Homework Answers
Answer
| no | particulars | debit | credit |
| a | bad debit expences | 33550 | |
| TO account receviable alliances | 33550 | ||
| being bad debit written off | |||
| b | allowances of doubtfull debit | 33550 | |
| To account recivable alliance | 33550 | ||
| being allowance account adjusted aganist bad debit of alliance |
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Entries to Write Off Accounts Receivable Quantum Solutions Company, a computer consulting firm, has decided to...
Entries to Write Off Accounts Receivable Creative Solutions Company, a computer consulting firm, has decided to...
Entries to Write Off Accounts Receivable Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell, a. Journalize the entry to record the write-off, assuming that the direct write-off method is used b. Journalize the entry to record the write-off, assuming that the allowance method is used.
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of...
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance...
EX 8-5 Entries to write off accounts receivable Creative Solutions Company, a computer consulting firm, has decided...
EX 8-5 Entries to write off accounts receivable Creative Solutions Company, a computer consulting firm, has decided to write off the $13,780 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used Obj. 3,4
Writing off accounts receivable E6-6 Quantum Technologies, a computer consulting firm, has decided to write off...
Writing off accounts receivable E6-6 Quantum Technologies, a computer consulting firm, has decided to write off the $13,000 balance of an account owed by a customer. Illustrate the effects on the accounts and finan- cial statements to record the write-off (a) assuming that the direct write-off method is used, and (b) assuming that the allowance method is used. Estimating doubtful accounts E6-7 Easy Rider International is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December...
Quantum Technologies, a computer consulting firm, has decided to write off the $31,875 balance of an...
Quantum Technologies, a computer consulting firm, has decided to
write off the $31,875 balance of an account owed by a customer.
Illustrate the effects on the accounts and financial statements of
recording the write-off based on the following assumptions:
If no account or activity is affected, select "No effect" from
the dropdown list and leave the corresponding number entry box
blank. Enter account decreases and cash outflows as negative
amounts.
Writing Off Accounts Recelvable Quantum Technologies, a computer consulting firm,...
Entries to write off accounts receivable Instructions Creative Solutions Company, a computer consulting firm, has decided...
Entries to write off accounts receivable Instructions Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer wiedeel On December 31, journalire the entry to record the write-off, assuming that all the direct we method is used and the scended Refer to the Chart of Account bra Chart of Account CHART OF ACCOUNTS Creative Solutions Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 interest Revenue 111...
Quantum Technologies, a computer consulting firm, has decided to write off the $17,375 balance of an...
Quantum Technologies, a computer consulting firm, has decided to write off the $17,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements of recording the write-off based on the following assumptions: If no account or activity is affected, select "No effect from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. (a) Assuming that the direct write-off method is used: Balance...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off...
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1 %...
Write-Off of Uncollectible Accounts The Rock has credit sales of $480,000 during 2019 and estimates at...
Write-Off of Uncollectible Accounts The Rock has credit sales of $480,000 during 2019 and estimates at the end of 2019 that 2% of these credit sales will eventually default. Also, during 2019 a customer defaults on a $1,900 balance related to goods purchased in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. Allowance for Doubtful Accounts Accounts Receivable Record write-off of defaulted account 2. Prepare the adjusting entry to record the bad debt expense for 2019....
In this module, you will learn how to estimate and report the effects of uncollectible accounts....
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. identify and write off specific customer balances in the period that they are determined to...
Entries to Write Off Accounts Receivable Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer, Wil Treadwell, a. Journalize the entry to record the write-off, assuming that the direct write-off method is used b. Journalize the entry to record the write-off, assuming that the allowance method is used.
EX 8-5 Entries to write off accounts receivable Creative Solutions Company, a computer consulting firm, has decided to write off the $13,780 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used Obj. 3,4
Writing off accounts receivable E6-6 Quantum Technologies, a computer consulting firm, has decided to write off the $13,000 balance of an account owed by a customer. Illustrate the effects on the accounts and finan- cial statements to record the write-off (a) assuming that the direct write-off method is used, and (b) assuming that the allowance method is used. Estimating doubtful accounts E6-7 Easy Rider International is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December...
Quantum Technologies, a computer consulting firm, has decided to
write off the $31,875 balance of an account owed by a customer.
Illustrate the effects on the accounts and financial statements of
recording the write-off based on the following assumptions:
If no account or activity is affected, select "No effect" from
the dropdown list and leave the corresponding number entry box
blank. Enter account decreases and cash outflows as negative
amounts.
Writing Off Accounts Recelvable Quantum Technologies, a computer consulting firm,...
Entries to write off accounts receivable Instructions Creative Solutions Company, a computer consulting firm, has decided to write off the $11,750 balance of an account owed by a customer wiedeel On December 31, journalire the entry to record the write-off, assuming that all the direct we method is used and the scended Refer to the Chart of Account bra Chart of Account CHART OF ACCOUNTS Creative Solutions Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 interest Revenue 111...
Quantum Technologies, a computer consulting firm, has decided to write off the $17,375 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements of recording the write-off based on the following assumptions: If no account or activity is affected, select "No effect from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. (a) Assuming that the direct write-off method is used: Balance...
In this module, you will learn how to estimate and report the effects of uncollectible accounts. Under Generally Accepted Accounting Principles, or GAAP companies must use the allowance method to account for uncollectibles. This method involves the following steps: 1. Estimate and record uncollectibles with an end-of-period adjusting journal entry that increases Bad Debt Expense (debit) and increases the Allowance for Doubtful Accounts (credit). 2. identify and write off specific customer balances in the period that they are determined to...
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