Homework Answers
| Accounts Receivable (Amt. $) | |||
| opening | 3133 | writeoff | 188 |
| Sales | 11450 | realizations(balancing) | 10489 |
| Closing | 3906 | ||
| 14583 | 14583 | ||
| Allownace for doubtful a/cs (Amt $) | |||
|
Accounts receivableWriteoff |
188 | opening | 102 |
| Fresh allowance(balancing) | 274 | ||
| Closing | 188 | ||
| 376 | 376 | ||
a. Amount of Cash collected during the year $10489 (Accounts receivable balancing figure)
2. Amount of uncollectible expense recognised during the period $274 ( Allowance for doubtful accounts balancing figure)
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The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful...
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable $ 2,504 $ 3,417 Allowance for doubtful accounts 125 170...
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At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance...
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Assume the following information for Windsor Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $139,000 11,450 940,000 917,000 5,600 1,600 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
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On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of...
On January 1, 2009 the accounts receivable and the allowance for doubtful accounts carried balances of $20,000 (debit) and $500 (credit), respectively. During the year, the company reported revenues of $100,000; 30% of which were cash sales. There were $550 of receivables written-off as uncollectible in 2009. Cash collections of receivables amounted to $74,550. If the company estimates bad debts expense to be 5% of the balance of A/R, determine the net realizable value of receivables appearing on the 2009...
Exercise 8-3 At the beginning of the current period, Wildhorse Co. had balances in Accounts Receivable...
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At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700...
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Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts...
Assume the following information for Halloween Corp. Accounts receivable (beginning balance) $143,000 Allowance for doubtful accounts (beginning balance) 11,470 Net credit sales 950,000 Collections 902,000 Write-offs of accounts receivable 5,500 Collections of accounts previously written off 2,300 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. a) Prepare the entries to record sales and collections during the period, a separate entry to record the write-off of uncollectible accounts during the period, and another separate entry...
Exercise 7-3A Analyzing account balances for a company using the allowance method of accounting for uncollectible accounts LO 7-1 The following account balances come from the records of Ourso Company Beginning Balance $2,884 122 Lecounts receivable Allowance for doubtful accounts Ending Balance $3,993 201 During the accounting period, Ourso recorded $12,000 of sales revenue on account. The company also wrote off a $200 account receivable Required a. Determine the amount of cash collected from receivables. Collections of accounts receivable b....
At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Doubtful Accounts of $8,620 (credit). During the period, it had net credit sales of $739,000 and collections of $813,450. It wrote off as uncollectible accounts receivable of $7,198. However, a $2,978 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,810 at the end of the period. (Omit...
At the beginning of the current period, Tamarisk Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,820 (credit). During the period, it had net credit sales of $880,000 and collections of $706,410. It wrote off as uncollectible accounts receivab $7,172. However, a $3,100 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,010 at the end of the period. (Omit cost...
Assume the following information for Windsor Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off $139,000 11,450 940,000 917,000 5,600 1,600 Uncollectible accounts are expected to be 9% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and...
bad debts Allegheny Company ended Year 1 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $86,000 and $4800, respectively. During Year 2, Allegheny wrote off $9000 of Uncollectible Accounts. Using the percent of receivables method, Allegheny estimates that the ending Allowance for Doubtful Accounts balance should be $7200. What amount will Allegheny report as bad debts Expense on its Year 2 income statement? $9000 $11,400 $2400 $7200
At the beginning of the current period, Larkspur Corp. had balances in Accounts Receivable of $202,700 and in Allowance for Doubtful Accounts of $9,200 (credit). During the period, it had net credit sales of $744,100 and collections of $829,950. It wrote off as uncollectible accounts receivable of $7,798. However, a $2,979 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $26,820 at the end of the period. (Omit...
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