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g for Receivables BE8.10 (LO 3) On January 10, 2020, Perez Co. sold merchandise on account...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $1...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
- October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400...
- October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400 of merchandise to Borg Corporation, who paid by credit card. The cilit card company charges Beltran a fee of 1% on credit card sales October 7 Sold $19,000 of merchandise to McNab Company on account. October 8 Pearsey paid the balance of what it owed for the purchase on October 1 October 12 Sold $17.000 of merchandise to Wack Enterprises on account. October 16...
QUESTION 3 – Receivables At the end of 2017 fiscal year, L&Z Co. has the following...
QUESTION 3 – Receivables At the end of 2017 fiscal year, L&Z Co. has the following information: Balance Sheets Current Assets Accounts receivable, net of allowance of $1,076 $16,194 a) During 2018, the company wrote off $200 of specific accounts that were deemed uncollectable. Prepare the journal entry to record the write-off of these accounts receivable. (4 pts) b) At the end of 2018 (12/31/2018), management estimate 8% of account receivables balance will likely be difficult to collect. The company’s Accounts Receivable...
Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the...
Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the year, Hershey estimates that 4% of accounts receivable will become uncollectible. If the trial balance shows accounts receivable with a debit balance of $80,000 and allowance for doubtful accounts (ADA) with a debit balance of $600. What would the adjusting entry to the account - Allowance for doubtful accounts be? (Ignore the bad debt expense side of the entry Q2: Blue Co. uses the...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8...
Please help Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co....
Please help
Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold S152.700. Showcase Co. issues a rmerchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. credit memo on March 5 for $30.000 Journalze Showcase Co. 's entries for (a) the sale, inciuding t cost of the merchandise sold, (b) the credit memo,...
On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with...
On March 12 Klein Co. sold merchandise in the amount of $7800 to Babson Co. with credit terms of 2/10, n/30. The cost of the items sold is $4500. Klein uses the perpetual inventory system and the gross method of accounting for sales. Babson pays the invoice on March 17 and takes the discount. What is the journal entry that Klein makes on March 17? Cash 7644 Sales Discounts 156 Accounts Receivable 7800
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b....
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b. The cost of the merchandise sold is $22,425. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. Accounts Payable-Batson Co. Sales b. Cost of Merchandise Sold Merchandise Inventory C Sales Accounts Receivable-Batson Co. Prepare the entries that Batson Co. would...
On June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600...
On June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60, fo.b. shipping point. An invoice totaling $93, terms 1/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company, (a) Your answer is correct Prepare journal entries on the Sheridan Company books to record all the events noted above...
On June 3, Riverbed Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60,f...
On June 3, Riverbed Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60,fo.b. shipping point. An invoice totaling $92, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Riverbed Company books to record all the events noted above under each of the following bases....
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
- October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400 of merchandise to Borg Corporation, who paid by credit card. The cilit card company charges Beltran a fee of 1% on credit card sales October 7 Sold $19,000 of merchandise to McNab Company on account. October 8 Pearsey paid the balance of what it owed for the purchase on October 1 October 12 Sold $17.000 of merchandise to Wack Enterprises on account. October 16...
Q1- Hershey Co. uses the percentage of receivables method for recording bad debts expense. For the year, Hershey estimates that 4% of accounts receivable will become uncollectible. If the trial balance shows accounts receivable with a debit balance of $80,000 and allowance for doubtful accounts (ADA) with a debit balance of $600. What would the adjusting entry to the account - Allowance for doubtful accounts be? (Ignore the bad debt expense side of the entry Q2: Blue Co. uses the...
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8...
Please help
Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold S152.700. Showcase Co. issues a rmerchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. credit memo on March 5 for $30.000 Journalze Showcase Co. 's entries for (a) the sale, inciuding t cost of the merchandise sold, (b) the credit memo,...
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b. The cost of the merchandise sold is $22,425. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. Accounts Payable-Batson Co. Sales b. Cost of Merchandise Sold Merchandise Inventory C Sales Accounts Receivable-Batson Co. Prepare the entries that Batson Co. would...
On June 3. Sheridan Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60, fo.b. shipping point. An invoice totaling $93, terms 1/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company, (a) Your answer is correct Prepare journal entries on the Sheridan Company books to record all the events noted above...
On June 3, Riverbed Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 2/10,n/60,fo.b. shipping point. An invoice totaling $92, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Riverbed Company books to record all the events noted above under each of the following bases....
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