Homework Answers
Question:1
| Date | General Journal | Debit | Credit |
| May. 2 | No Journal Entry Required | $ - | |
| $ - | |||
| May. 7 | Accounts Receivables [225*5] | $ 1,125.00 | |
| Service Revenue | $ 1,125.00 | ||
| (To record service revenue) | |||
| May. 9 | No Journal Entry Required | $ - | |
| $ - | |||
| May. 15 | Sales Allowance | $ 450.00 | |
| Accounts Receivables[1125*40%] | $ 450.00 | ||
| (To record sales allowance) | |||
| May. 20 | Accounts Receivables [1125-450] | $ 675.00 | |
| Sales Discount [675*4%] | $ 27.00 | ||
| Cash [675-27] | $ 648.00 | ||
| [to record collection od accounts receivables] |
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pt.1
pt.2
Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1,...
Required information Problem 5-2A Record transactions related to credit sales and contra revenues (LO5-1, 5-2) [The...
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 $130 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 (5585 $117 x 5)....
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...
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 (LO5-4,5-5) 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. Age Group Not yet due 0-30 days past due 31-60 days...
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,...
Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information...
Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $ 250,000 45,000 1,000 (debit) Exercise 5-20A Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit ales will not...
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 15% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes...
Required information Exercise 5-6B Record credit sales with a sales allowance (LO5-1, 5-2) [The following information...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
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...
Problem 9-4B Record bond issue and related interest (LO9-5) The following information applies to the questions...
Problem 9-4B Record bond issue and related interest (LO9-5) The following information applies to the questions displayed below.) Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021, the company issues $1,830,000 of 7% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Problem 9-4B Part 2 2. If the market interest rate is 8%, the bonds will issue at $1,671,778. Record the bond issue on...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...
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 $130 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 (5585 $117 x 5)....
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...
Required information Problem 5.4B Record transactions related to uncollectible accounts (LO5-4,5-5) 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. Age Group Not yet due 0-30 days past due 31-60 days...
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,...
Required information Exercise 5-20A Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) (The following information applies to the questions displayed below.) Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 Accounts Receivable, December 31, 2021 Allowance for Uncollectible Accounts, December 31, 2021 $ 250,000 45,000 1,000 (debit) Exercise 5-20A Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit ales will not...
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 15% discount to students and faculty at educational institutions. Consider the following transactions during the month of June. June 10 Rashid's hard drive crashes...
Required information
Exercise 5-6B Record credit sales with a sales allowance (LO5-1,
5-2)
[The following information applies to the questions
displayed below.]
On April 25, a company installs wiring in a new home for $3,000 on
account. However, on April 27, the company's work does not pass
inspection, and the company grants the customer an allowance of
$550 because of the problem. The customer makes full payment of the
balance owed, excluding the allowance, on April 30.
Exercise 5-6B Parts...
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...
Problem 9-4B Record bond issue and related interest (LO9-5) The following information applies to the questions displayed below.) Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021, the company issues $1,830,000 of 7% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Problem 9-4B Part 2 2. If the market interest rate is 8%, the bonds will issue at $1,671,778. Record the bond issue on...
Exercise 5-19B Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.) A company reports the following amounts at the end of Year 1 (before adjustment). Credit Sales for Year 1 Accounts Receivable, December 31, Year 1 Allowance for Uncollectible Accounts, December 31, Year 1 $ 252,000 47,000 1,200 (Credit) Exercise 5-19B Part 2 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. The company estimates 3% of credit...
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