Joshua Tree Inc. reported that at the end of 2012 net accounts receivable of 2,050 (the...
Joshua Tree Inc. reported that at the end of 2012 net accounts receivable of 2,050 (the
net value at the end of 2011 was 1,090). Their allowance for doubtful accounts at the
end of 2012 was 150 (the allowance was 140 at the end 2011). Joshua Tree Inc. had
sales of 20,000 during the year, 10% of which were on credit. They also had write-
offs of 50.
1. Record the journal entry reflecting the cash Joshua Tree Inc. collected from its
credit customers in 2012
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Joshua Tree Inc. reported that at the end of 2012 net accounts
receivable of 2,050 (the...
2013 2012 $1,038,159 Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in...
2013 2012 $1,038,159 Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in 2013 and $669 in 2012 $996,168 $ 176,917 $168,732 Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2013 and 2012 Balance at Charged to Balance Beginning Costs and at End of Period Expenses Deductions of Period 2013 Allowance for $ 669 $373 $589 $ 453 doubtful accounts 2012 Allowance for $1,560 $ 0 $891 $ 669 doubtful accounts 2011 Allowance for $1,459 $343...
Pans on Fire, Inc., had the following account balances at the end of the year before adjustments: Accounts Receivable $6...
Pans on Fire, Inc., had the following account balances at the end of the year before adjustments: Accounts Receivable $60,000 Allowance for Doubtful Accounts $200 credit balance Net Sales $600,000 Doubtful Accounts Expense $0 Management estimates that 11% of accounts receivable will be uncollectible. After the correct adjusting entry has been made, what is the total Allowance for Doubtful Accounts on the balance sheet at year end?
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable,...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8, 409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
Q-3. (Chapter-7) A7-4: Accounts Receivable-Allowances: At 31 December 20x8, Small Ltd. reported gross accounts receivable of...
Q-3. (Chapter-7) A7-4: Accounts Receivable-Allowances: At 31 December 20x8, Small Ltd. reported gross accounts receivable of $2,481,800. Investigation showed the following: 1. The credit balance in the allowance for doubtful accounts was $182,400 after write-offs for the year but before any bad debt adjustment. Bad debt expense is based on a percentage of receivables. Based on the latest available facts, $280,000 will not be collected due to collection issues. 2. Terms of 1/10, n/30 were granted to all customers. Accounts...
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable...
On December 31, 2015, a company reported the following information on its balance sheet: Accounts receivable $838,000 Less: Allowance for Doubtful Accounts 46,000 (cr.) During 2016, the company had the following transactions related to receivables: Sales on account $3,000,000 Collections of accounts receivable 2,712,000 Write-offs of accounts determined to be uncollectible 31,500 Recovery of prior write-offs 6,600 a) Determine the ending accounts receivable balance on December 31, 2016. b)If the company estimates 3% of credit sales will not be collected,...
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:
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...
At the end of 2017, Perez Corporation has accounts receivable of $2.5 million and an allowance...
At the end of 2017, Perez Corporation has accounts receivable of $2.5 million and an allowance for doubtful accounts of $120,000. On January 16, 2018, Perez determined that its $20,000 receivable from Morganfield Ltd. will not be collected, and management has authorized its write off. On January 31, 2018, Perez received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written off 100% of the amount due...
Chapter 8 Practice Problems Problem #9 - Analysis of Accounts Receivable Method At the end of...
Chapter 8 Practice Problems Problem #9 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $6,000,000; Allowance for Doubtful Accounts has a credit balance of $50,000; and Net Sales for the year total $18,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $125,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry...
LUMILUue, way2eue ALCULIS ILLETVE Net Sales Accounts receivable, net of allowances for doubtful accounts of $453...
LUMILUue, way2eue ALCULIS ILLETVE Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in 2013 and $669 in 2012 2013 $1,038,159 $ 176,917 2012 $996,168 $168,732 Schedule I-Valuation and Qualifying Accounts Years Ended December 31, 2013 and 2012 Balance at Beginning of Period Charged to Costs and Expenses Balance at End of Period Deductions 2013 Allowance for $ 669 $373 $589 $ 453 doubtful accounts 2012 Allowance for $1,560 $ 0 $891 $ 669 doubtful accounts 2011...
2013 2012 $1,038,159 Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in 2013 and $669 in 2012 $996,168 $ 176,917 $168,732 Schedule II—Valuation and Qualifying Accounts Years Ended December 31, 2013 and 2012 Balance at Charged to Balance Beginning Costs and at End of Period Expenses Deductions of Period 2013 Allowance for $ 669 $373 $589 $ 453 doubtful accounts 2012 Allowance for $1,560 $ 0 $891 $ 669 doubtful accounts 2011 Allowance for $1,459 $343...
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, Dec. 31, prior year Accounts Receivable (Gross) (A) $ 48,127 Allowance for Doubtful Accounts (XA) 8, 409 Accounts Receivable (Net) (A) $ 39,718 During the current year, sales on account were $305,048, collections on account were $290,100, write-offs of bad debts were $6,994, and the bad debt expense adjustment was $4,710. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to...
At December 31, 2017, Uli Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $610,000 42,000 During 2018, the company had the following summary transactions related to receivables and sales. Uli uses the perpetual inventory system. 1. Sales on account amounted to $2,520,000. The cost of the inventory sold was $1,990,800. 2. Sales returns and allowances with a total sales price of $38,000 and a cost of $30,020 were restored to inventory. 3....
Q-3. (Chapter-7) A7-4: Accounts Receivable-Allowances: At 31 December 20x8, Small Ltd. reported gross accounts receivable of $2,481,800. Investigation showed the following: 1. The credit balance in the allowance for doubtful accounts was $182,400 after write-offs for the year but before any bad debt adjustment. Bad debt expense is based on a percentage of receivables. Based on the latest available facts, $280,000 will not be collected due to collection issues. 2. Terms of 1/10, n/30 were granted to all customers. Accounts...
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...
At the end of 2017, Perez Corporation has accounts receivable of $2.5 million and an allowance for doubtful accounts of $120,000. On January 16, 2018, Perez determined that its $20,000 receivable from Morganfield Ltd. will not be collected, and management has authorized its write off. On January 31, 2018, Perez received notification that the company will be receiving $0.10 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written off 100% of the amount due...
Chapter 8 Practice Problems Problem #9 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $6,000,000; Allowance for Doubtful Accounts has a credit balance of $50,000; and Net Sales for the year total $18,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $125,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry...
LUMILUue, way2eue ALCULIS ILLETVE Net Sales Accounts receivable, net of allowances for doubtful accounts of $453 in 2013 and $669 in 2012 2013 $1,038,159 $ 176,917 2012 $996,168 $168,732 Schedule I-Valuation and Qualifying Accounts Years Ended December 31, 2013 and 2012 Balance at Beginning of Period Charged to Costs and Expenses Balance at End of Period Deductions 2013 Allowance for $ 669 $373 $589 $ 453 doubtful accounts 2012 Allowance for $1,560 $ 0 $891 $ 669 doubtful accounts 2011...
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