [The following information applies to the questions displayed below.] The following data were selected from the records of Sykes Company for the year ended December 31, Current Year. Balances January 1, Current Year Accounts receivable (various customers) $ 120,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n/30 (assume a...
Sales Revenue & Accounts Receivable (LLH 6) Sansa Inc. had the following information about receivables at the end of 2019: Requied balance in Allowance for Bad Debts Bad Debt Expense Aging of Accts Receivable: Customer L. Arryn V. Targaryen J. Baratheon S. Tarly J. Mormont G.M. Pycelle O. Tyrell K. Drogo Total Rec. Not Yet Due $62,500 $9,500 $68,000 $81,500 $32,000 $108,000 $6,000 $6,000 55,000 55,000 1 to 30 days 30 to 90 days Over 90 days $62,500 9,500 68,000...
H/w. Accounts Receivable Task 1 E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Cadence Retailers in 2011: L02 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10,n/30. 25 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2...