Homework Answers
1&2)
Journal Entries and Adjusting entries:
| Date | General Journal | Debit | Credit |
| Mar. 17, 2021 | Allowance for Uncollectible Accounts | $2,000 | |
| Accounts Receivable | $2,000 | ||
| (To record the written off the accounts receivable as uncollectible) | |||
| Mar. 30, 2021 | Notes Receivable | $24,000 | |
| Cash | $24,000 | ||
| (To record the collection of notes receivable) | |||
| Mar. 30, 2021 | Interest Receivable | $320 | |
| Interest Revenue ($24,000*8/100*2/12 months) | $320 | ||
| (To record accrual of interest for two months) | |||
| May. 30, 2021 | Cash ($24,000*8/100 = $1,920 + $24,000 = $25,920 - $24,000*9/100*10/12 months) | $24,120 | |
| Loss on Sale of notes receivable ($24,000 + $320 - $24,120) | $200 | ||
| Interest Receivable | $320 | ||
| Notes Receivable | $24,000 | ||
| (To record the discounting the note) | |||
| Jun. 30, 2021 | Accounts Receivable | $15,000 | |
| Sales Revenue | $15,000 | ||
| (To record sale of merchandise on account) | |||
| Jul. 8, 2021 | Cash ($15,000 - $600) | $14,400 | |
| Sales discount ($15,000*4/100) | $600 | ||
| Accounts Receivable | $15,000 | ||
| (To record collection of amount from credit sales) | |||
| Aug. 31, 2021 | Notes Receivable | $6,400 | |
| Investments | $5,300 | ||
| Discount on notes receivable ($6,400*9/100*6/12 months) | $288 | ||
| Loss on sale of investments ($6,400-$5,300-$288) | $812 | ||
| (To record the sale of stock in exchange of 9% note) | |||
| Dec. 31, 2021 | Bad Debts Expense ($720,000*3/100 = $21,600 - $15,000) | $6,600 | |
| Allowance for uncollectible accounts | $6,600 | ||
| (To record the estimation of doubtful accounts) | |||
| Dec. 31, 2021 | Discount on notes receivable ($6,400*9/100*4/12 months) | ||
| Interest revenue | |||
| (To record the accrual of interest at the year end) |
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Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that o...
Submit Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving...
Submit Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of 1.900 were written of an uncollectible. The company uses the allowance method. JO Loaned an officer of the company 921,000 and received a note requiring principal and interest at 78 to be paid on March 30, 2022. May Jo Discounted the $21,000 note at a local bank. The bank's discount rate is 88. The...
Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar. 17 Accounts receivable of $2,100 were written off as
uncollectible. The company uses the allowance method. 30 Loaned an
officer of the company $24,000 and received a note requiring
principal and interest at 5% to be paid on March 30, 2019.
May 30 Discounted the $24,000 note at a local bank. The bank’s
discount rate is 6%. The note...
Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar.
17
Accounts receivable of $3,100 were written off as
uncollectible. The company uses the allowance method.
30
Loaned an officer of the company $39,000 and received a note
requiring principal and interest at 8% to be paid on March 30,
2019.
May
30
Discounted the $39,000 note at a local bank. The bank’s
discount rate is 9%. The note...
Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5, 7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December...
Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5, 7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018 Mar. 17 Accounts receivable of $3,000 were written off as uncollectible. The company uses the allowance method 30 Loaned an officer of the company $33,000 and received a note requiring principal and interest at 8% to be March 30, 2019 May 30 Discounted the $33,000 note at a local bank....
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 20...
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2021, the following transactions related to receivables occurred: Feb. 28 Sold merchandise to Lennox, Inc., for $24,000 and accepted a 8%, 7-month note. 8% is an appropriate rate for this type of note. Mar. 31 Sold merchandise to Maddox Co. that had a fair value of $16,560, and accepted a noninterest-bearing note for which $18,000 payment is due on March 31, 2022. Apr....
there is 3 parts Required information The following information applies to the questions displayed below) At...
there is 3 parts
Required information The following information applies to the questions displayed below) At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24,500 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Problem 9-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 9-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. 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. 2016 a. Sold $1,347,300 of merchandise (that had cost $982,000) on credit, terms n/30. b. Wrote off $20,700 of uncollectible accounts receivable. c. Received $671,400 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began...
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable....
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable - $91,000 Allowance for Uncollectible Accounts - $1700 (credit) The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: 62 APCGroup Not yet due e - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $ 49, eee 23,000 20% 12.000 50% 7,000 90% $...
Submit Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2021: Mar. 17 Accounts receivable of 1.900 were written of an uncollectible. The company uses the allowance method. JO Loaned an officer of the company 921,000 and received a note requiring principal and interest at 78 to be paid on March 30, 2022. May Jo Discounted the $21,000 note at a local bank. The bank's discount rate is 88. The...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar. 17 Accounts receivable of $2,100 were written off as
uncollectible. The company uses the allowance method. 30 Loaned an
officer of the company $24,000 and received a note requiring
principal and interest at 5% to be paid on March 30, 2019.
May 30 Discounted the $24,000 note at a local bank. The bank’s
discount rate is 6%. The note...
Weldon Corporation’s fiscal year ends December 31. The following
is a list of transactions involving receivables that occurred
during 2018:
Mar.
17
Accounts receivable of $3,100 were written off as
uncollectible. The company uses the allowance method.
30
Loaned an officer of the company $39,000 and received a note
requiring principal and interest at 8% to be paid on March 30,
2019.
May
30
Discounted the $39,000 note at a local bank. The bank’s
discount rate is 9%. The note...
Exercise 7-24 Receivables; transaction analysis [LO7-3, 7-5, 7-6, 7-7, 7-8] Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018 Mar. 17 Accounts receivable of $3,000 were written off as uncollectible. The company uses the allowance method 30 Loaned an officer of the company $33,000 and received a note requiring principal and interest at 8% to be March 30, 2019 May 30 Discounted the $33,000 note at a local bank....
there is 3 parts
Required information The following information applies to the questions displayed below) At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24,500 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means...
Required information Exercise 5-13A Compare the allowance method and the direct write-off method (LO5-6) The following information applies to the questions displayed below] At the beginning of 2021, Brad's Heating & Air (BHA) has a balance of $24.900 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off method to account for uncollectible accounts. However, at the end of 2021, BHA wishes to obtain a loan at the local bank, which requires...
Problem 9-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 Liang Company began operations on January 1, 2016. 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. 2016 a. Sold $1,347,300 of merchandise (that had cost $982,000) on credit, terms n/30. b. Wrote off $20,700 of uncollectible accounts receivable. c. Received $671,400 cash in payment of accounts receivable....
Problem 7-4A Accounts receivable transactions and bad debts adjustments LO C1, P2, P3 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 $1,350,000 of merchandise (that had cost $984,400) on credit, terms n/30. b. Wrote off $18,800 of uncollectible accounts receivable. c. Received $667,000 cash in payment of accounts receivable....
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable - $91,000 Allowance for Uncollectible Accounts - $1700 (credit) The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: 62 APCGroup Not yet due e - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $ 49, eee 23,000 20% 12.000 50% 7,000 90% $...
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