Homework Answers
| Answer: | |
| Particulars | Amount (in $ ) |
| Accounts Receivable balance - Dec. 1 , 2022 | $ 14,780 |
| Add: Credit Sales | $ 39,600 |
| Less: Collected Accounts receivable | ($ 31,680) |
| Accounts Receivable balance - Dec. 31 , 2022 | $ 22,700 (Debit ) |
| Option (b) is Correct |
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At December 1, 2022, Bonita Industries Accounts Receivable balance was $14780. During December, Bonita had credit...
At October 1, 2022. Coronado Industries had an Accounts Payable balance of $131600. During the month,...
At October 1, 2022. Coronado Industries had an Accounts Payable balance of $131600. During the month, the company made purchases on account of $94000 and made payments on account of $150400. At October 31, 2022, the Accounts Payable balance is $131600 debit O $75200 credit O $18800 credit O $150400 credit
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and...
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
At the end of 2021, Bonita Industries has accounts receivable of $738,200 and an allowance for doubtful accounts of $22...
At the end of 2021, Bonita Industries has accounts receivable of $738,200 and an allowance for doubtful accounts of $22,780. 1. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,020. 2. On March 4, 2022, Bonita Industries receives payment of $4,020 in full from Madonna Inc Prepare the journal entries to record this transa ction. (Credit account titles are automatically indented when amount is...
Please help! The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of...
Please help!
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107,000;collections from customers, $1,254,000; accounts written off, $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do...
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and...
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107.000; collections from customers, $1,254,000; accounts written off $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not...
In 2022 the Concord Corporation had net credit sales of SOOO. On January 1, 2022, the...
In 2022 the Concord Corporation had net credit sales of SOOO. On January 1, 2022, the Allowance for our Account had a credit balance of 521200. During 2022 $32300 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in recevables (percentage ofreceivable basis). If the accounts receivable balance at December 31 was $223000, what is the required adjustment to the Allowance for Doubtful Accounts of December 31, 2022 33400 343500...
In 2022 the Sheffield Corp. had net credit sales of $950000. On January 1, 2022, the...
In 2022 the Sheffield Corp. had net credit sales of $950000. On January 1, 2022, the Allowance for Doubtful Accounts had a credit balance of $22400. During 2022, $33500 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 5% of the balance in receivables (percentage-of-receivables basis). If the accounts receivable balance at December 31 was $235000, what is the required adjustment to the Allowance for Doubtful Accounts at December 31, 2022? $ A. $34150....
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit...
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit $734,900 Debit Net credit sales Allowance for doubtful accounts $12.740 Accounts receivable 301.400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020 'Bad debt expense, as adjusted $
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim...
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
Maxo Industries, a distributor of electrical supplies, had outstanding accounts receivable on December 31, 2017, of...
Maxo Industries, a distributor of electrical supplies, had outstanding accounts receivable on December 31, 2017, of $450,000 aged as follows: MID-CHAPTER DEMONSTRATION PROBLEM Recelasie by Age 2022 Customer's Name Not Yet Due 1 to 30 Days Past Due Total 31 to 60 Days Past Due 61 to 90 Days Past Due Over 90 Days Past Due $ 90.000 $22.000 $26,000 Alton Group Fiibu's Electrical Service GDP Servicing Parkers Electrical Trenton Construction Xeon Doments Total Percetto uncollectible Estancollectible accounts 42.000 $...
At October 1, 2022. Coronado Industries had an Accounts Payable balance of $131600. During the month, the company made purchases on account of $94000 and made payments on account of $150400. At October 31, 2022, the Accounts Payable balance is $131600 debit O $75200 credit O $18800 credit O $150400 credit
The December 31, 2021, balance sheet of the Metlock, Inc. had Accounts Receivable of $650,000 and a credit balance in Allowance for Doubtful Accounts of $31,000. During 2022, the following transactions occurred: sales on account $1,599,000; sales returns and allowances, $147,000;collections from customers, $1,253,000; accounts written off, $37,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit...
At the end of 2021, Bonita Industries has accounts receivable of $738,200 and an allowance for doubtful accounts of $22,780. 1. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,020. 2. On March 4, 2022, Bonita Industries receives payment of $4,020 in full from Madonna Inc Prepare the journal entries to record this transa ction. (Credit account titles are automatically indented when amount is...
Please help!
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107,000;collections from customers, $1,254,000; accounts written off, $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do...
The December 31, 2021, balance sheet of the Oriole Company had Accounts Receivable of $690,000 and a credit balance in Allowance for Doubtful Accounts of $34,000. During 2022, the following transactions occurred: sales on account $1,637,000; sales returns and allowances, $107.000; collections from customers, $1,254,000; accounts written off $38,000; previously written off accounts of $8,000 were collected. - Your answer is partially correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount is entered. Do not...
In 2022 the Concord Corporation had net credit sales of SOOO. On January 1, 2022, the Allowance for our Account had a credit balance of 521200. During 2022 $32300 of uncollectible accounts receivable were written off. Past experience indicates that the allowance should be 10% of the balance in recevables (percentage ofreceivable basis). If the accounts receivable balance at December 31 was $223000, what is the required adjustment to the Allowance for Doubtful Accounts of December 31, 2022 33400 343500...
5. The following accounts were taken from Bonita Inc's trial balance at December 31, 2020. Credit $734,900 Debit Net credit sales Allowance for doubtful accounts $12.740 Accounts receivable 301.400 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2020 'Bad debt expense, as adjusted $
The Accounts Receivable balance for Pilgrim, Inc. at December 31, 2017, was $24,000. During 2018, Pilgrim earned revenue of $460,000 on account and collected $329,000 on account. Pilgrim wrote off $6,000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6% of accounts receivable. Read the requirements Requirement 1. Assume Pilgrim had an unadjusted $2,800 credit balance in Allowance for Bad Debts at December 31, 2018. Journalize Pilgrim's December 31, 2018, adjustment to record bad debts expense...
Maxo Industries, a distributor of electrical supplies, had outstanding accounts receivable on December 31, 2017, of $450,000 aged as follows: MID-CHAPTER DEMONSTRATION PROBLEM Recelasie by Age 2022 Customer's Name Not Yet Due 1 to 30 Days Past Due Total 31 to 60 Days Past Due 61 to 90 Days Past Due Over 90 Days Past Due $ 90.000 $22.000 $26,000 Alton Group Fiibu's Electrical Service GDP Servicing Parkers Electrical Trenton Construction Xeon Doments Total Percetto uncollectible Estancollectible accounts 42.000 $...
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