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| Rustic Tables Company | ||||
| Allowance for Doubtful Accounts that should be at year end: | ||||
| F | G | H=F*G | ||
| Age Group | Amount $ | Uncollectible % | Allowance for Doubtful Accounts | |
| 0-30 Days | 320,000.00 | 1% | 3,200.00 | |
| 31-60 Days | 110,000.00 | 3% | 3,300.00 | |
| 61-90 Days | 24,000.00 | 10% | 2,400.00 | |
| 91-120 Days | 18,000.00 | 33% | 5,940.00 | |
| Over 120 days | 43,000.00 | 75% | 32,250.00 | |
| 515,000.00 | 47,090.00 | |||
| Adjusting Entry | ||||
| Account | Debit ($) | Credit ($) | ||
| Bad debt Expense | 47,090.00 | |||
| Allowance for Doubtful Accounts | 47,090.00 | |||
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Allowance for Doubtful Accounts 45,545 b. Journalize the transactions under the allowance method, assuming that th...
Entries for bad debt expense under the direct write off and allowance methods Dato Accounts Journal...
Entries for bad debt expense under the direct write off and allowance methods Dato Accounts Journal Final Question Instructions The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31, 2016 June Aug Oer Dec. 8. Wrote off account of Kathy Quantel 58,440. Received $1,000 as partial payment on the 512 500 account of Rosalie Oakes remaining balance as uncollectible Received the 56.440 from Kathy Quantel whose account had be Reinstated the...
1. Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $16,590. The cost of the...
1. Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $16,590. The cost of the goods sold was $9,660. June 2 Received $4,010 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $12,580 cash in full payment. Journalize the above transactions in the accounts of Canyon River Medical Co., a medical...
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct....
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 -
Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy...
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...
please show all work.Thank you receivables method. Rustic Tables Company prepared the following ang receivable: Aging...
please show all work.Thank you
receivables method. Rustic Tables Company prepared the following ang receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $320,000 1% 31-60 days 110,000 61-90 days 24,000 91-120 days 18,000 More than 120 days 43,000 Total receivables $515,000 10 c. How much higher (lower) would Rustic Tables' net income have been under the direct write-on method than under the allowance method? EX 8-15 Effect of...
allowance method Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible...
allowance method
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables Oct. 2. Received $2,940 from lan Kearns and wrote off the remainder owed of $7,200 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 - Dec. 20. Restated the account of lan Kearns and received 57,200 cash in full payment. Restate Collection
Test 2 Calculator Instructions Chart of Accounts Journal Final Question Instructions Seaforth International wrote off the...
Test 2 Calculator Instructions Chart of Accounts Journal Final Question Instructions Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel S24,400 Lee Drake 30.150 Jenny Green 29,800 Mike Lamb 17,800 Total $102,150 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1% 31 60...
a.) Journalize the transactions. b.) Post to Allowance for Doubtful Accounts, Income Summary, and Bad Debts...
a.) Journalize the transactions.
b.) Post to Allowance for Doubtful Accounts, Income Summary, and
Bad Debts Expense accounts as needed.
c.)Prepare a current assets section of the balance sheet. Ending
balances needed as follows: Cash, $13,500; Accounts Receivable,
$165,000; Office Supplies, $2,100; Merchandise Inventory, $105,000;
Prepaid Rent, $1,350.
L. POLL balance in Allowance for Doubtful Accounts lui ITC MOUI 3. Sigmund Company completed the following transactions in 2012: • Jan. 9 Sold merchandise on account to Roger's Supply, $1,200. •...
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Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the...
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Entries for bad debt expense under the direct write off and allowance methods Dato Accounts Journal Final Question Instructions The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31, 2016 June Aug Oer Dec. 8. Wrote off account of Kathy Quantel 58,440. Received $1,000 as partial payment on the 512 500 account of Rosalie Oakes remaining balance as uncollectible Received the 56.440 from Kathy Quantel whose account had be Reinstated the...
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 -
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...
please show all work.Thank you
receivables method. Rustic Tables Company prepared the following ang receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $320,000 1% 31-60 days 110,000 61-90 days 24,000 91-120 days 18,000 More than 120 days 43,000 Total receivables $515,000 10 c. How much higher (lower) would Rustic Tables' net income have been under the direct write-on method than under the allowance method? EX 8-15 Effect of...
allowance method
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables Oct. 2. Received $2,940 from lan Kearns and wrote off the remainder owed of $7,200 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 - Dec. 20. Restated the account of lan Kearns and received 57,200 cash in full payment. Restate Collection
Test 2 Calculator Instructions Chart of Accounts Journal Final Question Instructions Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel S24,400 Lee Drake 30.150 Jenny Green 29,800 Mike Lamb 17,800 Total $102,150 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0-30 days $735,000 1% 31 60...
a.) Journalize the transactions.
b.) Post to Allowance for Doubtful Accounts, Income Summary, and
Bad Debts Expense accounts as needed.
c.)Prepare a current assets section of the balance sheet. Ending
balances needed as follows: Cash, $13,500; Accounts Receivable,
$165,000; Office Supplies, $2,100; Merchandise Inventory, $105,000;
Prepaid Rent, $1,350.
L. POLL balance in Allowance for Doubtful Accounts lui ITC MOUI 3. Sigmund Company completed the following transactions in 2012: • Jan. 9 Sold merchandise on account to Roger's Supply, $1,200. •...
Analysis of Allowance for Bad Debts Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method. As of December 31, 2016, the credit balance in Allowance for Bad Debts was $110,000. During 2017, credit sales totaled $10,000,000, $80,000 of accounts receivable were written off as uncollectible, and recoveries of accounts previously written off amounted to $14,000. An aging of accounts receivable at December 31, 2017, showed the following: Accounts Receivable Balance As of Percentage Estimated Classification of Receivable...
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