Homework Answers
| SOLUTION : PART 1 (general journal) | |||||
| Date | GENERAL JOURNAL | Debit | Credit | ||
| Allowance for Doubtful Accounts | $620 | ||||
| Account Receivable | $620 | ||||
| SOLUTION : PART 2 (T ACCOUNTS) | |||||
| Allowance for Doubtful Accounts | |||||
| Account Receivable Wrote off | $620 | ||||
| $620 | Closing Balance | ||||
| Total | 620 | 620 | Total | ||
| Account Receivable | |||||
| $620 | Allowance for Doubtfull - Wrote off | ||||
| Closing Balance | $620 | ||||
| Total | 620 | 620 | Total | ||
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Year 2: - 1. Wrote off an uncollectible account of $620. equired Record the Year 1 events in general journal form a...
Journal Entry Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record...
Journal Entry Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the transactions in general journal form. If an amount box does not require an entry, leave it blank. Page: NA Collection of Account Written Off-Direct Write-Off Method Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form. If an amount box does not require an entry, leave it blank. 20-1 May 8 Wrote...
22. Texas Roundup uses the direct write-off method in accounting for uncollectible accounts. Year 1 May...
22. Texas Roundup uses the direct write-off method in accounting for uncollectible accounts. Year 1 May 28 July 5 Sold merchandise on account to South Shore Motors, $11,000. Received $5,000 from South Shore Motors and wrote off the remainder owed on the sale of May 28 as uncollectible Year 2 Mar. 15 Reinstated the account of South Shore Motors that had been written off on July 5 of the previous year and received $6,000 cash in full settlement. Required: Record...
1) record the written off receivables 2) record the reinstatement of an account previously written off...
1) record the written off receivables
2) record the reinstatement of an account previously written
off
3) record collection if account previously written off
4) record bad debt expense for the year
Colorado Rocky Cookie Company offers credit terms to its customers At the end of 2018, accounts receivable totaled $690,000. The allowance method is used to account for uncollectible accounts The allowance for uncollectible accounts had a credit balance of $45,000 at the beginning of 2018 and $27,500 in...
Leach Inc. experienced the following events for the first two years of its operations: Year 1:...
Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $15,000 of common stock for cash. Provided $83,500 of services on account. Provided $41,000 of services and received cash. Collected $74,000 cash from accounts receivable. Paid $43,000 of salaries expense for the year. Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 6 percent of the ending accounts receivable balance will be uncollectible. Closed the revenue account....
Leach Inc. experienced the following events for the first two years of its operations: Record the Year 1 events in general journal form and post them to T-accounts
The following information applies to the questions displayed below.]Leach Inc. experienced the following events for the first two years of its operations: Year 1:Issued $12,000 of common stock for cash.Provided $80,200 of services on account.Provided $38,000 of services and received cash.Collected $71,000 cash from accounts receivable.Paid $40,000 of salaries expense for the year.Adjusted the accounting records to reflect uncollectible accounts expense for the year. Leach estimates that 5 percent of the ending accounts receivable balance will be uncollectible.Closed the revenue account.Closed...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries,...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and ing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. 16 Wrote off the $5,700 balance owed...
prepare general journal entries year one year 2 Liang Company began operations in Year 1. During...
prepare general journal entries
year one
year 2
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,348,200 of merchandise (that had cost $982700) on credit, terms n/30. b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671,900 cash in payment of accounts receivable. d. In adjusting the accounts...
Requirement 1, Journal Entries: 1) Record the write-off of receivables. 2) Record the reinstatement of an...
Requirement 1, Journal Entries:
1) Record the write-off of receivables.
2) Record the reinstatement of an account previously written
off.
3) Record collection of account previously written off.
4) Record bad debt expense for the year.
Check my work 5 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $670,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $41,000...
QUESTION 1 Problem 1 Recording transactions in the general journal and T-accounts The following events apply...
QUESTION 1 Problem 1 Recording transactions in the general journal and T-accounts The following events apply to ABC Company for Year 1, its first year of operation: Received cash of $36,000 from the issue of common stock. Performed $48,000 of services on account. Incurred $6,500 of other operating expenses on account. Paid $21,000 cash for salaries expense. Collected $34,500 of accounts receivable. Paid a $3,000 dividend to the stockholders. Performed $9,500 of services for cash. Paid $5,500 of the accounts...
Journal Entry Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the transactions in general journal form. If an amount box does not require an entry, leave it blank. Page: NA Collection of Account Written Off-Direct Write-Off Method Como's Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form. If an amount box does not require an entry, leave it blank. 20-1 May 8 Wrote...
22. Texas Roundup uses the direct write-off method in accounting for uncollectible accounts. Year 1 May 28 July 5 Sold merchandise on account to South Shore Motors, $11,000. Received $5,000 from South Shore Motors and wrote off the remainder owed on the sale of May 28 as uncollectible Year 2 Mar. 15 Reinstated the account of South Shore Motors that had been written off on July 5 of the previous year and received $6,000 cash in full settlement. Required: Record...
1) record the written off receivables
2) record the reinstatement of an account previously written
off
3) record collection if account previously written off
4) record bad debt expense for the year
Colorado Rocky Cookie Company offers credit terms to its customers At the end of 2018, accounts receivable totaled $690,000. The allowance method is used to account for uncollectible accounts The allowance for uncollectible accounts had a credit balance of $45,000 at the beginning of 2018 and $27,500 in...
UNCOLLECTIBLE ACCOUNTS-ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bank- LO1/2) rupt business, and wrote off the remainder as uncollectible Reinstated the account of Sandy Johnson, which had been written off in the preceding year, and received $3,725 cash in full settlement Wrote off the $9,350 balance owed by Izumi...
UNCOLLECTIBLE ACCOUNTS_ALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and ing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. 16 Wrote off the $5,700 balance owed...
prepare general journal entries
year one
year 2
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,348,200 of merchandise (that had cost $982700) on credit, terms n/30. b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671,900 cash in payment of accounts receivable. d. In adjusting the accounts...
Requirement 1, Journal Entries:
1) Record the write-off of receivables.
2) Record the reinstatement of an account previously written
off.
3) Record collection of account previously written off.
4) Record bad debt expense for the year.
Check my work 5 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2018, accounts receivable totaled $670,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $41,000...
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