I 2. Lululemon Inc. prepares its year ends and they have gathered the following sales and...
. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate client accounting records for the year ended December 31, 2019, prior to adjustment: (20 marks) (Account Receivable) Sale Records Total Revenues $500,000 and Net Credit Sales $380,000 Accounts Receivable (Dec 31, 2019) = $20,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $5,000 debit balance Lululemon Inc. uses the allowance method of accounting for bad debts and estimates bad debts at...
3. Lululemon Inc. prepares its year ends and they have gathered the following sales and corporate client accounting records for the year ended December 31, 2019, prior to adjustment: (20 marks) (Account Receivable) Sale Records Total Revenues $500,000 and Net Credit Sales $380,000 Accounts Receivable (Dec 31, 2019) = $20,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2019) = $5,000 debit balance Lululemon Inc. uses the allowance method of accounting for bad debts and estimates bad debts at...
Question 4 StorageTek Corporation gathered the following information from its accounting records for the year ended December 31, 2016, prior to adjustment: Net credit sales for the year = $1,150,000 Accounts Receivable (Dec 31, 2016) - $93,000 Allowance for Uncollectible Accounts, prior to adjustment (Dec 31, 2016) = $6,000 debit balance Storage Tek Corporation uses the allowance method of accounting for bad debts and estimates bad debts at 3% of net credit sales. 1. Prepare the adjusting entry on December...
The ledger of Larkspur, Inc. at the end of the current year shows Accounts Receivable $89,000; Credit Sales $830,000; and Sales Returns and Allowances $50,000 (a) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Larkspur determines that Matisse $700 balance is uncollectible (b) If Allowance for Doubtful Account has a credit balance of $1,400 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
The ledger of Tamarisk, Inc. at the end of the current year shows Accounts Receivable $77,000; Credit Sales $825,000; and Sales Returns and Allowances $41,000. (a) If Tamarisk uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Tamarisk determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,000 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts...
Exercise 8-05 The ledger of Shamrock, Inc. at the end of the current year shows Accounts Receivable 589,000; Credit Sales $845,000; and Sales Returns and Allowances $38,000. (a) If Shamrock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Shamrock determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,300 in the trial balance, journalize the adjusting entry at December 31, assuming...
Current Attempt in Progress The ledger of Kingbird, Inc. at the end of the current year shows Accounts Receivable $72,000; Credit Sales $800,000; and Sales Returns and Allowances $35,000. (a) If Kingbird uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Kingbird determines that Matisse's $700 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,200 in the trial balance, journalize the adjusting entry at December...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
The ledger of Splish Brothers Inc. at the end of the current year shows Accounts Receivable $73,000; Credit Sales $840,000; and Sales Returns and Allowances $40,000.Prepare journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)(a)If Splish Brothers uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Splish Brothers determines that Matisse’s $750 balance is uncollectible.(b)If Allowance for Doubtful Accounts has...
Question 2 The ledger of Metlock ASA at the end of the current year shows Accounts Receivable €127,800, Sales Revenue €845,200, and Sales Returns and Allowances €36,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) If Metlock uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Metlock determines that T. Thum’s €2,200 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit...