Homework Answers
| Dollar value | ||
| a | Credit sales during the period | 370000 |
| b | Collection of credit sales made during the period | 396000 |
| c | Write-off of an uncollectible account | 2870 |
| d | Recovery of the account previously written off | 200 |
| e | The adjusting entry to estimate bad debts | 2400 |
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Accounts Receivable Dec. 31/19 Balance 73,000 370,000 396,000 2,870 200 Dec. 31/20 Balance 44,130 200 Allowance...
Exercle Analyzing receivables and allowance for doubtful accounts on 2.3 Account Receivable Dec. 31/19 Balance 83.000...
Exercle Analyzing receivables and allowance for doubtful accounts on 2.3 Account Receivable Dec. 31/19 Balance 83.000 470.000 50.000 1.650 200 Alle folositi Accent 2.900 Dec. 31/19 Balance 160 3650 3,100 2,690 Dec 31/20 Balance Dec. 31/30 Balance Required Analyzing the information presented in the accounts above. Identify the dollar value related to each of the following 1. Credit sales during the period 1. Collection of credit sales made during the period c. Writeef of an uncollectible account d. Recovery of...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,470 Net credit sales 950,000 Collections 902,000 Write-offs of accounts receivable 5,500 Collections of accounts previously written off 2,300 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. a) Prepare the entries to record sales and collections during the period, a separate entry to record the write-off of uncollectible accounts during the period, and another separate entry...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
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...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $135,000 Allowance for doubtful accounts...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable...
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable $560,400 Less: Allowance for doubtful accounts 37,640 During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,968,300 2. Sales returns and allowances 92,202 3. Collections of accounts receivable 2,518,800 4. Write-offs of accounts receivable deemed uncollectible 43,310 5. Recovery of bad debts previously written off as uncollectible 15,840 Compute the accounts receivable turnover. (Round answer to 1 decimal...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Exercise 3-04 Assume the following information for Larkspur Corp Accounts receivable (beginning balance) Allowance for...
Exercise 3-04 Assume the following information for Larkspur Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $145,000 11,480 964,000 901,000 6,300 2,200 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are a Account Titles and Explanation Debit Credit (To record sales on account)...
Exercle Analyzing receivables and allowance for doubtful accounts on 2.3 Account Receivable Dec. 31/19 Balance 83.000 470.000 50.000 1.650 200 Alle folositi Accent 2.900 Dec. 31/19 Balance 160 3650 3,100 2,690 Dec 31/20 Balance Dec. 31/30 Balance Required Analyzing the information presented in the accounts above. Identify the dollar value related to each of the following 1. Credit sales during the period 1. Collection of credit sales made during the period c. Writeef of an uncollectible account d. Recovery of...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
Assume the following information for Marin Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $162,000 11,410 934,000 911,000 6,300 1,600 Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles 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...
Assume the following information for Marin Corp.
Accounts receivable (beginning balance)
$135,000
Allowance for doubtful accounts (beginning balance)
11,390
Net credit sales
940,000
Collections
902,000
Write-offs of accounts receivable
5,900
Collections of accounts previously written off
2,200
Uncollectible accounts are expected to be 6% of the ending balance
in accounts receivable.
Prepare the entries to record sales and collections during the
period. (Credit account titles are automatically
indented when the amount is entered. Do not indent
manually.)
Account Titles and...
Assume the following information for Skysong Corp. $151,000 Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) 11,370 Net credit sales 932,000 918,000 Collections Write-offs of accounts receivable 5,600 Collections of accounts previously written off 2,100 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and...
Exercise 3-04 Assume the following information for Larkspur Corp Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $145,000 11,480 964,000 901,000 6,300 2,200 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are a Account Titles and Explanation Debit Credit (To record sales on account)...
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