Homework Answers
Solution
| Date | Accounts | Dr | Cr |
| January 02 | Bad debts expense | $ 12,193.50* | |
| Allowance for doubtful accounts | $ 12,193.50 | ||
| (to record bad debts expense) |
*110850 x 11%
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apter 8 Exercise 1) On January 2 Naldo Party Supplies Inc had a debit balance of 110.850 in its Accounts Receivable...
number 2 please pries Inc had a debit balance of 110,850 in its Accounts Receivable account....
number 2 please
pries Inc had a debit balance of 110,850 in its Accounts Receivable account. Of Loc, de manager estimates that 11% will be uncollectible. Make the journal entry that re done with this analysis under the Allowance Method. CR Date Make the journal entry that reflects what should be Accounts DR 2) On January 21 2016, Naldo Party Supplies Inc had a debit balance of 112,600 in its Accounts Receivable account. Of that, the manager estimates that 11%...
number 2 and 3 2) On January 2nd 2016, Naldo Party Supplies in of that, the...
number 2 and 3
2) On January 2nd 2016, Naldo Party Supplies in of that, the manager estimates that 11% will be uncollectible. You realize Accounts account currently has a $4,500 debit bala done with this analysis under the Allowance Method. Naldo Party Supplies Inc had a debit balance of 112,600 in its Accounts Recen 600 in its Accounts Receivable account. ectible. You realize that the Allowance for Doubtful has a $4,500 debit balance. Make the journal entry that reflects...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Х June 30, Purple Party Planners had a $38,000 balance in Accounts Receivable and a $3,875...
Х June 30, Purple Party Planners had a $38,000 balance in Accounts Receivable and a $3,875 credit balance in Allowance for Uncollectible ble made credit sales of $199,000 $2,880. ense is estimated as 4% of credit A i Requirements ad the requirements. quirement 1. Jouanze sales, con pa buning t required. (Record debits first, ther 1. Journalize sales, collections, write-offs of uncollectibles, and Begin by recording the journal entre uncollectible-account expense by the allowance method during July. Explanations are not...
Exercise 8-07 On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,451, Blossom Com...
Exercise 8-07 On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,451, Blossom Company estimates that 11% of its accounts receivable balance of $78,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Blossom Company determined that B. Jared's account was uncollectible and wrote off $1,260. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May...
Pina Colada Ltd. has accounts receivable of $232,100 and an unadjusted debit balance in its allowance...
Pina Colada Ltd. has accounts receivable of $232,100 and an unadjusted debit balance in its allowance for doubtful accounts of $610 at March 31, 2021. An analysis of the accounts receivable shows these amounts: Month of Sale March (0-30) February (31-60) January (61-90) October-December (over 90) Amount $150,300 24,100 32,700 25,000 The company's percentage estimates of its uncollectible accounts are as follows: Number of Days Outstanding 0-30 31-60 61-90 Over 90 Estimated % Uncollectible 1% 10% 30% 60% Prepare an...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($158,000 on...
G On January 1, 2019, Joe's Cellphones had a debit Accounts Receivable balance of $ 150...
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...
1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of...
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...
number 2 please
pries Inc had a debit balance of 110,850 in its Accounts Receivable account. Of Loc, de manager estimates that 11% will be uncollectible. Make the journal entry that re done with this analysis under the Allowance Method. CR Date Make the journal entry that reflects what should be Accounts DR 2) On January 21 2016, Naldo Party Supplies Inc had a debit balance of 112,600 in its Accounts Receivable account. Of that, the manager estimates that 11%...
number 2 and 3
2) On January 2nd 2016, Naldo Party Supplies in of that, the manager estimates that 11% will be uncollectible. You realize Accounts account currently has a $4,500 debit bala done with this analysis under the Allowance Method. Naldo Party Supplies Inc had a debit balance of 112,600 in its Accounts Recen 600 in its Accounts Receivable account. ectible. You realize that the Allowance for Doubtful has a $4,500 debit balance. Make the journal entry that reflects...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
On April 30, Special Party Planners had a $37,000 balance in Accounts Receivable and a $2,422 credit balance in Allowance for Uncollectible Accounts. During May, Special made credit sales of $194,000. May collections on account were $171,000, and write-offs of uncollectible receivables totaled $2,830. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Х June 30, Purple Party Planners had a $38,000 balance in Accounts Receivable and a $3,875 credit balance in Allowance for Uncollectible ble made credit sales of $199,000 $2,880. ense is estimated as 4% of credit A i Requirements ad the requirements. quirement 1. Jouanze sales, con pa buning t required. (Record debits first, ther 1. Journalize sales, collections, write-offs of uncollectibles, and Begin by recording the journal entre uncollectible-account expense by the allowance method during July. Explanations are not...
Exercise 8-07 On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,451, Blossom Company estimates that 11% of its accounts receivable balance of $78,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Blossom Company determined that B. Jared's account was uncollectible and wrote off $1,260. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May...
Pina Colada Ltd. has accounts receivable of $232,100 and an unadjusted debit balance in its allowance for doubtful accounts of $610 at March 31, 2021. An analysis of the accounts receivable shows these amounts: Month of Sale March (0-30) February (31-60) January (61-90) October-December (over 90) Amount $150,300 24,100 32,700 25,000 The company's percentage estimates of its uncollectible accounts are as follows: Number of Days Outstanding 0-30 31-60 61-90 Over 90 Estimated % Uncollectible 1% 10% 30% 60% Prepare an...
At January 1, 2018, Purple Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $3,000. During the year, Purple Mountain Flagpoles recorded the following: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize Purple's transactions that occurred during 2018. The company uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (a.) Sales of $182,000 ($158,000 on...
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...
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...
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