Homework Answers
1) Journal entry
| No | General Journal | Debit | Credit |
| 1 | Account receivable | 1348400 | |
| Sales revenue | 1348400 | ||
| 2 | Cost of goods sold | 981600 | |
| Inventory | 981600 | ||
| 3 | Allowance for doubtful accounts | 20200 | |
| Account receivable | 20200 | ||
| 4 | Cash | 669600 | |
| Account receivable | 669600 | ||
| 5 | Bad debt expense (658600*1.2%+20200) | 28103 | |
| Allowance for doubtful accounts | 28103 | ||
2) Journal entry
| No | Account and explanation | Debit | Credit |
| 1 | Account receivable | 1582800 | |
| Sales revenue | 1582800 | ||
| 2 | Cost of goods sold | 1299300 | |
| Inventory | 1299300 | ||
| 3 | Allowance for doubtful accounts | 34900 | |
| Account receivable | 34900 | ||
| 4 | Cash | 1211200 | |
| Account receivable | 1211200 | ||
| 5 | Bad debt expense (11944+26997) | 38941 | |
| Allowance for doubtful accounts | 38941 |
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Chapter 07 Homework Saved 14 Liang Company began operations on January 1, 2017. During its first two years, the company...
Liang Company began operations on January 1, 2016. During its first two years, the company completed a nu...
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 $1,349,000 of merchandise (that had cost $983,000) on credit, terms 1/30. b. Wrote of $19,300 of uncollectible accounts receivable c. Received $670,400 cash in payment of accounts receivable, d. In adjusting the accounts on December 31, the company estimated that 140%...
Liang Company began operations on January 1, 2016. During its first two years, the company completed...
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 $1,349,800 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $19,400 of uncollectible accounts receivable. c. Received $670.900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.80%...
Liang Company began operations on January 1, 2016. During its first two years, the company completed...
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 $1,347,500 of merchandise (that had cost $975,700) on credit, terms n/30 b. Wrote off $18,700 of uncollectible accounts receivable. c. Received $666,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.50%...
Liang Company began operations on January 1, 2016. During its first two years, the company completed a number of transa...
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 $1,347,500 of merchandise (that had cost $975,700) on credit, terms n/30 b. Wrote off $18,700 of uncollectible accounts receivable. c. Received $666,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.50%...
Liang Company began operations in Year 1. During its first two years, the company completed a...
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
Sold $1,351,600 of merchandise (that had cost $976,800) on
credit, terms n/30.
Wrote off $21,500 of uncollectible accounts receivable.
Received $669,700 cash in payment of accounts receivable.
In adjusting the accounts on December 31, the company estimated
that 2.00% of accounts receivable would...
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions in...
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 $1,349,100 of merchandise (that had cost $977,100) on credit, terms n/30. b. Wrote off $18,100 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.60%...
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....
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 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 $1,347,400 of merchandise (that had cost $977,900) on credit, terms n/30. b. Wrote off $21,000 of uncollectible accounts receivable. c. Received $670,300 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 $1.349.800 of merchandise that had cost $981.400) on credil terms/30 b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671000 cash in payment of accounts receivable. d....
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 $1,349,000 of merchandise (that had cost $983,000) on credit, terms 1/30. b. Wrote of $19,300 of uncollectible accounts receivable c. Received $670,400 cash in payment of accounts receivable, d. In adjusting the accounts on December 31, the company estimated that 140%...
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 $1,349,800 of merchandise (that had cost $982,500) on credit, terms n/30. b. Wrote off $19,400 of uncollectible accounts receivable. c. Received $670.900 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.80%...
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 $1,347,500 of merchandise (that had cost $975,700) on credit, terms n/30 b. Wrote off $18,700 of uncollectible accounts receivable. c. Received $666,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.50%...
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 $1,347,500 of merchandise (that had cost $975,700) on credit, terms n/30 b. Wrote off $18,700 of uncollectible accounts receivable. c. Received $666,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.50%...
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
Sold $1,351,600 of merchandise (that had cost $976,800) on
credit, terms n/30.
Wrote off $21,500 of uncollectible accounts receivable.
Received $669,700 cash in payment of accounts receivable.
In adjusting the accounts on December 31, the company estimated
that 2.00% of accounts receivable would...
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 $1,349,100 of merchandise (that had cost $977,100) on credit, terms n/30. b. Wrote off $18,100 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.60%...
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....
Problem 7-4A 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 $1,347,400 of merchandise (that had cost $977,900) on credit, terms n/30. b. Wrote off $21,000 of uncollectible accounts receivable. c. Received $670,300 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 $1.349.800 of merchandise that had cost $981.400) on credil terms/30 b. Wrote off $19,100 of uncollectible accounts receivable. c. Received $671000 cash in payment of accounts receivable. d....
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