Homework Answers
Tabular summary
| Assets | = | Liabilities | + | Stockholder's equity | ||||||||
| Account receivable | - | Allowance for doubtful accounts | Common Stock | + | Revenue | - | Expense | |||||
| Beg Bal | 315700 | 5209 | ||||||||||
| Adj | 13733 | 13733 | Bad debt expense | |||||||||
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Sage Hill Inc. has been in business several years. At the end of the current year,...
Martinez Corp. has been in business several years. At the end of the current year, the...
Martinez Corp. has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable $321,300 Sales Revenue 2,041,500 Allowance for Doubtful Accounts 5,448 Bad debts are estimated to be 6% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Allowance for Retained Earnings Accounts Receivable -...
Splish Brothers Inc. has been in business several years. At the end of the current year,...
Splish Brothers Inc. has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts $336,800 2,217,800 5,944 Bad debts are estimated to be 7% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Retain Allowance for doubtful accounts Accounts...
Blue Spruce Corp. has been in business several years. At the end of the current year,...
Blue Spruce Corp. has been in business several years. At the end
of the current year, the unadjusted balances show:
Accounts Receivable
$318,500
Sales Revenue
2,049,800
Allowance for Doubtful Accounts
5,527
Bad debts are estimated to be 7% of receivables. Record adjustment
to Allowance for Doubtful Accounts in a tabular summary.
(Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
Blue Spruce Corp. has been in business several years. At the end...
Question 5 --/1.5 View Policies Current Attempt in Progress Oriole Company has been in business several...
Question 5 --/1.5 View Policies Current Attempt in Progress Oriole Company has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts $300,000 2,321,700 5,355 Bad debts are estimated to be 8% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities +...
Use a tabular summary to record the following transactions for Marigold Corp. (Omit cost of goods...
Use a tabular summary to record the following transactions for Marigold Corp. (Omit cost of goods sold entries.) (a) On July 1, Marigold Corp. sold merchandise on account to Stacey Inc. for $24,400. (b) On July 8, Stacey Inc. returned merchandise worth $2,200 to Marigold Corp.. (c) On July 11, Stacey Inc. paid for the merchandise. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Retained Earnings...
CALCULATOR PRINTER VERSION BACK NEXT Question 6 At the beginning of the current period, Sheffield Corp....
CALCULATOR PRINTER VERSION BACK NEXT Question 6 At the beginning of the current period, Sheffield Corp. had balances in Accounts Receivable of $187,800 and in Allowance for Doubtful Accounts of $9,630. During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off as uncollectible accounts receivable of $7,381. Uncollectible accounts are estimated to total $23,070 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable...
At December 31, 2016, Monty Imports reported this information on its balance sheet. Accounts rece...
At December 31, 2016, Monty Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accou $652,800 38,030 nts During 2017, the company had the following transactions related to receivables 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible $2,883,800 68,400 2,592,000 44,010 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the...
Exercise 6-8 At the beginning of the current period, Coronado Industries had balances in Accounts Receivable...
Exercise 6-8 At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of $211,000 and in Allowance for Doubtful Accounts of $8,910. During the period, it had net credit sales of $777,300 and collections of $764,980. It wrote off as uncollectible accounts receivable of $8,009. Uncollectible accounts are estimated to total $23,630 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
CALCULATOR PRINTER VERSION BACK NEXT Question 8 At December 31, 2016, Blue Spruce Imports reported this...
CALCULATOR PRINTER VERSION BACK NEXT Question 8 At December 31, 2016, Blue Spruce Imports reported this information on its balance sheet. Accounts receivable $627,200 Less: Allowance for doubtful accounts 37,300 During 2017, the company had the following transactions related to receivables 1. Sales on account $2,936,400 2. Sales returns and allowances 80,000 3. Collections of accounts receivable 2,528,500 4. Write-offs of accounts receivable deemed uncollectible 41,620 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for...
Splish Brothers Inc. has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts $336,800 2,217,800 5,944 Bad debts are estimated to be 7% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Retain Allowance for doubtful accounts Accounts...
Blue Spruce Corp. has been in business several years. At the end
of the current year, the unadjusted balances show:
Accounts Receivable
$318,500
Sales Revenue
2,049,800
Allowance for Doubtful Accounts
5,527
Bad debts are estimated to be 7% of receivables. Record adjustment
to Allowance for Doubtful Accounts in a tabular summary.
(Enter negative amounts using either a negative sign
preceding the number e.g. -45 or parentheses e.g.
(45).)
Blue Spruce Corp. has been in business several years. At the end...
Question 5 --/1.5 View Policies Current Attempt in Progress Oriole Company has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable Sales Revenue Allowance for Doubtful Accounts $300,000 2,321,700 5,355 Bad debts are estimated to be 8% of receivables. Record adjustment to Allowance for Doubtful Accounts in a tabular summary. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Assets = Liabilities +...
Use a tabular summary to record the following transactions for Marigold Corp. (Omit cost of goods sold entries.) (a) On July 1, Marigold Corp. sold merchandise on account to Stacey Inc. for $24,400. (b) On July 8, Stacey Inc. returned merchandise worth $2,200 to Marigold Corp.. (c) On July 11, Stacey Inc. paid for the merchandise. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Assets = Liabilities + Stockholders' Equity Retained Earnings...
CALCULATOR PRINTER VERSION BACK NEXT Question 6 At the beginning of the current period, Sheffield Corp. had balances in Accounts Receivable of $187,800 and in Allowance for Doubtful Accounts of $9,630. During the period, it had net credit sales of $860,400 and collections of $687,720. It wrote off as uncollectible accounts receivable of $7,381. Uncollectible accounts are estimated to total $23,070 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable...
At December 31, 2016, Monty Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accou $652,800 38,030 nts During 2017, the company had the following transactions related to receivables 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible $2,883,800 68,400 2,592,000 44,010 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the...
Exercise 6-8 At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of $211,000 and in Allowance for Doubtful Accounts of $8,910. During the period, it had net credit sales of $777,300 and collections of $764,980. It wrote off as uncollectible accounts receivable of $8,009. Uncollectible accounts are estimated to total $23,630 at the end of the period. (Omit recording cost of goods sold.) Enter the beginning balances for Accounts Receivable and Allowance for Doubtful Accounts...
The ledger of Sage Hill Inc, at the end of the current year shows Accounts Receivable $78,000; Credit Sales $855,000, and Sales Returns and Allowances $36,000 (a) If Sage Hill uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Sage Hill determines that Matisse's $750 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,150 in the trial balance, journalize the adjusting entry at December 31,...
CALCULATOR PRINTER VERSION BACK NEXT Question 8 At December 31, 2016, Blue Spruce Imports reported this information on its balance sheet. Accounts receivable $627,200 Less: Allowance for doubtful accounts 37,300 During 2017, the company had the following transactions related to receivables 1. Sales on account $2,936,400 2. Sales returns and allowances 80,000 3. Collections of accounts receivable 2,528,500 4. Write-offs of accounts receivable deemed uncollectible 41,620 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for...
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