there is 3 question and also for some questions, I have choices. I added them to show you. forth picture is the answers for third picture. and also on the second picture, I show choices on the question too.
Q S5-11 | |||||||
Req 1: | |||||||
Service revenue: | 450,000 | ||||||
Estimated bad debts | 2% | ||||||
Bad debts expense | 9000 | ||||||
Allowance balance at the end: | |||||||
Beginning balance of Allowance | 4000 | ||||||
Add: Bad debts expense | 9000 | ||||||
Ending Balance of Allowance | 13000 | ||||||
Req 2 | |||||||
Allowance balance at the end: | 14000 | ||||||
Allowancec at the beginning: | 4000 | ||||||
Bad debts expense | 10000 | ||||||
Holding company has $ 10000 uncollectibles expense using the percent of sales | |||||||
Balance of Allowance for uncollectible accounts is $14,000 |
there is 3 question and also for some questions, I have choices. I added them to...
- X i Requirements 1. Prepare the journal entries for Redstone Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Milton Corporation. Assume that Milton Corporation takes the discount if payment is within the discount period. 2. Indicate which company (Redstone or Milton) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 c. April 10 (Assume that Redstone Company uses the...
The following Information is avallable for Quality Book Sales sales on account and accounts recelvable: Accounts receivable balance, January 1, Year 2 Allowance for doubtful accounts, January 1, Year 2 Sales on account, Year 2 Collection on accounts receivable, Year 2 $ 78,800 4,778 553,808 559,8e0 After several collection attempts, Quality Book Sales wrote off $2720 of accounts that could not be collected. Quality Book Sales estimates that 5 percent of the ending accounts receivable balance will be uncollectible. Required...
i Requirements Prepare the journal entries for Canton Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Spring Corporation. Assume that Spring Corporation takes the discount if payment is within the discount period. Indicate which company (Canton or Spring) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 c. April 10 (Assume that Canton Company uses the gross method of recording...
Revise your worksheet to reflect these updated assumptions then answer the questions that follow You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company of year end. Estimated Percent Uncollectible Age Group Not yet due 1-30 days bast due 31-50 days past due 51.90 days past due Over 90 days past due Accounts Receivable $ 80,00 35,000 18. 12,000 13,000 3158,000 20 40 Allowance for Uncollectible Accounts 1.600 Create...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Save LE SUE 13. . 176 points At the end of the year, Dahir Incorporated's balance of Allowance for Uncollectible Accounts is $1,600 (debih before adjustment. The company estimates future un colecible accounts to be 58.000 What is the adjustment Dahit would record for Allowance for Uncolectible Accounts? If no entry is required for a transaction/event, select "No journal entry required in the first account field) View transactions Journal entry worksheet Record the adjustment entry for Allowance for Uncollectible Accounts....
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
e percent-of- P% of credits e for Uncolled Consider each of the following two independent situations. 1. Using the percent-of-sales method, calculate the amount of Uncollectible-Account Expense if Apple Corporation estimates its uncollectible-account expense using a rate of 5% of credit sales. What is the ending balance of the Allowance for Uncollectible Accounts under this scenario? 2. Now assume that Apple Corporation uses the aging-of-receivables method. Apple Corporation estimates that its Allowance for Uncollectible Accounts should have a credit balance...
Х June 30, Purple Party Planners had a $38,000 balance in Accounts Receivable and a $3,875 credit balance in Allowance for Uncollectible ble made credit sales of $199,000 $2,880. ense is estimated as 4% of credit A i Requirements ad the requirements. quirement 1. Jouanze sales, con pa buning t required. (Record debits first, ther 1. Journalize sales, collections, write-offs of uncollectibles, and Begin by recording the journal entre uncollectible-account expense by the allowance method during July. Explanations are not...
1) The company had sales revenue $4,000,000 reported on its Income Statement The company had an accounts receivable balance of $200,000 and an allowance for uncollectible accounts balance of $1,000 (credit) at the end of the year (before any adjusting entry) The accountant determined that 1% of the SALES REVENUE will ultimately be uncollectible. a) Prepare the journal entry to record Uncollectible Accounts expense for the year. Account Name debit Credit b) Fill in the amounts that would appear on...