Homework Answers
Ans:
Journal Entries
| Date | Accounts | Debit ($) | Credit ($) |
| Jan 1 | Accounts Receivable | $80000 | |
| Revenue | $80000 | ||
| (Being sales on account to Brodie)) | |||
| Jan 28 | Cash | $56000 | |
| Accounts Receivable | $56000 | ||
| (Being cash received from Brodie) | |||
| May 31 | Bad Debts | $24000 | |
| Accounts Receivable | $24000 | ||
| (Being irrecoverable amount written off as bad debt) | |||
| Dec 1 | Accounts Receivable | $24000 | |
| Bad debts | $24000 | ||
| (Being bad debts become recoverable) | |||
| Dec 1 | Bank | $24000 | |
| Accounts Receivable | $24000 | ||
| (being Cash received from Brodie) |
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Acme Cell Phones had a debit balance in Accounts Receivable of $100,000 on January 1, 2020....
Acme Ce Phones hadde tice in Accounts Recebe of 100.000 1.2000 On that date, Aome sold...
Acme Ce Phones hadde tice in Accounts Recebe of 100.000 1.2000 On that date, Aome sold 580 000 mechands to Brade Tracking Company on account for cost of goods sold on January 25, Brodeputy the account fer posted wompts to collect, Acmefly wrote ofreceivable from Brod on May 30 December 1 Acre received Brodie's cheque for 2400s who plaguing for the payment Bound a. 1. sale on account 500,000 ignore cost of goods Record debits first, then credit Exclude explanation...
G On January 1, 2019, Joe's Cellphones had a debit Accounts Receivable balance of $ 150...
G On January 1, 2019, Joe's Cellphones had a debit Accounts Receivable balance of $ 150 000 and a credit balance in Allowance for doubtful accounts of $30 000. . During 2019, it had the following selected transactions: January 2 Sold on account $ 100 000 of merchandize to Fanzi. Cost of the goods sold: $50 000 January 30: Fanzi paid only $80 000 of his account receivable March 30: After repeated attempts to collect, Joe's wrote off its Account...
E8-17 Journalizing transactions using the direct write-off method On June 1, 2018, Best Performance Cell Phones...
E8-17 Journalizing transactions using the direct write-off method On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late...
E8-17 Journalizing transactions using the direct write-off method On June 1, 2018, Best Performance Cell Phones...
E8-17 Journalizing transactions using the direct write-off method On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries) Sales on account, $400,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 400.000 Ses Revenue 400,000 Choose from any list or enter any number in the input fields and then continue to the next question Collections...
On August 31, 2018 Hewes Floral Supply had a $165,000 debit balance in Accounts Receivable and...
On August 31, 2018 Hewes Floral Supply had a $165,000 debit balance in Accounts Receivable and a $6,600 credit balance in Allowance for Bad Debts. During September, Hewes made • Sales on account, $540,000. Ignore Cost of Goods Sold • Collections on account, 5581,000 .Write-offs of uncollectible receivablos, $2.000 Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music. Round all amounts to the nearest dollar. (Fom credits....
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Thank you for taking a look at this! All information is given in this sheet. On...
Thank you for taking a look at this! All information is given in
this sheet.
On June 1. 2018. Peak Performance Cell Phones sold $24,000 of merchandise to Ackerman Trucking Company on account. Ackerman fell on hard times and on July 15 paid only $8,500 of the account receivable. After repeated attempts to collect, Peak Performance finally wrote off its accounts receivable from Ackerman on September 5. Six months later, March 5, 2019, Peak Performance received Ackerman's check for $15,500...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations)...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
Acme Ce Phones hadde tice in Accounts Recebe of 100.000 1.2000 On that date, Aome sold 580 000 mechands to Brade Tracking Company on account for cost of goods sold on January 25, Brodeputy the account fer posted wompts to collect, Acmefly wrote ofreceivable from Brod on May 30 December 1 Acre received Brodie's cheque for 2400s who plaguing for the payment Bound a. 1. sale on account 500,000 ignore cost of goods Record debits first, then credit Exclude explanation...
G On January 1, 2019, Joe's Cellphones had a debit Accounts Receivable balance of $ 150 000 and a credit balance in Allowance for doubtful accounts of $30 000. . During 2019, it had the following selected transactions: January 2 Sold on account $ 100 000 of merchandize to Fanzi. Cost of the goods sold: $50 000 January 30: Fanzi paid only $80 000 of his account receivable March 30: After repeated attempts to collect, Joe's wrote off its Account...
E8-17 Journalizing transactions using the direct write-off method On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late...
E8-17 Journalizing transactions using the direct write-off method On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable. After repeated attempts to collect, Best Performance finally wrote off its accounts receivable from Anthony on September 5. Six months later, March 5, 2019, Best Performance received Anthony's check for $16,000 with a note apologizing for the late...
Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries) Sales on account, $400,000. Ignore Cost of Goods Sold. Accounts and Explanation Debit Credit Dec. 31 Accounts Receivable 400.000 Ses Revenue 400,000 Choose from any list or enter any number in the input fields and then continue to the next question Collections...
On August 31, 2018 Hewes Floral Supply had a $165,000 debit balance in Accounts Receivable and a $6,600 credit balance in Allowance for Bad Debts. During September, Hewes made • Sales on account, $540,000. Ignore Cost of Goods Sold • Collections on account, 5581,000 .Write-offs of uncollectible receivablos, $2.000 Consider the following transactions for Mad Dog Music. (Click the icon to view the transactions.) Journalize all transactions for Mad Dog Music. Round all amounts to the nearest dollar. (Fom credits....
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Thank you for taking a look at this! All information is given in
this sheet.
On June 1. 2018. Peak Performance Cell Phones sold $24,000 of merchandise to Ackerman Trucking Company on account. Ackerman fell on hard times and on July 15 paid only $8,500 of the account receivable. After repeated attempts to collect, Peak Performance finally wrote off its accounts receivable from Ackerman on September 5. Six months later, March 5, 2019, Peak Performance received Ackerman's check for $15,500...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. More Info • Sales on account, $420,000. Ignore Cost of Goods Sold. • Collections on account, $410,260 Wrote off accounts receivable as uncollectible: Raja Co., $1,200; Orvis Redd, $1,100; and Parket, Inc., $400. • Recorded bad debts expense based...
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