Homework Answers
| Date | General Journal | Debit | Credit |
| Jan. 31 | Allowance for uncollectible accounts | 1300 | |
| Accounts receivable | 1300 | ||
| (To record the write-off of Green's account) | |||
| Mar. 09 | Accounts receivable | 800 | |
| Allowance for uncollectible accounts | 800 | ||
| (To reinstate the account written-off) | |||
| Mar. 09 | Cash | 800 | |
| Accounts receivable | 800 | ||
| (To record the cash receipt from Green) |
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нер Save Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet > < 1...
10/31/2019 Part IV. (28 points) 1. Warner Company uses the allowance method to account for unc...
10/31/2019 Part IV. (28 points) 1. Warner Company uses the allowance method to account for unc wrote off a $1,000 account of a customer. C. Red. On March 9, it! Red. to account for uncollectibles. On January 31, it Red. On March 9, it receives an $800 payment from a) Prepare the journal entry or entries for January 31. b) Prepare the journal entry or entries for M Red. Jan. 31 assume no additional money is expected from Mar. 9...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098....
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098. During the first 11 months of the year, bad debts expense of $21,764 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,813. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
On January 1, 2019, Rosewood Corp. purchased a put option on shares of ICM stock. Terms...
On January 1, 2019, Rosewood Corp. purchased a put option on shares of ICM stock. Terms of the contract were as follows: Number of shares: 100 Strike price: $240 per share Expiration date: May 31, 2019 Total cost of the option contract: $100 Seller of the option contract: First Investment Bank On January 1, 2019, ICM stock was trading at $240 per share. The following additional information is known: On March 31, 2019, the price of ICM stock was $210...
On January 1, 2019, the balance in Tabor Co. Allowance for Bad Debts account was $13,666....
On January 1, 2019, the balance in Tabor Co. Allowance for Bad Debts account was $13,666. During the first 11 months of the year, bad debts expense of $21,018 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,941 Required: 0. What was the total of accounts written off during the first 11 months? (Mint Make a T-account for the Allowance for Bad Debts account) Bad debts write-On b. As the result of...
As of January 2019, Cox Corp. anticipates purchasing 100,000 pounds of copper in April 2019. On...
As of January 2019, Cox Corp. anticipates purchasing 100,000 pounds of copper in April 2019. On January 1, 2019, Cox enters into a copper futures contract. Terms of the contract were as follows: Contract size: 100,000 pounds of copper Delivery price: $2.60 per pound Expiration: April 1, 2019 Spot prices for copper (per pound) over the contract period were the following: January 1, 2019 March 31,2019 Spot_ price $2.60 $2.80 On April 1, 2019, Cox Corp. purchased the needed 100,000...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,500 account of a customer, C. Green. On March 9, it receives a $1,000 payment from Green. 1. Prepare the journal entry for January 31 2. Prepare the journal entries for March 9; assume no additional money is expected from Green. View transaction list View transaction list Journal entry worksheet 1 2 3 Record the write-off of Green's $1,500 account Note: Enter debits...
Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,000 account of a customer, C. Green. On March 9, it receives a $500 payment from Green. Prepare the journal entry for January 31 and March 9. Assume no additional money is expected from Green for March 9. View transaction list Journal entry worksheet 1 2 Record the write-off of Green's $1,000 account Note: Enter debits before credits. Credit Date General Journal Debit...
QS 9-5 Allowance method for bad debts LO P2 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off an $1,800 account of a customer, C. Green. On March 9, it receives a $1,300 payment from Green. 1. Prepare the journal entry or entries for January 31 2. Prepare the journal entry or entries for March 9; assume no additional money is expected from Green. View transaction list Journal entry worksheet > < 1...
10/31/2019 Part IV. (28 points) 1. Warner Company uses the allowance method to account for unc wrote off a $1,000 account of a customer. C. Red. On March 9, it! Red. to account for uncollectibles. On January 31, it Red. On March 9, it receives an $800 payment from a) Prepare the journal entry or entries for January 31. b) Prepare the journal entry or entries for M Red. Jan. 31 assume no additional money is expected from Mar. 9...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
On January 1, 2019, the balance in Tabor Co's Allowance for Bad Debts account was $13,098. During the first 11 months of the year, bad debts expense of $21,764 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,813. Required: a. What was the total of accounts written off during the first 11 months? (Hint Make a T-account for the Allowance for Bad Debts account.) Bad debts write-Off b. As the result of...
On January 1, 2019, Rosewood Corp. purchased a put option on shares of ICM stock. Terms of the contract were as follows: Number of shares: 100 Strike price: $240 per share Expiration date: May 31, 2019 Total cost of the option contract: $100 Seller of the option contract: First Investment Bank On January 1, 2019, ICM stock was trading at $240 per share. The following additional information is known: On March 31, 2019, the price of ICM stock was $210...
On January 1, 2019, the balance in Tabor Co. Allowance for Bad Debts account was $13,666. During the first 11 months of the year, bad debts expense of $21,018 was recognized. The balance in the Allowance for Bad Debts account at November 30, 2019, was $9,941 Required: 0. What was the total of accounts written off during the first 11 months? (Mint Make a T-account for the Allowance for Bad Debts account) Bad debts write-On b. As the result of...
As of January 2019, Cox Corp. anticipates purchasing 100,000 pounds of copper in April 2019. On January 1, 2019, Cox enters into a copper futures contract. Terms of the contract were as follows: Contract size: 100,000 pounds of copper Delivery price: $2.60 per pound Expiration: April 1, 2019 Spot prices for copper (per pound) over the contract period were the following: January 1, 2019 March 31,2019 Spot_ price $2.60 $2.80 On April 1, 2019, Cox Corp. purchased the needed 100,000...
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