Homework Answers
| S.No. | Date | Account Titles & Explanation | Debit $ | Credit $ |
| 1 | April 23,020 | Accounts Receivable | 8,500 | |
| Allowance for Doubtful accounts | 8,500 | |||
| ( To re-instate the balance of Mangold Corporation ) | ||||
| 2 | April 23,020 | Cash | 8,500 | |
| Accounts Receivable | 8,500 | |||
| ( To record collection from Mangold corporation ) | ||||
Add Answer to:
structions McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit...
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. At the end of the first quarter of 2020, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,500 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. Required: Prepare the journal entry to record the write-off for McKinney.
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit...
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of $3,600,000 in 2016. McKinney estimates 3.0% of its sales will be uncollectible. At the end of the first quarter of 2017, McKinney & Co. reevaluates its receivables. McKinney’s management decides that $8,700 due from Mangold Corporation will not be collectible. This amount was previously included in the allowance account. On April 23, 2017, McKinney & Co. receives a check from Mangold Corporation...
On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to...
On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance On December 31, Jordan Inc. received $50,000 on assigned accounts. Required: Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin structions Chart of Accounts CHART OF ACCOUNTS Laugh on...
Chart of Accounts: Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to...
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to sales taxes of 6%. 2. Sales on account of $270,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. CHART OF ACCOUNTS Hill Sales Company General Ledger ASSETS REVENUE 111 Cash 411 Sales 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Required: Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund on June 30. Or CHART OF ACCOUNTS rer bnth Snow Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Straight-Line Discount Amortization Instructions Chart of Accounts General Journal Instructions Bryan Company issued $510,000 of 9%...
Straight-Line Discount Amortization Instructions Chart of Accounts General Journal Instructions Bryan Company issued $510,000 of 9% face value bonds on January 1, 2016, for $498,840. The bonds are due December 31, 2018, and pay interest semiannually on June 30 and December 31. Bryan uses the straight-line amortization method. Required: Prepare the journal entries to record the issuance of the bonds and the first two interest payments. Chart of Accounts CHART OF ACCOUNTS Bryan Company General Ledger ASSETS 111 Cash 121...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
Multiple Tax Rates For the year ended December 31, 2016, Nelson Co.’s income statement showed income...
Multiple Tax Rates For the year ended December 31, 2016, Nelson Co.’s income statement showed income of $435,000 before income, tax expense. To compute taxable income, the following differences were noted: Income from tax-exempt municipal bonds $60,000 Depreciation deducted for tax purposes in excess of depreciation recorded on the books 120,000 Proceeds received from life insurance on death of an insured employee 100,000 Corporate tax rate for 2016 30% Enacted tax rate for future periods 35% Required: 1. Calculate taxable...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1,...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
On December 1 of the current year, Jordan Inc. assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan's accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance On December 31, Jordan Inc. received $50,000 on assigned accounts. Required: Prepare Jordan's journal entries to record the cash receipt and the payment to McLaughlin structions Chart of Accounts CHART OF ACCOUNTS Laugh on...
Chart of Accounts:
Hemingway Company purchases equipment by issuing a 7-year, $420,000 non-interest-bearing note, when the market rate for this type of note is 7%. Hemingway will pay off the note with equal payments to be made at the end of each year. Required: Prepare the journal entry to record Hemingway's acquisition of the equipment. Prepare the journal entry to record Hemingway's acquisition of the equipment on January 1. General Journal Instructions PAGE 10 GENERAL JOURNAL DATE ACCOUNT TITLE POST....
During August, Hill Sales Company had these summary transactions: 1. Cash sales of $220,000, subject to sales taxes of 6%. 2. Sales on account of $270,000, subject to sales taxes of 6%. 3. Paid the sales taxes to the state. Required: Prepare journal entries to record the preceding transactions. CHART OF ACCOUNTS Hill Sales Company General Ledger ASSETS REVENUE 111 Cash 411 Sales 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511...
Instructions On June 1, Snow Company established a petty cash fund of $1,000 to pay for various office supplies. A count at the end of the month shows $325 remaining in the fund, while the vouchers indicate that $650 of costs were incurred. Required: Prepare the journal entries to establish the petty cash fund on June 1 and replenish the fund on June 30. Or CHART OF ACCOUNTS rer bnth Snow Company General Ledger ASSETS REVENUE 111 Cash 411 Sales...
Instructions Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Required: Using the net price method, prepare journal entries to record Johnson's purchase on October 23 and the subsequent payment on November 30. Instructions х Chart of Accounts х CHART OF ACCOUNTS Johnson Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable EXPENSES 500 Cost of Goods Sold 141 Inventory 142...
Instructions X Chart of Accounts х CHART OF ACCOUNTS Gundrum Company purchased equipment on January 1, 2015 for $874,600. The equipment was expected to have a useful life of 10 years and a salvage value of $32,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $10,400 at the end of that time. Gundrum Company General Ledger Required: Prepare...
Most questions answered within 3 hours.
-
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 10 minutes ago -
Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
asked 3 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 8 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 21 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 17 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 43 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 41 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 45 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 52 minutes ago -
Say true or false and explain it.
A heap is represented using an array. The array...
asked 1 hour ago -
Explain how the DNA replication enzyme complex is organized and
functions, please don't copy paste from...
asked 1 hour ago -
how
can personality contribute to one scoring high on the need to
evaluate measurement by Jarvis?
asked 1 hour ago