Homework Answers
1) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (920000-10000)*1.5% | 13650 | |
| Allowance for doubtful accounts | 13650 | ||
| (To record adjusting entry) |
2) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (420000*8%-3000) | 30600 | |
| Allowance for doubtful accounts | 30600 | ||
| (To record adjusting entry) |
c1) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (920000-10000)*0.85% | 7735 | |
| Allowance for doubtful accounts | 7735 | ||
| (To record adjusting entry) |
C2) Adjusting entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (420000*6.5%+600) | 27900 | |
| Allowance for doubtful accounts | 27900 | ||
| (To record adjusting entry) |
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Problem #2: Accounts Receivables Valuation (under allowance method) The ledger of Meteo Company at the end...
Accounts Receivables Valuation (under allowance method) The ledger of Meteo Company at the end of the...
Accounts Receivables Valuation (under allowance method) The ledger of Meteo Company at the end of the current year shows Accounts Receivable $420,000, Sales Revenue $920,000, and Sales Returns and Allowances $10,000. Instructions: If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1.5% of net sales, and (2) 8% of accounts receivable. (c) If Allowance for Doubtful Accounts has a...
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The ledger of Ruru Company at the end of the current year shows Accounts Receivable $200,000,...
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Question 2 The ledger of Metlock ASA at the end of the current year shows Accounts...
Question 2
The ledger of Metlock ASA at the end of the current year shows
Accounts Receivable €127,800, Sales Revenue €845,200, and Sales
Returns and Allowances €36,200. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
(a)
If Metlock uses the direct write-off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Metlock determines that T. Thum’s €2,200 balance is
uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit...
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...
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...
1. The ledger of J.C. Cobb Company at the end of the current year shows Accounts...
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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...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts Receivable $74,700; Credit Sales $870,160; and Sales Returns and Allowances $36,960 a If Bramble Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Bramble Corp. determines that Matisse's $829 balance is uncollectible. (b) 1f Allowance for Doubtful Accounts has a credit balance of $1,023 in the trial balance, journalize the adjusting entry at December...
Question 2
The ledger of Metlock ASA at the end of the current year shows
Accounts Receivable €127,800, Sales Revenue €845,200, and Sales
Returns and Allowances €36,200. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
(a)
If Metlock uses the direct write-off method to account for
uncollectible accounts, journalize the adjusting entry at December
31, assuming Metlock determines that T. Thum’s €2,200 balance is
uncollectible.
(b)
If Allowance for Doubtful Accounts has a credit...
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 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...
1. The ledger of J.C. Cobb Company at the end of the current year shows Accounts Receiv- able $150,000, Sales Revenue $850,000, and Sales Returns and Allowances $30,000. INSTRUCTIONS (a) If J.C. Cobb uses the direct write-off method to account for uncollectible accounts journalize the adjusting entry at December 31, assuming J.C. Cobb determines that M.Jack's $1,500 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $2,400 in the trial balance, journalize the adjusting entry...
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...
Exercise 8-4 The ledger of Bramble Corp. at the end of the current year shows Accounts Receivable $74,700; Credit Sales $870,160; and Sales Returns and Allowances $36,960 a If Bramble Corp. uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Bramble Corp. determines that Matisse's $829 balance is uncollectible. (b) 1f Allowance for Doubtful Accounts has a credit balance of $1,023 in the trial balance, journalize the adjusting entry at December...
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