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 |
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Apple has an account
receivable from PearCorp for $18,000. PearCorp paid Apple $1,350
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Please help me to fill out this.
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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
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sales. A total of $180,000 was collected on account during
2020.
a. Assuming that Orange uses...
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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...
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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...
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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...
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