Homework Answers
Journal entries
| Date | Accounts | Dr | Cr |
| Jan 20 | Account receivable | 5000 | |
| Sales revenue | 5000 | ||
| Cost of goods sold | 3000 | ||
| Inventory | 3000 | ||
| Jan 30 | Cash | 2500 | |
| Allowance for doubtful accounts | 2500 | ||
| Account receivable | 5000 | ||
| Apr 1 | Account receivable | 2500 | |
| Allowance for doubtful accounts | 2500 | ||
| Cash | 2500 | ||
| Account receivable | 2500 | ||
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Problem #2: Allowance Method Jan 20, sold merchandise on account to ABC Company for $5,000. The...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8...
Apr. 2. Sold merchandise on account to Peking Palace Co., $36,000. The cost of the merchandise...
Apr. 2. Sold merchandise on account to Peking Palace Co., $36,000. The cost of the merchandise sold was $23,540. June 9. Received $10,380 from Peking Palace Co. and wrote off the remainder owed on the sale of April 2 as uncollectible. Oct. 31. Reinstated the account of Peking Palace Co. that had been written off on June 9 and received $25,620 cash in full payment. Journalize the above transactions in the accounts of Dining Interiors Company, a restaurant supply company...
1. Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $16,590. The cost of the...
1. Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $16,590. The cost of the goods sold was $9,660. June 2 Received $4,010 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $12,580 cash in full payment. Journalize the above transactions in the accounts of Canyon River Medical Co., a medical...
May 1. Sold merchandise on account to Beijing Palace Co., $36,010. The cost of the merchandise sold was $22,050. Aug. 30...
May 1. Sold merchandise on account to Beijing Palace Co., $36,010. The cost of the merchandise sold was $22,050. Aug. 30. Received $11,500 from Beijing Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Beijing Palace Co. that had been written off on August 30 and received $24,510 cash in full payment. Required: Journalize the above transactions in the accounts of Sedona Interiors Company, a restaurant supply...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $6,400. The cost of goods sold was $3,000. June 2 Received $500 from Dr. Kyle Norby and wrote off the remai nder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the...
s 7. Journalize the following transactions completed by Crockett, Inc. The company uses the ation allowance...
s 7. Journalize the following transactions completed by Crockett, Inc. The company uses the ation allowance method of accounting for uncollectible accounts receivable and perpetual inventory 02/01/16 Sold merchandise on account to Fullerton Co. for $8,000. The cost of the 03/15/16 04/09/16 05/14/16 merchandise sold was $4,500 Accepted a 60-day, 12% note for $8,000 from Fullerton Co. on account. Wrote off a $2,500 account from Perrin Co. as uncollectible Received the interest due from Fullerton Co. and a new 90-day,...
help me please. 31 Journalize the following transactions using the allowance method of account Apr Sold merchandise...
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...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: July 7. Jan. "Sold merchandise on account to Dr. Dale Van Dyken, $60,300. The cost of the merchandise sold was $32,600. 19. Received $15,100 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. Reinstated the...
EX 8-4 Entries for uncollectible receivables, using allowance method Obj. 4 Journalize the following transactions i...
EX 8-4 Entries for uncollectible receivables, using allowance method Obj. 4 Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: SHOW ME HOW May 24. Sold merchandise on account to Old Town Cafe, $24,450. The cost of goods sold was $14,500. Sept. 30. Received $9,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $6,400. The cost of goods sold was $3,000. June 2 Received $500 from Dr. Kyle Norby and wrote off the remai nder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the...
s 7. Journalize the following transactions completed by Crockett, Inc. The company uses the ation allowance method of accounting for uncollectible accounts receivable and perpetual inventory 02/01/16 Sold merchandise on account to Fullerton Co. for $8,000. The cost of the 03/15/16 04/09/16 05/14/16 merchandise sold was $4,500 Accepted a 60-day, 12% note for $8,000 from Fullerton Co. on account. Wrote off a $2,500 account from Perrin Co. as uncollectible Received the interest due from Fullerton Co. and a new 90-day,...
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...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: July 7. Jan. "Sold merchandise on account to Dr. Dale Van Dyken, $60,300. The cost of the merchandise sold was $32,600. 19. Received $15,100 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. Reinstated the...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
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