Homework Answers
3. Record write off of actual bad debts
| Date | General Journal | Debit | Credit |
| April 03, 2022 | Allowance for Uncollectible Accounts | $490 | |
| Accounts receivable | $490 | ||
| (To write-off actual bad debts) |
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Required information Problem 5.4B Record transactions related to uncollectible accounts (LO5-4,5-5) The following information applies to...
Required information Problem 5-4B Record transactions related to uncollectible accounts (L05-4,5-5) The following information applies to...
Required information Problem 5-4B Record transactions related to uncollectible accounts (L05-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $409,000 on account of this amount, $59,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $39,...
pt.1 pt.2 Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1,...
pt.1
pt.2
Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below) Outdoor Expo provides guided fishing tours. The company charges $250 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price (81,125 -...
Required information Problem 5-2B Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The...
Required information Problem 5-2B Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below. Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 20% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes...
This is part 1-4 of the same problem, not separate problems. Required Information [The following information...
This is part 1-4 of the same problem, not separate
problems.
Required Information [The following information applies to the questions displayed below.) Part 1 of 4 1.66 points Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021. Pearl provides services on account of $573,000. Of this amount, $63,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible 5% Amount Receivable $23,000 14,309 9,300 16,400 $63,080...
Required information (The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes...
Required information (The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $579,000. Of this amount. $69,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021. is provided below. Estimated Percent Uncollectible Age Group Not yet due 0-90 days past due 51-180 days past due More than 180 days past due Total Amount Receivable $29,000 14,900 9,900...
Problem 5-3A Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following information applies to the questions...
Problem 5-3A Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following information applies to the questions displayed below. The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. Provide service from customers and from services June 12, 2021 Provide services to customers on account for $32,000. September 17, 2021 Receive $17,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Required Information Problem 5-3A Record transactions related to accounts receivable (L05-3,5-4,5-5) [The following information applies to...
Required Information Problem 5-3A Record transactions related to accounts receivable (L05-3,5-4,5-5) [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022. its first two years of operations. June 12, 2021 Provide services to customers on account for $30,808. September 17, 2021 Receive $16,580 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received March 4, 2022...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $580,000. Of this amount, $70,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total Amount Receivable $30,000 15,000 10,000 15,000 $70,000 Estimated Percent Uncollectible 5X 18% 3ex 80% 3. On July 19, 2022,...
Required information Problem 5-4B Record transactions related to uncollectible accounts (L05-4,5-5) The following information applies to the questions displayed below) Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $409,000 on account of this amount, $59,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $39,...
pt.1
pt.2
Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below) Outdoor Expo provides guided fishing tours. The company charges $250 per person but offers a 10% discount to parties of four or more. Consider the following transactions during the month of May. May 2 Charlene books a fishing tour with Outdoor Expo for herself and four friends at the group discount price (81,125 -...
Required information Problem 5-2B Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The following information applies to the questions displayed below. Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 20% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes...
This is part 1-4 of the same problem, not separate
problems.
Required Information [The following information applies to the questions displayed below.) Part 1 of 4 1.66 points Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021. Pearl provides services on account of $573,000. Of this amount, $63,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible 5% Amount Receivable $23,000 14,309 9,300 16,400 $63,080...
Required information (The following information applies to the questions displayed below.) Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $579,000. Of this amount. $69,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021. is provided below. Estimated Percent Uncollectible Age Group Not yet due 0-90 days past due 51-180 days past due More than 180 days past due Total Amount Receivable $29,000 14,900 9,900...
Problem 5-3A Record transactions related to accounts receivable (LO5-3,5-4,5-5) The following information applies to the questions displayed below. The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. Provide service from customers and from services June 12, 2021 Provide services to customers on account for $32,000. September 17, 2021 Receive $17,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not...
On April 15, 2021, Sampson Consulting provides services to a customer for $94,000. To pay for the series, the customer signs a three-year, 12% note. The face amount is due at the end of the third year, while annual interest is due each April 15. (Hint: Because the note is accepted during the middle of the month, Sampson plans to recognize one-half month of interest revenue in April 2021, and one-half month of interest revenue in April 2024) Required: 1....
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Required Information Problem 5-3A Record transactions related to accounts receivable (L05-3,5-4,5-5) [The following information applies to the questions displayed below.] The following events occur for The Underwood Corporation during 2021 and 2022. its first two years of operations. June 12, 2021 Provide services to customers on account for $30,808. September 17, 2021 Receive $16,580 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received March 4, 2022...
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $580,000. Of this amount, $70,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total Amount Receivable $30,000 15,000 10,000 15,000 $70,000 Estimated Percent Uncollectible 5X 18% 3ex 80% 3. On July 19, 2022,...
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