Homework Answers
| Debit | Credit | ||
| 2 | Accounts Receivable | 5300 | |
| Allowance for Doubtful Accounts | 5300 | ||
| (To reinstate the accounts receivable) | |||
| Cash | 5300 | ||
| Accounts Receivable | 5300 | ||
| (To record the collection on account) | |||
| 4 | Bad debts expense | 14900 | |
| Allowance for Doubtful Accounts | 14900 |
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What am I getting wrong? The balance sheet of Stanky Come December 31, 2016, Indudes the following. $35,000 No receive...
Problem 7-6 The balance sheet of Ayayai Company : December 31, 2016, includes the following- Notes...
Problem 7-6 The balance sheet of Ayayai Company : December 31, 2016, includes the following- Notes receivable $41,800 Accounts receivable 185.800 Less: Allowance for doubtful accounts 23,100 $204,500 2017 include the following. Transactions i 1. Accounts receivable of $142,400 were collected including accounts of $66,500 on which 3% sales discounts were allowed. 2. $5,890 was received in payment of an account which was written off the books as worthless in 2016. 3. Customer accounts of $23,300 were written off during...
Problem 7-6 The balance sheet of Ivanhoe Company at December 31, 2016, includes the following. Notes...
Problem 7-6
The balance sheet of Ivanhoe Company at December 31, 2016,
includes the following.
Notes receivable
$51,200
Accounts receivable
195,600
Less: Allowance for doubtful accounts
24,600
$222,200
Transactions in 2017 include the following.
1.
Accounts receivable of $151,300 were collected including
accounts of $67,500 on which 4% sales discounts were allowed.
2.
$5,670 was received in payment of an account which was written
off the books as worthless in 2016.
3.
Customer accounts of $24,800 were written off during...
Problem 7-6 The balance sheet of Headland Company at December 31, 2016, includes the following. Notes...
Problem 7-6 The balance sheet of Headland Company at December 31, 2016, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $45,600 183,100 21,200 $207,500 Transactions in 2017 include the following. 1. Accounts receivable of $142,400 were collected including accounts of $66,000 on which 3% sales discounts were allowed. 2. $6,210 was received in payment of an account which was written off the books as worthless in 2016 3. Customer accounts of $21,400 were written off during...
Ayayai Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable...
Ayayai Corp.’s balance sheet at December 31, 2016, included the following. Note receivable $600,000 Interest receivable 22,000 Accounts receivable 1,365,000 Less: Allowance for doubtful accounts receivable 80,000 1,285,000 $1,907,000 The following occurred in 2017. 1. Ayayai made sales of $10,500,000. All sales were credit sales. Ayayai allows some discounts for early payment of receivables and uses the gross method to record sales. 2. Customer accounts of $82,000 were written off during the year. 3. Accounts receivable of $10,600,000 were collected....
How can I solve this? At December 31, 2016, House Co. reported the following information on...
How can I solve this? At December 31, 2016, House Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2017, the company had the following transactions related to receivables. 1. Sales on account $3,700,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 29,000 Instructions (a) Prepare the journal...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016:...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $36,600 182,400 21,100 $197,900 Transactions in 2020 include the following. 1. Accounts receivable of $150,500 were collected including accounts of $60,200 on which 3% sales discounts were allowed. 2. $5,580 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $21,300 were written off during the year....
The balance sheet of Buffalo Company at December 31, 2019, includes the following. Notes receivable $53,200...
The balance sheet of Buffalo Company at December 31, 2019, includes the following. Notes receivable $53,200 Accounts receivable 189,700 Less: Allowance for doubtful accounts 18,700 $224,200 Transactions in 2020 include the following. 1. Accounts receivable of $151,400 were collected including accounts of $64,600 on which 4% sales discounts were allowed. 2. $5,950 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $18,900 were written off during the year....
At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable...
At December 31, 2016, Flint
Corporation Imports reported this information on its balance
sheet.
Accounts receivable
$560,400
Less: Allowance for doubtful accounts
37,640
During 2017, the company had the following transactions related to
receivables.
1.
Sales on account
$2,968,300
2.
Sales returns and allowances
92,202
3.
Collections of accounts receivable
2,518,800
4.
Write-offs of accounts receivable deemed uncollectible
43,310
5.
Recovery of bad debts previously written off as
uncollectible
15,840
8 Post Gaogle Docs Get Homework Help With C aided...
At December 31, 2016, Monty Imports reported this information on its balance sheet. Accounts rece...
At December 31, 2016, Monty Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accou $652,800 38,030 nts During 2017, the company had the following transactions related to receivables 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible $2,883,800 68,400 2,592,000 44,010 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the...
Problem 7-6 The balance sheet of Ayayai Company : December 31, 2016, includes the following- Notes receivable $41,800 Accounts receivable 185.800 Less: Allowance for doubtful accounts 23,100 $204,500 2017 include the following. Transactions i 1. Accounts receivable of $142,400 were collected including accounts of $66,500 on which 3% sales discounts were allowed. 2. $5,890 was received in payment of an account which was written off the books as worthless in 2016. 3. Customer accounts of $23,300 were written off during...
Problem 7-6
The balance sheet of Ivanhoe Company at December 31, 2016,
includes the following.
Notes receivable
$51,200
Accounts receivable
195,600
Less: Allowance for doubtful accounts
24,600
$222,200
Transactions in 2017 include the following.
1.
Accounts receivable of $151,300 were collected including
accounts of $67,500 on which 4% sales discounts were allowed.
2.
$5,670 was received in payment of an account which was written
off the books as worthless in 2016.
3.
Customer accounts of $24,800 were written off during...
Problem 7-6 The balance sheet of Headland Company at December 31, 2016, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $45,600 183,100 21,200 $207,500 Transactions in 2017 include the following. 1. Accounts receivable of $142,400 were collected including accounts of $66,000 on which 3% sales discounts were allowed. 2. $6,210 was received in payment of an account which was written off the books as worthless in 2016 3. Customer accounts of $21,400 were written off during...
6. The following accounts were abstracted from Starr Co's unadjusted trial balance at December 31, 2016: Credit Debit $750,000 Accounts receivable Allowance for uncollectible accounts Net credit sales Starr estimates that 4.5% of the gross accounts receivable will become uncollectible. 8,000 $3,000,000 at December 31, 2016, the allowance for uncollectible accounts should After adjustment have a credit balance of A) S120,000. B) S112,000. C) $33,750. D) $30,000. 7. Wellington Corp, has outstanding accounts receivable totaling $1.27 million as of December...
The balance sheet of Metlock Company at December 31, 2019, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $36,600 182,400 21,100 $197,900 Transactions in 2020 include the following. 1. Accounts receivable of $150,500 were collected including accounts of $60,200 on which 3% sales discounts were allowed. 2. $5,580 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $21,300 were written off during the year....
At December 31, 2016, Flint
Corporation Imports reported this information on its balance
sheet.
Accounts receivable
$560,400
Less: Allowance for doubtful accounts
37,640
During 2017, the company had the following transactions related to
receivables.
1.
Sales on account
$2,968,300
2.
Sales returns and allowances
92,202
3.
Collections of accounts receivable
2,518,800
4.
Write-offs of accounts receivable deemed uncollectible
43,310
5.
Recovery of bad debts previously written off as
uncollectible
15,840
8 Post Gaogle Docs Get Homework Help With C aided...
At December 31, 2016, Monty Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accou $652,800 38,030 nts During 2017, the company had the following transactions related to receivables 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible $2,883,800 68,400 2,592,000 44,010 Prepare a tabular summary that includes the following accounts: Cash, Accounts Receivable, Allowance for Doubtful Accounts, Revenue, and Expense. Enter the...
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