Problem 1: Journalize the following transactions using the allowance method of accounting for uncollectible receivables.
Apr. 1 Sold merchandise on account to Rhen Smithe, $25,000. The cost of the merchandise is $9,200.
Sep. 10 Received payment for one-fifth of the receivable from R. Smithe and wrote off the remainder.
Dec. 9 Reinstated the account of R. Smithe and received cash in full payment.
ANSWER: |
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Problem 2: List at least four indicators that a receivable may be uncollectible.
ANSWER: |
Answers may vary. 1. 2. 3. 4. |
Problem 3: Determine the due date and amount of
interest due at maturity on the following notes:
Origination |
Face |
Term |
Interest |
Maturity |
Interest |
|
Date |
Amount |
of Note |
Rate |
Date |
Amount |
|
(a) |
August 15 |
$20,500 |
60 days |
6% |
_______ |
_______ |
(b) |
May 20 |
$15,000 |
180 days |
8% |
_______ |
_______ |
Problem 4: Journalize the following
transactions for River Company. Round numbers to the nearest
dollar. ANSWER
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Problem 1: Journalize the following transactions using the allowance method of accounting for uncollectible receivables. ...
Problem 1: Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Rhen Smithe, $25,000. The cost of the merchandise is $9,200. Sep. 10 Received payment for one-fifth of the receivable from R. Smithe and wrote off the remainder. Dec. 9 Reinstated the account of R. Smithe and received cash in full payment. ANSWER: Journal Page 6 Date Description Debit Credit Problem 2: List at least four...
Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,410. The cost of the merchandise is $3,705. April 1 April 1 June 10 Received $2,470 from Jim Dobbs and wrote off the remainder owed of $4,940. If amount box does not require an entry, leave it blank or enter "O". June 10 Oct. 11 Reinstated the account of Jim Dobbs and received $4,940 cash in full payment....
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $2,690 from Keith MacPhearson and wrote off the remainder owed of $4,410 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Keith MacPhearson and received $4,410 cash in full payment. Reinstate Collection -
For a business that uses the allowance method of accounting for uncollectible receivables: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000. In March of the next year, the...
For a business that uses the allowance method of accounting for uncollectible receivables: Required: a. Journalize the entries to record the following: 1. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.* 2. In March of the next...
For a business that uses the allowance method of accounting for uncollectible receivables: Required: (a) Journalize the entries to record the following: (1) Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $800,000, and the contra asset account before adjustment has a debit balance of $600. Analysis of the receivables indicates uncollectible receivables of $18,000.* (2) In March of the next...
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,500 from Keith MacPhearson and wrote off the remainder owed of $7,530 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Keith MacPhearson and received $7,530 cash in full payment. х Accounts Receivable-Keith MacPhearson v Reinstate 7,530 Allowance for Doubtful ACCounts v х Cash v Collection х Accounts Receivable-Keith MacPhearson
1) Journalize the following transactions, using the Allowance method of accounting for uncollectible accounts 9-Jul Received $1200 cash from Charlie Anderkin on his receivable of $5000 and wrote off the remainder as uncollectible. 11-Oct Reinstated the account of Charlie Anderkin and received $3800 cash in full payment. Debit Credit
Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe, $16,300. The cost of goods sold was $11,700, Sept. 30 Received $3,700 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town...
entries for uncollectible receivables, using allowance method journalize the following transactions of Zippy Interior Bock Show Me How Calculator Printem Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables May 24 Sold merchandise on account to Old Town Cafe, $24,450. The cost of goods sold was $14,500. Sept. 30 Received $9,000 from Old Town Cafe and wrote...