The ledger of Splish Brothers Inc. at the end of the current year shows Accounts Receivable $73,000; Credit Sales $840,000; and Sales Returns and Allowances $40,000.
The ledger of Splish Brothers Inc. at the end of the current year shows Accounts Receivable $73,000; Credit Sales $840,000; and Sales Returns and Allowances $40,000.
Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| (a) | If Splish Brothers uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Splish Brothers determines that Matisse’s $750 balance is uncollectible. | |
| (b) | If Allowance for Doubtful Accounts has a credit balance of $1,250 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 9% of accounts receivable. | |
| (c) | If Allowance for Doubtful Accounts has a debit balance of $400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 7% of accounts receivable. |
Homework Answers
Solution :
Below is the jourrnal entry required in each of the following cases :
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The ledger of Splish Brothers Inc. at the end of the current year shows Accounts Receivable $73,000; Credit Sales $840,000; and Sales Returns and Allowances $40,000.
The ledger of Splish ASA at the end of the current year shows Accounts Receivable €128,500,...
The ledger of Splish ASA at the end of the current year shows
Accounts Receivable €128,500, Sales Revenue €853,500, and Sales
Returns and Allowances €30,900. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
(a)
If Splish uses the direct write-off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Splish determines that T. Thum’s €2,500 balance is
uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of...
The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000,...
The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances $20,000. Instructions (a) If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole’s $1,400 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000;...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000; Credit Sales $830,000; and Sales Returns and Allowances $50,000 (a) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Larkspur determines that Matisse $700 balance is uncollectible (b) If Allowance for Doubtful Account has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000;...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000;...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000; Credit Sales $825,000; and Sales Returns and Allowances $41,000. (a) If Tamarisk uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Tamarisk determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,0...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,000; Credit Sales $800,000; and Sales Returns and Allowances $35,000. (a) If Kingbird uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Kingbird determines that Matisse's $700 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December...
The ledger of Ruru Company at the end of the current year shows Accounts Receivable $200,000,...
The ledger of Ruru Company at the end of the current year shows Accounts Receivable $200,000, Sales $1,400,000, and Sales Returns and Allowances $50,000. Instructions: (a) If Ruru uses the direct write-off method to account for uncollectible accounts, journalize theadjusting entry at December 31, assuming Ruru determines that Barking Ghosts Company’s $2,400 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $3,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000:...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
The ledger of Splish ASA at the end of the current year shows
Accounts Receivable €128,500, Sales Revenue €853,500, and Sales
Returns and Allowances €30,900. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
(a)
If Splish uses the direct write-off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Splish determines that T. Thum’s €2,500 balance is
uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit balance of...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000; Credit Sales $830,000; and Sales Returns and Allowances $50,000 (a) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Larkspur determines that Matisse $700 balance is uncollectible (b) If Allowance for Doubtful Account has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000. (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000; Credit Sales $825,000; and Sales Returns and Allowances $41,000. (a) If Tamarisk uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Tamarisk determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,000; Credit Sales $800,000; and Sales Returns and Allowances $35,000. (a) If Kingbird uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Kingbird determines that Matisse's $700 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December...
The ledger of Macarty Company at the end of the current year shows Accounts Receivable $78,000: Credit Sales $810,000; and Sales Returns and Allowances $40.000 (a) If Macarty uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
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