Homework Answers
Journal entries
| No | Account and explanation | debit | credit |
| 1 | Cash | 140420 | |
| Sales discount (66000*3%) | 1980 | ||
| Account receivable | 142400 | ||
| 2 | Account receivable | 6210 | |
| Allowance for doubtful accounts | 6210 | ||
| (To record amount reinstate) | |||
| Cash | 6210 | ||
| Account receivable | 6210 | ||
| (To record collection) | |||
| 3 | Allowance for doubtful accounts | 21400 | |
| Account receivable | 21400 | ||
| (To record write off) | |||
| 4 | Bad debt expense 22900-(21200+6210-21400) | 16890 | |
| Allowance for doubtful accounts | 16890 | ||
| (To record bad debt) |
Add Answer to:
Problem 7-6 The balance sheet of Headland Company at December 31, 2016, includes the following. Notes...
Problem 7-6 The balance sheet of Ayayai Company : December 31, 2016, includes the following- Notes...
Problem 7-6 The balance sheet of Ayayai Company : December 31, 2016, includes the following- Notes receivable $41,800 Accounts receivable 185.800 Less: Allowance for doubtful accounts 23,100 $204,500 2017 include the following. Transactions i 1. Accounts receivable of $142,400 were collected including accounts of $66,500 on which 3% sales discounts were allowed. 2. $5,890 was received in payment of an account which was written off the books as worthless in 2016. 3. Customer accounts of $23,300 were written off during...
Problem 7-6 The balance sheet of Ivanhoe Company at December 31, 2016, includes the following. Notes...
Problem 7-6
The balance sheet of Ivanhoe Company at December 31, 2016,
includes the following.
Notes receivable
$51,200
Accounts receivable
195,600
Less: Allowance for doubtful accounts
24,600
$222,200
Transactions in 2017 include the following.
1.
Accounts receivable of $151,300 were collected including
accounts of $67,500 on which 4% sales discounts were allowed.
2.
$5,670 was received in payment of an account which was written
off the books as worthless in 2016.
3.
Customer accounts of $24,800 were written off during...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $36,600 182,400 21,100 $197,900 Transactions in 2020 include the following. 1. Accounts receivable of $150,500 were collected including accounts of $60,200 on which 3% sales discounts were allowed. 2. $5,580 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $21,300 were written off during the year....
The balance sheet of Buffalo Company at December 31, 2019, includes the following. Notes receivable $53,200...
The balance sheet of Buffalo Company at December 31, 2019, includes the following. Notes receivable $53,200 Accounts receivable 189,700 Less: Allowance for doubtful accounts 18,700 $224,200 Transactions in 2020 include the following. 1. Accounts receivable of $151,400 were collected including accounts of $64,600 on which 4% sales discounts were allowed. 2. $5,950 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $18,900 were written off during the year....
What am I getting wrong? The balance sheet of Stanky Come December 31, 2016, Indudes the following. $35,000 No receive...
What am I getting wrong?
The balance sheet of Stanky Come December 31, 2016, Indudes the following. $35,000 No receive Accounts receivable Los Alcance for our accounts 17,300 $200,000 transactions in 2017 include the following 1. Accounts receive of $138.000 were collected including accounts on w e s dont ware wed 2. 3.300 was received in ment of an account which was written the books as worthless in 2016. 3. Customer account of $17,00 we written off during the year...
Ayayai Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable...
Ayayai Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable 22,000 Accounts receivable 1,365,000 Less: Allowance for doubtful accounts receivable 80,000 1,285,000 $1,907,000 The following occurred in 2017. 1. Ayayai made sales of $10,500,000. All sales were credit sales. Ayayai allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $82,000 were written off during the year. 3. Accounts receivable of $10,600,000 were collected....
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,476, Coronado Industries estimates that 10% of its accounts receivable balance of $98,500 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Coronado Industries determined that B. Jared's account was uncollectible and wrote off $1,168. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the journal entries on automatically indented when...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,427, Blue Spruce Corp. estimates that 9% of its accounts receivable balance of $72,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Blue Spruce Corp. determined that B. Jared's account was uncollectible and wrote off $1,283. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the lqurnal entries on December...
Question #2: The Balance Sheet of Kamla Company on December 31, 2017 showed Accounts Receivable of...
Question #2: The Balance Sheet of Kamla Company on December 31, 2017 showed Accounts Receivable of $720,000 and Allowance for Doubtful Accounts of $9,800. During the month of January 2018, the transactions affecting accounts receivable were as follows: a) Sales on account b) Sales returns and allowances (on credit sales) c) Cash collections from customers d) Accounts receivable from Maude Company written-off as worthless 128,000 43,000 165,000 8,200 After a careful aging and analysis of all customer's accounts on January...
please help with the red one The December 31, 2021, balance sheet of the Tamarisk, Inc....
please help with the red one
The December 31, 2021, balance sheet of the Tamarisk, Inc. had Accounts Receivable of $650.000 and a credit balance in Allowance for Doubtful Accounts of $33.000. During 2022, the following transactions occurred: sales on account $1,642,000; sales returns and allowances, $133,000; collections from customers, $1,349,000; accounts written off, $35,000; previously written off accounts of $9,000 were collected. Your answer is correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount...
Problem 7-6 The balance sheet of Ayayai Company : December 31, 2016, includes the following- Notes receivable $41,800 Accounts receivable 185.800 Less: Allowance for doubtful accounts 23,100 $204,500 2017 include the following. Transactions i 1. Accounts receivable of $142,400 were collected including accounts of $66,500 on which 3% sales discounts were allowed. 2. $5,890 was received in payment of an account which was written off the books as worthless in 2016. 3. Customer accounts of $23,300 were written off during...
Problem 7-6
The balance sheet of Ivanhoe Company at December 31, 2016,
includes the following.
Notes receivable
$51,200
Accounts receivable
195,600
Less: Allowance for doubtful accounts
24,600
$222,200
Transactions in 2017 include the following.
1.
Accounts receivable of $151,300 were collected including
accounts of $67,500 on which 4% sales discounts were allowed.
2.
$5,670 was received in payment of an account which was written
off the books as worthless in 2016.
3.
Customer accounts of $24,800 were written off during...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $36,600 182,400 21,100 $197,900 Transactions in 2020 include the following. 1. Accounts receivable of $150,500 were collected including accounts of $60,200 on which 3% sales discounts were allowed. 2. $5,580 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $21,300 were written off during the year....
What am I getting wrong?
The balance sheet of Stanky Come December 31, 2016, Indudes the following. $35,000 No receive Accounts receivable Los Alcance for our accounts 17,300 $200,000 transactions in 2017 include the following 1. Accounts receive of $138.000 were collected including accounts on w e s dont ware wed 2. 3.300 was received in ment of an account which was written the books as worthless in 2016. 3. Customer account of $17,00 we written off during the year...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,476, Coronado Industries estimates that 10% of its accounts receivable balance of $98,500 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Coronado Industries determined that B. Jared's account was uncollectible and wrote off $1,168. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the journal entries on automatically indented when...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,427, Blue Spruce Corp. estimates that 9% of its accounts receivable balance of $72,800 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Blue Spruce Corp. determined that B. Jared's account was uncollectible and wrote off $1,283. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the lqurnal entries on December...
Question #2: The Balance Sheet of Kamla Company on December 31, 2017 showed Accounts Receivable of $720,000 and Allowance for Doubtful Accounts of $9,800. During the month of January 2018, the transactions affecting accounts receivable were as follows: a) Sales on account b) Sales returns and allowances (on credit sales) c) Cash collections from customers d) Accounts receivable from Maude Company written-off as worthless 128,000 43,000 165,000 8,200 After a careful aging and analysis of all customer's accounts on January...
please help with the red one
The December 31, 2021, balance sheet of the Tamarisk, Inc. had Accounts Receivable of $650.000 and a credit balance in Allowance for Doubtful Accounts of $33.000. During 2022, the following transactions occurred: sales on account $1,642,000; sales returns and allowances, $133,000; collections from customers, $1,349,000; accounts written off, $35,000; previously written off accounts of $9,000 were collected. Your answer is correct. Journalize the 2022 transactions. (Credit account titles are automatically indented when the amount...
Most questions answered within 3 hours.
-
A sine wave signal is displayed on the screen of an
oscilloscope. 6 peak-to-peak divisions are...
asked 39 minutes ago -
a
1500 kg car accelerates from 0 to 25 m / s in 21.0s. How much...
asked 1 hour ago -
Calculate the molarity of each of the following solutions:
(a) 30.5 g of ethanol (C2H5OH) in...
asked 1 hour ago -
1 Refer to the build-borrow-or-buy framework as a decision tree
for the Adidas company. Identify a...
asked 2 hours ago -
Problem 2: The Problem of Social Cost. A Rancher and Farmer live
side-by-side to each other....
asked 3 hours ago -
a uniform bar of weight 40N is 4 meter long. weights
on 60N and 100N are...
asked 2 hours ago -
Define Diet counceling? What are the
responsibilities of a counselor?
asked 5 hours ago -
Hey im just confused about how to put the ' A angle n' and ' S...
asked 4 hours ago -
A short essay about the WSJ article on Oreo versus Hydrox.
asked 5 hours ago -
##8. A program contains the following function definition:
##def cube(num):
##return num * num * num...
asked 5 hours ago -
find the value z of a standard Normal variable that satisfies
each of the given conditions....
asked 5 hours ago -
"banana".find('z')
Out[22]: -1
why is this -1
python 3.7
asked 5 hours ago