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record the journal entries using the allowance method
7 - Your Co. uses the allowance method....
7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales...
7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales of $60000, an AIR balance of $9000, and a dr. balance of $450 in the allowance account. Record the adjusting entry if 1% of sales are uncollectible. c) Your Co. had sales of $90000, an AIR balance of $14400, anda dr. balance of $144 in the allowance account. Record the adjusting entry if 4% of AIR are uncollectible. General Journal Date Account/Explanation PR Debit...
blemi II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible...
blemi II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible s. Past experience indicates that 4.5% of accounts receivable will eventually be uncollectible. Selected want balances at December 31, 2017, and December 31, 2018, appear below: 12/31/2017 12/31/2018 Net Credit Sales S400,000 $500,000 Accounts Receivable 80,000 100,000 Allowance for Doubtful Accounts 3,600 Instructions: (a) Record the following events in 2018. Aug, 10 Determined that the account of Jane Duncan for $500 is uncollectible. Sept....
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and ing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. 16 Wrote off the $5,700 balance owed...
Problem II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible...
Problem II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 4.5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2017, and December 31, 2018, appear below: 12/31/2017 12/31/2018 Net Credit Sales $400,000 $500,000 Accounts Receivable 80,000 100,000 Allowance for Doubtful Accounts 3,600 Instructions: (a) Record the following events in 2018. Aug, 10 Determined that the account of Jane Duncan for $500 is uncollectible. Sept....
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the...
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March of the next year, the...
Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the...
Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the year, Hershey estimates that 4% of accounts receivable will become uncollectible. If the trial balance shows accounts receivable with a debit balance of $80,000 and allowance for doubtful accounts (ADA) with a debit balance of $600. What would the adjusting entry to the account - Allowance for doubtful accounts be? (Ignore the bad debt expense side of the entry Q2: Blue Co. uses the...
Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal...
Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,590 cash in full payment of Arlene's account. Apr. 3. Wrote off the $9,110 balance owed by Premier GS Co., which is bankrupt. July 16. Received 30% of the $16,300 balance owed by Hayden Co., a bankrupt...
Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Instructions The following transactions were...
Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been writ the preceding year as uncollectible. Journalized the receipt of $7,350 cash in full payment of Seth's account. Aug....
7 - Your Co. uses the allowance method. Complete the following: a) Your Co. had sales of $60000, an AIR balance of $9000, and a dr. balance of $450 in the allowance account. Record the adjusting entry if 1% of sales are uncollectible. c) Your Co. had sales of $90000, an AIR balance of $14400, anda dr. balance of $144 in the allowance account. Record the adjusting entry if 4% of AIR are uncollectible. General Journal Date Account/Explanation PR Debit...
blemi II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible s. Past experience indicates that 4.5% of accounts receivable will eventually be uncollectible. Selected want balances at December 31, 2017, and December 31, 2018, appear below: 12/31/2017 12/31/2018 Net Credit Sales S400,000 $500,000 Accounts Receivable 80,000 100,000 Allowance for Doubtful Accounts 3,600 Instructions: (a) Record the following events in 2018. Aug, 10 Determined that the account of Jane Duncan for $500 is uncollectible. Sept....
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and ing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. 16 Wrote off the $5,700 balance owed...
Problem II (10 points): The Bolton Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 4.5% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2017, and December 31, 2018, appear below: 12/31/2017 12/31/2018 Net Credit Sales $400,000 $500,000 Accounts Receivable 80,000 100,000 Allowance for Doubtful Accounts 3,600 Instructions: (a) Record the following events in 2018. Aug, 10 Determined that the account of Jane Duncan for $500 is uncollectible. Sept....
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March of the next year, the...
Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the year, Hershey estimates that 4% of accounts receivable will become uncollectible. If the trial balance shows accounts receivable with a debit balance of $80,000 and allowance for doubtful accounts (ADA) with a debit balance of $600. What would the adjusting entry to the account - Allowance for doubtful accounts be? (Ignore the bad debt expense side of the entry Q2: Blue Co. uses the...
Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,590 cash in full payment of Arlene's account. Apr. 3. Wrote off the $9,110 balance owed by Premier GS Co., which is bankrupt. July 16. Received 30% of the $16,300 balance owed by Hayden Co., a bankrupt...
Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $18,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been writ the preceding year as uncollectible. Journalized the receipt of $7,350 cash in full payment of Seth's account. Aug....
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