Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| a | Allowance for doubtful account | 300 | |
| Account receivable | 300 | ||
| (To record write off) | |||
| b | Account receivable | 300 | |
| Allowance for doubtful account | 300 | ||
| (To record reinstate) | |||
| Cash | 300 | ||
| Account receivable | 300 | ||
| (To record collection) | |||
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Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $2,000 in its Allowance f...
Prior to recording the following. Elite Electronics, Inc., had a credit balance of $1,600 in its...
Prior to recording the following. Elite Electronics, Inc., had a credit balance of $1,600 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a On August 31, a customer balance for $260 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $260 written off on August...
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $1,300 in its...
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $1,300 in its Allowance for Doubtful Accounts Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) D a On August 31, a customer balance for $230 from a prior year was determined to be uncollectible and was written off b On December 15, the customer balance for $230 written off on...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
Prior to recording the following. Eite Electronics, Inc., had a crede balance of $1300 in its Allowance for Doubtful...
Prior to recording the following. Eite Electronics, Inc., had a crede balance of $1300 in its Allowance for Doubtful Accounts Required: Prepare journal entries for each transaction (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. On August 31, a customer balance for $230 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $230 written off on August...
Required information [The following information applies to the questions displayed below) Fraud Investigators...
Required information [The following information applies to the questions displayed below) Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year, d. On December 31, $570...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
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q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit...
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $944,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $472 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. 9:13 View transaction list ak Journal entry worksheet < 2...
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported...
Kraft Foods Inc. is the second-largest food company in the
world. Assume the company recently reported the following amounts
in its unadjusted trial balance (in millions) as of December 31,
2017:
Debits
Credits
Accounts Receivable
$
6,320
Allowance for Doubtful Accounts
$
200
Sales (assume all on credit)
52,850
2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at...
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported...
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance (in millions) as of December 31, 2017: Credits Debits $ 4,833 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 129 42,201 Required: 1. Assume Kraft uses 12 of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no...
Prior to recording the following. Elite Electronics, Inc., had a credit balance of $1,600 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a On August 31, a customer balance for $260 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $260 written off on August...
Prior to recording the following, Elite Electronics, Inc., had a credit balance of $1,300 in its Allowance for Doubtful Accounts Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) D a On August 31, a customer balance for $230 from a prior year was determined to be uncollectible and was written off b On December 15, the customer balance for $230 written off on...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
Prior to recording the following. Eite Electronics, Inc., had a crede balance of $1300 in its Allowance for Doubtful Accounts Required: Prepare journal entries for each transaction (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) a. On August 31, a customer balance for $230 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $230 written off on August...
Required information [The following information applies to the questions displayed below) Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year, d. On December 31, $570...
On January 1, Wei company begins the accounting period with a $41,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,000 in customer accounts was uncollectible; specifically, $2,000 for Oakley Co. and $7,000 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,000 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare...
q8
On January 1, Wei company begins the accounting period with a $43,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,400 in customer accounts was uncollectible; specifically, $2,200 for Oakley Co. and $7,200 for Brookes Co. Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,200 payment on a customer account, Oakley Company that had previously been written off in part a....
At year-end (December 31), Chan Company estimates its bad debts as 0.50% of its annual credit sales of $944,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $472 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries for these transactions. 9:13 View transaction list ak Journal entry worksheet < 2...
Kraft Foods Inc. is the second-largest food company in the
world. Assume the company recently reported the following amounts
in its unadjusted trial balance (in millions) as of December 31,
2017:
Debits
Credits
Accounts Receivable
$
6,320
Allowance for Doubtful Accounts
$
200
Sales (assume all on credit)
52,850
2. Assume instead that Kraft uses the aging of accounts receivable method and estimates that $340 million of its Accounts Receivable will be uncollectable. Prepare the adjusting journal entry required at...
Kraft Foods Inc. is the second-largest food company in the world. Assume the company recently reported the following amounts in its unadjusted trial balance (in millions) as of December 31, 2017: Credits Debits $ 4,833 Accounts Receivable Allowance for Doubtful Accounts Sales (assume all on credit) $ 129 42,201 Required: 1. Assume Kraft uses 12 of 1 percent of sales to estimate its Bad debt expense for the year. Prepare the adjusting journal entry required for the year, assuming no...
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