Solution:
Date | Explanation | Debit | Credit |
01-Apr | Accounts Receivable-Jim dobbs | $8,700 | |
Sales | $8,700 | ||
10-Jun | Cash | $2,900 | |
Allowance for Doubtful Accounts | $5,800 | ||
Accounts Receivable | $8,700 | ||
11-Oct | Accounts Receivable | $5,800 | |
Allowance for Doubtful Accounts | $5,800 | ||
(To reinstate write-off) | |||
11-Oct | Cash | $5,800 | |
Accounts Receivable | $5,800 | ||
(To record collection of write off) |
Test 2 Calculator ? Instruction Chart of Accounts General Journal Instruction Using the allowance method of...
Test 2 Calculator Instruction Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 June 10 Sold merchandise on account to Jim Dobbs, $8,700. The cost of the merchandise is $3,480. Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Relnstated the account of Jim Dobbs and received cash in full payment Oct 11 Required: Joumalize the above transactions. Refer to the Chert of Accounts for exact wording of account titles. Round...
Test 2 Calculator Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of goods sold is $5,000. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. April 1 April...
Calculator Instruction Chart Of Accounts General Journal Instruction On April 2 a corporation purchased for cash 7,000 shares of its own $11 par common stock at $27 a share. It sold 4,000 of the treasury shares at $30 a share on June 10. The remaining 3,000 shares were sold on November 10 for $23 a share. Required: (a) Journalize the entries to record the purchase (treasury stock is recorded at cost). (b) Joumalize the entries to record the sale of...
help me please. 31 Journalize the following transactions using the allowance method of account Apr Sold merchandise on account to Jim Dobbs, 57.200. The cost of the mer June to Received payment for one-third of the receivable from Jim Dobbs and wrote using the allowance method of accounting for uncollectible receivables. The cost of the merchandise is $5,400. olvable from Jim Dobbs and wrote of the remainder Oct. 11 Reinstated the account of Jim Dobbs and received cash in full...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,410. The cost of the merchandise is $3,705. April 1 April 1 June 10 Received $2,470 from Jim Dobbs and wrote off the remainder owed of $4,940. If amount box does not require an entry, leave it blank or enter "O". June 10 Oct. 11 Reinstated the account of Jim Dobbs and received $4,940 cash in full payment....
Test 2 Calculator Instructions Chart of Accounts Journal Final Question Instructions Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel S24,400 Lee Drake 30.150 Jenny Green 29,800 Mike Lamb 17,800 Total $102,150 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% 31 60...
Class: Date ACCT 230 Spring 2020 Chapter 6 Part Ilin-Class Handout 1. The following journal entries would be used in one of the two methods of accounting for uncollectible receivables. Identify each. (a) 900 900 Bad Debt Expense Accounts Receivable Billings (b) Allowance for Doubtful Accounts Accounts Receivable Grover 900 00 2. Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of...
Calculator Instruction Chart of Accounts General Journal Final Question Instruction REM Consulting is completing the accounting information processing at the end of the fiscal year, December 31. The following trial balances are available Accounts Unadjusted Trial Adjusted Trial Debit Credit Debit Credit Cash 13,000 13,000 Accounts Receivable 1,500 1,800 Prepaid Insurance 600 200 Supplies 3,800 3,000 Machines 30,000 30,000 Accumulated Depreciation 12,000 17,500 Wages Payable 900 Uneamed Fees 6,700 6,500 Common stock 24,000 24,000 Dividends 4.800 4,800 Fees Earned 25,000...
Instruction Chart of Accounts General Journal Instruction The following errors took place in journalizing and posting transactions: a. Dividends of $5,000 were recorded as a debit to Office Expense and a credit to Cash. b. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Eamed. Required: Journalize the entries to correct the errors. Refer to the Chart of Accounts for exact wording of account titles. Previous
1. Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $755,000 and sales for the year total $8,560,000. The allowance account before adjustment has a debit balance of $10,200. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $10,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $32,600. The allowance account...