At December 31, 2019, Gerald Company had accounts receivable of $1,500,000 and an allowance for doubtful...
At December 31, 2019, Gerald Company had accounts receivable of $1,500,000 and an allowance for doubtful accounts of $8,250. On January 1, 2020, Gerald Company wrote off a $1,500 bad debt against the allowance for doubtful accounts. There were no other accounts receivable transactions on
Homework Answers
| Journal entry | |||||
| Allowance for doubtful accounts | 1500 | ||||
| Accounts receivable | 1500 | ||||
| Accounts receivable | |||||
| Debit | Credit | ||||
| Beg balance | 1500000 | 1500 | Write off | ||
| End balance | 1498500 | ||||
| Allowance for doubtful accounts | |||||
| Write off | 1500 | 8250 | Beg balance | ||
| 6750 | End balance | ||||
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At December 31, 2019, Gerald Company had accounts receivable of
$1,500,000 and an allowance for doubtful...
At December 31, 2019, Metlock Company had a credit balance of $16,100 in Allowance for Doubtful...
At December 31, 2019, Metlock Company had a credit balance of
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was later collected. At December 31, 2020, an aging schedule
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should be $24,400.
Prepare journal entries to record the 2020 transactions of Metlock
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On December 31, 2020, Toro Company's Allowance for Doubtful Accounts had an unadjusted credit balance of $31,000
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At January 1, 2020, the credit balance of Sarasota Corp.’s Allowance for Doubtful Accounts was $409,000. During 2020, th...
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Aging Method On January 1, 2019, Smith, Inc., has the following balances for accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
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$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
G On January 1, 2019, Joe's Cellphones had a debit Accounts Receivable balance of $ 150...
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Receivables—Bad Debts At January 1, 2019, the credit balance in Master Company's Allowance for Doubtful Accounts...
Receivables—Bad Debts At January 1, 2019, the credit balance in Master Company's Allowance for Doubtful Accounts was $400,000. For 2019, the provision for doubtful accounts is based on a percentage of credit sales. Credit sales for 2019 were $50,000,000 (assume that all of Master's sales are credit sales). Based on the latest available facts, the 2019 provision for doubtful accounts is estimated to be 0.7% of credit sales. During 2019, uncollectible receivables amounting to $410,000 were written off against the...
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On December 31, 2017, when its accounts receivable were $246,000 and its account Allowance for Doubtful...
On December 31, 2017, when its accounts receivable were $246,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,600, Kennel Corp. estimated that $13,800 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Kennel determined that Fei Ya Cheng’s account was uncollectible and wrote off $1,600. On November 12, 2018, Cheng paid the amount previously written off. (a) Prepare the required journal entries to record...
At December 31, 2019, Metlock Company had a credit balance of
$16,100 in Allowance for Doubtful Accounts. During 2020, Metlock
wrote off accounts totaling $12,500. One of those accounts ($3,300)
was later collected. At December 31, 2020, an aging schedule
indicated that the balance in Allowance for Doubtful Accounts
should be $24,400.
Prepare journal entries to record the 2020 transactions of Metlock
Company. (Credit account titles are automatically
indented when amount is entered. Do not indent
manually.)
Account Titles and...
if it 9. The following information is available for Murphy Company Allowance for doubtful accounts at December 31, 2018 Credit sales during 2019 Accounts receivable deemed worthless and written off during 2019 $ 24,000 1,200,000 27.000 As a result of a review and aging of accounts receivable in early January 2020, it has been determined that an allowance for doubtful accounts of $16,000 is needed at December 31, 2018 What entry will Murphy make to record "bad debt expense" for...
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...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$376,000
Allowance for Doubtful Accounts (a credit balance)
4,200
During 2019, Smith had $2,860,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Cornerstone Exercise 5-28 (Algorithmic) Aging Method On January...
G On January 1, 2019, Joe's Cellphones had a debit Accounts Receivable balance of $ 150 000 and a credit balance in Allowance for doubtful accounts of $30 000. . During 2019, it had the following selected transactions: January 2 Sold on account $ 100 000 of merchandize to Fanzi. Cost of the goods sold: $50 000 January 30: Fanzi paid only $80 000 of his account receivable March 30: After repeated attempts to collect, Joe's wrote off its Account...
Receivables—Bad Debts At January 1, 2019, the credit balance in Master Company's Allowance for Doubtful Accounts was $400,000. For 2019, the provision for doubtful accounts is based on a percentage of credit sales. Credit sales for 2019 were $50,000,000 (assume that all of Master's sales are credit sales). Based on the latest available facts, the 2019 provision for doubtful accounts is estimated to be 0.7% of credit sales. During 2019, uncollectible receivables amounting to $410,000 were written off against the...
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