Homework Answers
Journal entry
| No | Account and explanation | debit | credit |
| 1 | Allowance for doubtful accounts | 27500 | |
| Account receivable | 27500 | ||
| (To record write off) | |||
| 2 | Account receivable | 2500 | |
| Allowance for doubtful accounts | 2500 | ||
| (To record account reinstated) | |||
| 3 | Cash | 2500 | |
| Account receivable | 2500 | ||
| (To record collection) | |||
| 4 | Bad debt expense (69000-(45000-27500+2500) | 49000 | |
| Allowance for doubtful accounts | 49000 | ||
| (To record adjusting entry) | |||
Balance sheet
| Current assets | |
| Account receivable | 690000 |
| Less; Allowance for doubtful accounts | -69000 |
| Account receivable (net) | 621000 |
Add Answer to:
1) record the written off receivables
2) record the reinstatement of an account previously written
off...
Requirement 1, Journal Entries: 1) Record the write-off of receivables. 2) Record the reinstatement of an...
Requirement 1, Journal Entries:
1) Record the write-off of receivables.
2) Record the reinstatement of an account previously written
off.
3) Record collection of account previously written off.
4) Record bad debt expense for the year.
Check my work 5 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $670,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $41,000...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable to...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $655,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $38,000 at the beginning of 2021 and $24,000 in receivables were written off during the year as uncollectible. Also, $1,800 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
During the year, Rose Company recovered $1,500 of receivables previously written off. They also made an...
During the year, Rose Company recovered $1,500 of receivables previously written off. They also made an entry to write off a $5,900 uncollectible account. At year end, Rose recorded the year end bad debt expense adjustment of $4,000. Before these entries were made, the balance in accounts receivable was $64,000 and the balance in the allowance for doubtful accounts was $9,300. The net realizable value of accounts receivable after the write-off, recovery and bad debt expense entries was
Kendall Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable...
Kendall Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $600,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $22,000 at the beginning of 2016 and $26,000 in receivables were written off during the year as uncollectible. Also, $1,500 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by...
It’s all problem 12 12. 1000 poants Raintree Cosmetic Company sells its products to customers on...
It’s all problem 12
12. 1000 poants Raintree Cosmetic Company sells its products to customers on a credit bass. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year end The 2015 balance sheet disclosed the following Current assets Receivables, net of allowance for uncollectible accounts of $44,000 $502.000 During 2016, credit sales were $1,820,000, cash collections from customers $1,900,000, and $53,000 in wrilthen off in 2015 An aging of accounts receivable at...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $715,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2016 and $30,000 in receivables were written off during the year as uncollectible. Also, $3,000 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to c...
Problem 7-4 Uncollectible accounts [LO7-5, 7-6] Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company’s fiscal year-end. The 2017 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $30,000 $432,000 During 2018, credit sales were $1,750,000, cash collections from customers $1,830,000, and $35,000 in accounts receivable were written off. In addition, $3,000 was collected from a...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
Requirement 1, Journal Entries:
1) Record the write-off of receivables.
2) Record the reinstatement of an account previously written
off.
3) Record collection of account previously written off.
4) Record bad debt expense for the year.
Check my work 5 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $670,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $41,000...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $655,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $38,000 at the beginning of 2021 and $24,000 in receivables were written off during the year as uncollectible. Also, $1,800 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts...
Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off. 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations: a. Bad debt expense is estimated to be 2% of credit sales for the year. b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of...
It’s all problem 12
12. 1000 poants Raintree Cosmetic Company sells its products to customers on a credit bass. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year end The 2015 balance sheet disclosed the following Current assets Receivables, net of allowance for uncollectible accounts of $44,000 $502.000 During 2016, credit sales were $1,820,000, cash collections from customers $1,900,000, and $53,000 in wrilthen off in 2015 An aging of accounts receivable at...
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2016, accounts receivable totaled $715,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2016 and $30,000 in receivables were written off during the year as uncollectible. Also, $3,000 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets Receivables, net of allowance for uncollectible accounts of $36,000 $462,000 During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off...
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2020 balance sheet disclosed the following: Current assets: Receivables, net of allowance for uncollectible accounts of $33,000 $ 447,000 During 2021, credit sales were $1,765,000, cash collections from customers $1,845,000, and $38,000 in accounts receivable were written off. In addition, $3,300 was collected from a customer whose account was written...
Most questions answered within 3 hours.
-
Mr. and Mrs. Brown report taxable income of $130,000 in 2018. In
addition, they report the...
asked 35 minutes ago -
You capture data by having 8 people fill in 30 small dots on a
piece of...
asked 4 hours ago -
What are the z-values such that 70% of the area lies in the
middle of the...
asked 6 hours ago -
You borrow $29,500 to purchase a brand new car. The interest
rate is 6%, and the...
asked 5 hours ago -
The amount of time it takes an asteroid, whose average distance
from the Sun is 4.70...
asked 6 hours ago -
A 0.289 kg mass slides on a frictionless floor with a speed of
1.34 m/s. The...
asked 6 hours ago -
15.A box contains five red balls, three green balls, and two
yellow balls. Suppose you select...
asked 8 hours ago -
Assume you are given the following for Stackelberg industries:
Return on Assets (ROA) = 8%
Debt...
asked 7 hours ago -
an engineer proposes to use mmWave in 5G network to
increase data rate.
What are the...
asked 7 hours ago -
Explain the idea behind using SEMIJOIN in distributed
query processing.
asked 7 hours ago -
why
is context important in selecting and applying guidelines and
principles for interface design?
illustrate your...
asked 7 hours ago -
In a certain board game, a player rolls two fair six-sided dice
until the player rolls...
asked 8 hours ago