Apple has an account receivable from PearCorp for $18,000. PearCorp paid Apple $1,350 and gave them...
Apple has an account receivable from PearCorp for $18,000. PearCorp paid Apple $1,350 and gave them services valued at $7,400 in full settlement of the debt. Using the direct method for recording un-collectable accounts, how do you record this transaction?
Homework Answers
| Account Titles and Explanation | Debit | Credit |
| Cash | $1350 | |
| Service Expense | $7400 | |
| Bad debts expense | $9250 | |
| Accounts Receivable | $18000 |
Add Answer to:
Apple has an account
receivable from PearCorp for $18,000. PearCorp paid Apple $1,350
and gave them...
Solstice Company determines on October 1 that it cannot collect $50.000 of its accounts receivable from...
Solstice Company determines on October 1 that it cannot collect $50.000 of its accounts receivable from its customer P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet Record the write off an account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 01 Record entry Clear entry View general journal 4 Next > Solstice Company, which uses the direct write-off method, determines on October 1that it...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Please help me to fill out this. DEMONSTRATION PROBLEM-Estimating Uncoectible Accounts Based on Aging of Receivables Bad Debt Expense Account Receivable When accountants estimate uncollectible account...
Please help me to fill out this.
DEMONSTRATION PROBLEM-Estimating Uncoectible Accounts Based on Aging of Receivables Bad Debt Expense Account Receivable When accountants estimate uncollectible accounts based on receivables, they determine what the balance of the allowance for doubtful accounts should be. Assume that an accountant determines that $2,000 of the current accounts receivable (aging receivables) will probably not be collected Also assume that the Allowance for Doubtful Accounts currently shows a $200 credit balance Why the Allowance for Doubtful...
1. Providing for Doubtful Accounts At the end of the current year, the accounts receivable account...
1. Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $755,000 and sales for the year total $8,560,000. The allowance account before adjustment has a debit balance of $10,200. Bad debt expense is estimated at 3/4 of 1% of sales. The allowance account before adjustment has a debit balance of $10,200. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $32,600. The allowance account...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of $50,000 and an allowance for uncollectible accounts of $300 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 7% of accounts receivable. 12. $ Estimate the amount of uncollectible receivables: 13. $ When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's account balance...
Which of the following is a revenue account?
Which of the following is a revenue account?retained earningsfees earnedrent expenseunearned revenueWhich of the following accounts is increased with a debit?common stockprepaid insurancefees earnedunearned revenueWhich of the following errors will cause the trial balance totals to be unequal?entering an incorrect amount on the trial balancefailure to record a transaction or to post a transactionrecording the same transaction more than oncerecording the same erroneous amount for both the debit and the credit parts of a transactionWhich of the following types of...
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable Orange Company’s December 31,...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
Orange Company’s December 31, 2019, balances related to accounts
receivable follow.
Accounts receivable
$80,000 Dr.
Allowance for doubtful accounts
4,000 Cr.
During 2020, $9,000 of accounts receivable is considered
uncollectible, and no more effort to collect these accounts will be
made. Total sales for 2020 are $240,000, of which $40,000 are cash
sales. A total of $180,000 was collected on account during
2020.
a. Assuming that Orange uses...
1. Advertising costs, paid in cash, £1,024. 2. Additional supplies acquired on account £3,877. 3. Miscellaneous...
1. Advertising costs, paid in cash, £1,024. 2. Additional supplies acquired on account £3,877. 3. Miscellaneous expenses, paid in cash, £1,932. 4. Cash collected from customers in payment of accounts receivable £12,468. 5. Cash paid to creditors for accounts payable due £12,360. 6. Repair services performed during January: for cash £6,483; on account £9,866. 7. Wages for January, paid in cash, £2,472. 8. Dividends during January were £2,696. Prepare ournal entries to record each of the January transaction (Record entries...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True...
1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office...
1.
Record each transaction in the journal using the
following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable;
Utilities Payable; Unearned Revenue; Common Stock; Dividends;
Service Revenue; Salaries Expense; Rent Expense; and Utilities
Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts.
Post the journal entries to the T-accounts, using transaction
dates as posting references in the ledger accounts. Label the
balance of each account
Bal.
3.
Prepare the...
Solstice Company determines on October 1 that it cannot collect $50.000 of its accounts receivable from its customer P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet Record the write off an account. Note: Enter debits before credits. Date General Journal Debit Credit Oct 01 Record entry Clear entry View general journal 4 Next > Solstice Company, which uses the direct write-off method, determines on October 1that it...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Please help me to fill out this.
DEMONSTRATION PROBLEM-Estimating Uncoectible Accounts Based on Aging of Receivables Bad Debt Expense Account Receivable When accountants estimate uncollectible accounts based on receivables, they determine what the balance of the allowance for doubtful accounts should be. Assume that an accountant determines that $2,000 of the current accounts receivable (aging receivables) will probably not be collected Also assume that the Allowance for Doubtful Accounts currently shows a $200 credit balance Why the Allowance for Doubtful...
Use the following to answer questions 12-15 At December 31, KC Co reported accounts receivable of $50,000 and an allowance for uncollectible accounts of $300 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 7% of accounts receivable. 12. $ Estimate the amount of uncollectible receivables: 13. $ When recording the adjusting entry for bad debt expense how much should Allowance for Uncollectible accounts be credited? 14. On January 10, a customer's account balance...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
Orange Company’s December 31, 2019, balances related to accounts
receivable follow.
Accounts receivable
$80,000 Dr.
Allowance for doubtful accounts
4,000 Cr.
During 2020, $9,000 of accounts receivable is considered
uncollectible, and no more effort to collect these accounts will be
made. Total sales for 2020 are $240,000, of which $40,000 are cash
sales. A total of $180,000 was collected on account during
2020.
a. Assuming that Orange uses...
1. Advertising costs, paid in cash, £1,024. 2. Additional supplies acquired on account £3,877. 3. Miscellaneous expenses, paid in cash, £1,932. 4. Cash collected from customers in payment of accounts receivable £12,468. 5. Cash paid to creditors for accounts payable due £12,360. 6. Repair services performed during January: for cash £6,483; on account £9,866. 7. Wages for January, paid in cash, £2,472. 8. Dividends during January were £2,696. Prepare ournal entries to record each of the January transaction (Record entries...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True...
1.
Record each transaction in the journal using the
following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable;
Utilities Payable; Unearned Revenue; Common Stock; Dividends;
Service Revenue; Salaries Expense; Rent Expense; and Utilities
Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts.
Post the journal entries to the T-accounts, using transaction
dates as posting references in the ledger accounts. Label the
balance of each account
Bal.
3.
Prepare the...
Most questions answered within 3 hours.
-
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 1 hour ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 1 hour ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 1 hour ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 1 hour ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 1 hour ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 1 hour ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 1 hour ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 1 hour ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 1 hour ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 2 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 2 hours ago -
Inheritance pattern in BRCA 1
Describe the inheritance pattern of BRCA 1 Is it recessive or...
asked 2 hours ago