Homework Answers
| Cash sales | 1501810 | ||
| Credit sales | 2943000 | ||
| 4444810 | |||
| Account receivable | 1150491 | ||
| Allowance for doubtful accounts | 17140 | ||
| Transaction | General Journal | ||
| 1 | Bad debt expense | 88290 | (3% * 2943000) |
| Allowance for doubtful accounts | 88290 | ||
| 2 | Bad debt expense | 88896 | (2%*4444810) |
| Allowance for doubtful accounts | 88896 | ||
| 3 | Bad debt expense | 69294 | (6%*891729)+15790 |
| Allowance for doubtful accounts | 69294 |
| I hope this satisfies the answer. |
| In case of doubt, please comment. Also, it would be great in case you give thumbs up. |
| I am ready to explain anything you want. Just comment. And please hit like. |
| In case you want to dislike, please comment before. I will try to solve it. There might me some mistakes due to different approach. |
Add Answer to:
Required information The following information applies to the questions displayed below. At December 31, 2017, Hawke...
Required information [The following information applies to the questions displayed below.) At December 31, Hawke Company...
Required information [The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,798,320 $3,102,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $939,906 debit $ 24,180 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,630 3,080,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,240 debit 24,950 debit Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 3% of...
Required Information The following information applies to the questions displayed below At December 31, 2018, Hawke...
Required Information The following information applies to the questions displayed below At December 31, 2018, Hawke Company reports the following results for Its calendar year Cash sales Credit sales $1,349.940 3,126.000 In addition, Its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $947,178 debit 15,930 debl Required: 1. Prepare the adjusting entry for this company to recogn 2e bad debts under cach of the following independent assumptions. a. Bad debts are estimated to be 4%...
[The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales...
At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,109,120 3,221,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $975,963 debit 20,610 debit Required: Respond to each of the following independent scenarios. a. Prepare the adjusting entry for this company to recognize bad debts assuming bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,630 3,080,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,240 debit 24,950 debit 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2018, balance sheet assuming that bad debts are estimated to be 3% of...
At December 31, 2017, Hawke Company reports the following results for its calendar year.
At December 31, 2017, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Problem 7-2A Part 1 Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31,...
At December 31, 2017, Hawke Company reports the following results for its calendar year.
At December 31, 2017, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 4% of credit sales. b. Bad debts are estimated to be 3% of total sales. c. An aging analysis estimates that 7% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31, 2017). 2. Show...
Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 [The following information applies...
Required information Problem 7-2A Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below.] At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales $ 2,193,290 Credit sales 3,239,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable $ 981,417 debit Allowance for doubtful accounts 10,900 debit Problem 7-2A Part 1 Required: 1. Prepare the adjusting entry for this company to recognize bad debts...
At December 31, Hawke Company reports the following results for its calendar year.
At December 31, Hawke Company reports the following results for its calendar year. In addition, its unadjusted trial balance includes the following items. Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 1.5% of credit sales. b. Bad debts are estimated to be 1% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31). 2. Show how Accounts Receivable and the Allowance for Doubtful...
Required information [The following information applies to the questions displayed below.) At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,798,320 $3,102,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $939,906 debit $ 24,180 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 3% of credit sales. b. Bad debts are...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,630 3,080,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,240 debit 24,950 debit Required: 1. Prepare the adjusting entry for this company to recognize bad debts under each of the following independent assumptions. a. Bad debts are estimated to be 3% of...
Required Information The following information applies to the questions displayed below At December 31, 2018, Hawke Company reports the following results for Its calendar year Cash sales Credit sales $1,349.940 3,126.000 In addition, Its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $947,178 debit 15,930 debl Required: 1. Prepare the adjusting entry for this company to recogn 2e bad debts under cach of the following independent assumptions. a. Bad debts are estimated to be 4%...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,109,120 3,221,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $975,963 debit 20,610 debit Required: Respond to each of the following independent scenarios. a. Prepare the adjusting entry for this company to recognize bad debts assuming bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for...
Required information The following information applies to the questions displayed below.) At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $2,030,630 3,080,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $933,240 debit 24,950 debit 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2018, balance sheet assuming that bad debts are estimated to be 3% of...
Most questions answered within 3 hours.
-
Which of the following does NOT add to US GDP? A. Saudi Arabia
buys fighter jets...
asked 1 hour ago -
2. Describe market equilibrium in terms of the following
characteristics
d.
How supply and demand interactions...
asked 1 hour ago -
1a. Create a class named Computer
- Separate declaration from implementation (i.e. Header and CPP
files)...
asked 1 hour ago -
A medical researcher
believes that a drug changes the body's temperature. Seven test
subjects are randomly...
asked 1 hour ago -
A call option on Project Cash Flow Consulting Inc.'s stock (PCF)
has a market price of...
asked 1 hour ago -
A study on the latest fad diet claimed that the amounts of
weight lost by all...
asked 2 hours ago -
give examples of how gene expression is inherited to the next
generation?
asked 1 hour ago -
If a project has _________ IRR(s), we should __________ . Assume
this project is competing with...
asked 2 hours ago -
In the figure, a sound of wavelength 0.700 m is emitted
isotropically by point source S....
asked 2 hours ago -
1) Stock X has a beta of 1.6. If the risk free rate is 3.4
percent...
asked 2 hours ago -
Gallium is produced by the electrolysis of a solution obtained
by dissolving gallium oxide in concentrated...
asked 2 hours ago -
A small company that manufactures juggling equipment makes 19
different types of clubs. The company wants...
asked 2 hours ago