Homework Answers
| Cash | |||
| Beginning Balance | $ 125,808 | ||
| Accounts Receivable (Star Co.) (18) | $ 93,229 | ||
| Accounts Receivable (Fox Inc.) (20) | $ 175,405 | ||
| Accounts Receivable (ABC.) (19) | |||
| Accounts Receivable | |||
| Beginning Balance | $ 377,105 | ||
| Star Co. Sales (15) | $ 93,229 | ||
| Fox Inc. Sales (16) | $ 215,405 | ||
| $ 93,229 | Star Co. Cash Collection (18) | ||
| Allowance for UA (17) | |||
| $ 175,405 | Fox Inc. Cash Collection (20) | ||
| Cash (19) | |||
| Allowance for UA (19) | |||
| Revenue | |||
| $ 93,229 | Sales to Star Co. (15) | ||
| $ 215,405 | Sales to Fox Inc. (16) | ||
| $ 308,634 | |||
| Bad Debt Expense | |||
| Allowance for UA (14) | |||
| Allowance for UA | |||
| Accounts Receivable (17) | 476 | Beginning Balance | |
| Accounts Receivable (19) | Bad Debt Expense (14) | ||
Figures for 14, 17 and 19 has not been recorded in T accounts,
since information for them is not given, but accounts have been
marked with point numbers for the same.
Due to above ending balance could not be calculated
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Cash 125,808 Accounts receivable 377,105 $ 125,808 377,105 Revenue Allowance for UA Use the T-accounts to...
Accounts receivable Cash 99,508 99,508 Revenue Sales discounts 99,508 Use the T-accounts to record the following...
Accounts receivable Cash 99,508 99,508 Revenue Sales discounts 99,508 Use the T-accounts to record the following transactions for LAX, LLC.: 1. LAX sold goods to Onalaska, Inc. for $5,000, on account. Terms were 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $2,750, on account. Terms were 2/15, net 30. 3. LAX sold goods to XYZ Co. for $99,000.XYZ paid cash. 4. LAX collected full payment from Onalaska, Inc. 10 days after the purchase date. 5. La Crescent,...
Cash Accounts receivable Use the T-accounts to record the following transactions for LAX, LLC.: 99,508 169,010...
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.:...
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...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries) Sales on account, $400,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 400.000 Ses Revenue 400,000 Choose from any list or enter any number in the input fields and then continue to the next question Collections...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations)...
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...
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...
Spring Break Travelended 2019 wth Accounts Receivable et $88,000 and an Allowance for Dautiful Accounts at...
Spring Break Travelended 2019 wth Accounts Receivable et $88,000 and an Allowance for Dautiful Accounts at $17,200. During 2020, Spring Break Travel compted the transactions 1. Service revenue on account $820,000 (same cost of goods sold 2. Colections on account, $855.000 3. Write-offs of uncollectibles $6.000 4. Bad debt expense 2 percent of service revenue Joumaize Spring Break Travels 2020 transactions, and show updated balance sheet Begin by recording service revenue Service revenue on account, $20.000 (assume no cost of...
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...
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500...
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. Uncollect ible accounts are estimated to total $26,810 at the end of the period....
At the beginning of the current period, Sheridan had balances in Accounts Receivable of $299,000 and...
At the beginning of the current period, Sheridan had balances in Accounts Receivable of $299,000 and in Allowance for Doubtful Accounts of $8,300 (credit). During the period, it had net credit sales of $880,000 and collections of $836,000. It wrote off as uncollectible accounts receivable of $6,100. However, a $3,700 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400 at the end of the period. (Omit cost...
Accounts receivable Cash 99,508 99,508 Revenue Sales discounts 99,508 Use the T-accounts to record the following transactions for LAX, LLC.: 1. LAX sold goods to Onalaska, Inc. for $5,000, on account. Terms were 1/10, net/30. 2. LAX sold goods to La Crescent, LLC for $2,750, on account. Terms were 2/15, net 30. 3. LAX sold goods to XYZ Co. for $99,000.XYZ paid cash. 4. LAX collected full payment from Onalaska, Inc. 10 days after the purchase date. 5. La Crescent,...
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...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries) Sales on account, $400,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 400.000 Ses Revenue 400,000 Choose from any list or enter any number in the input fields and then continue to the next question Collections...
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...
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...
Spring Break Travelended 2019 wth Accounts Receivable et $88,000 and an Allowance for Dautiful Accounts at $17,200. During 2020, Spring Break Travel compted the transactions 1. Service revenue on account $820,000 (same cost of goods sold 2. Colections on account, $855.000 3. Write-offs of uncollectibles $6.000 4. Bad debt expense 2 percent of service revenue Joumaize Spring Break Travels 2020 transactions, and show updated balance sheet Begin by recording service revenue Service revenue on account, $20.000 (assume no cost of...
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...
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. Uncollect ible accounts are estimated to total $26,810 at the end of the period....
At the beginning of the current period, Sheridan had balances in Accounts Receivable of $299,000 and in Allowance for Doubtful Accounts of $8,300 (credit). During the period, it had net credit sales of $880,000 and collections of $836,000. It wrote off as uncollectible accounts receivable of $6,100. However, a $3,700 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400 at the end of the period. (Omit cost...
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