Question 11 Headland Co. reported sales on an accrual basis of $96,000. If accounts receivable increased $33,000 and the...
Question 11 Headland Co. reported sales on an accrual basis of $96,000. If accounts receivable increased $33,000 and the allowance for doubtful accounts increased $8,600 after a write-off of $2,600, compute cash sales.
Cash sales:
Homework Answers
Cash sales = Sales - Increase in accounts receivable - Write off
= $96,000 - $33,000 - $2,600
= $60,400
Cash sales = $60,400
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Question 11 Headland Co. reported sales on an accrual basis of $96,000. If accounts receivable increased $33,000 and the...
Exercise 7-8 At the end of 2017, Headland Company has accounts receivable of $868,800 and an...
Exercise 7-8
At the end of 2017, Headland Company has accounts receivable of
$868,800 and an allowance for doubtful accounts of $49,900. On
January 16, 2018, Headland Company determined that its receivable
from Ramirez Company of $7,190 will not be collected, and
management authorized its write-off.
Prepare the journal entry for Headland Company to write off the
Ramirez receivable. (If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.
Credit account titles...
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The trial balance before adjustment for Headland Company shows the following balances. Cr. Accounts Receivable Allowanc...
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Current Attempt in Progress At the end of 2021, Teal Mountain Co. has accounts receivable of $697,200 and an allowance for doubtful accounts of $22,590. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,513. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit What...
Exercise 7-8
At the end of 2017, Headland Company has accounts receivable of
$868,800 and an allowance for doubtful accounts of $49,900. On
January 16, 2018, Headland Company determined that its receivable
from Ramirez Company of $7,190 will not be collected, and
management authorized its write-off.
Prepare the journal entry for Headland Company to write off the
Ramirez receivable. (If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.
Credit account titles...
The trial balance before adjustment for Headland Company shows the following balances. Cr. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue Dr. $86.900 2,410 $452,700 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Headland factors without recourse $28,300 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $59,500, Headland pledges...
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At the end of 2021, Skysong Co. has accounts receivable of $690,100 and an allowance for doubtful accounts of $25,090. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $3,913. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable...
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