Homework Answers
| 1. | ||||||
| Accounts receivable T-account is shown below | ||||||
| Accounts receivable | ||||||
| Balance 01/01 | $80,000 | Cash | $890,000 | |||
| Sales revenue | $1,050,000 | Allowance for uncollectible | $11,000 | |||
| Balance 31/12 | $229,000 | (1130000-890000-11000) | ||||
| $1,130,000 | $1,130,000 | |||||
| Natural life's customers owe $229,000 to company | ||||||
| Allowance for uncollectible accounts | ||||||
| Accounts receivable | $11,000 | Balance 01/01 | $20,000 | |||
| Bad debt expense | $9,000 | |||||
| Balance | $18,000 | |||||
| $29,000 | $29,000 | |||||
| Company expects $18,000 of accounts receivable not to collect | ||||||
| Net realizable value | 229000-18000 | |||||
| Net realizable value | $211,000 | |||||
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Use
the information from the following journal entries to answer the
questions about Natural Life Inc....
Use the information from the following journal entries to answer the questions about Winter Retreat Inc....
Use the information from the following journal entries to answer the questions about Winter Retreat Inc. for 2017 (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($91,000) and then post to the Account Receivable T-account. How much do Winter Retreat's customers owe the company at December 31, 2017? 2. Start with the Allowance account's beginning credit balance. ($17.500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the...
Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are...
Requirement 1. Record the transactions for the
last quarter of 2019 in the journal. Explanations are not
required.
Requirement 2. Prepare a T-account for
Allowance for Uncollectible Accounts with the appropriate beginning
balance. Post the entries from Requirement 1 to that account.
Open the T-account by posting the beginning balance. Then post
the entries to the Allowance for Uncollectible Accounts T-account
and calculate the ending balance.
Requirement 3. Show how
Perfecto CommunicationsPerfecto Communications will report its
accounts receivable in a...
Cabbage White Map Company's balance sheet at December 31, 2017, reported the following (Click the icon...
Cabbage White Map Company's balance sheet at December 31, 2017, reported the following (Click the icon to view the data) Read the requirements Requirement 1. How much of the receivables did Cabbage White expect to collect Stated differently, what was the net realizabie value of these receivable? The net realizable value of these receivables is SL Requirement 2. Joumalize, without explanations, 2018 entries for Cabbage White and post to the Accounts Receivable and Allowance for Bad Debts T-accounts Begin with...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Brubacher Service Company sells for cash and on account. By selling on credit, Brubacher cannot expect...
Brubacher Service Company sells for cash and on account. By selling on credit, Brubacher cannot expect to collect 100% of its accounts receivable. At December 31, 2017, and 2016, respectively, Brubacher reported the following on its balance sheet (in thousands of dollars): December 31 2017 2016 Accounts receivable $500 $400 Less: Allowance for doubtful accounts (100) (60) Net realizable value of Accounts receivable $400 $340 During the year ended December 31, 2017, Brubacher earned service revenue and collected cash from...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible accounts...................$66,600 The following are the transactions to be taken into consideration for 2019: Total credit sales for 2019 were $3,600,000. 2% of sales were estimated to be uncollectible. The company received cash payments on account during 2019 for $1,000,000 Accounts receivable identified to be uncollectible totaled $94,000. December 31, 2019, aging of receivables indicates that $75,000 of the receivables is uncollectible. Requirements: What was...
Show in T-Accounts and Journal. These entries related to uncollectible accounts Entries related to uncollectible accounts...
Show in T-Accounts and Journal. These entries related to
uncollectible accounts
Entries related to uncollectible accounts Chart of Accounts T Accounts Journal Final Questions Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote of the remainder as uncollectible Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year...
nformation on its balance PROBLEMS: SET A Prepare journal entries related P8-1A At December 31, 2016,...
nformation on its balance PROBLEMS: SET A Prepare journal entries related P8-1A At December 31, 2016, House Co. reported the following information on to bad debt expense. sheet. TO $960,000 (LO 1, 2, 4) Accounts receivable 80,000 Less: Allowance for doubtful accounts During 2017, the company had the following transactions related to receivables. 1. Sales on account $3,700,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery...
Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting firm, at December...
Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting firm, at December 31, 2017 Requirements Requirements 1. and 2. Let's prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Leave any unused cells blank.) Accounts Receivable Allowance for Uncollectible Accounts Beg, bal Beg bal. End, bal End, bal Requirement 3. Show two ways Cavanaugh and Johnson could report accounts receivable on its balance sheet at December 31, 2017. (Use parentheses or a minus sign...
Use the information from the following journal entries to answer the questions about Winter Retreat Inc. for 2017 (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($91,000) and then post to the Account Receivable T-account. How much do Winter Retreat's customers owe the company at December 31, 2017? 2. Start with the Allowance account's beginning credit balance. ($17.500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the...
Requirement 1. Record the transactions for the
last quarter of 2019 in the journal. Explanations are not
required.
Requirement 2. Prepare a T-account for
Allowance for Uncollectible Accounts with the appropriate beginning
balance. Post the entries from Requirement 1 to that account.
Open the T-account by posting the beginning balance. Then post
the entries to the Allowance for Uncollectible Accounts T-account
and calculate the ending balance.
Requirement 3. Show how
Perfecto CommunicationsPerfecto Communications will report its
accounts receivable in a...
Cabbage White Map Company's balance sheet at December 31, 2017, reported the following (Click the icon to view the data) Read the requirements Requirement 1. How much of the receivables did Cabbage White expect to collect Stated differently, what was the net realizabie value of these receivable? The net realizable value of these receivables is SL Requirement 2. Joumalize, without explanations, 2018 entries for Cabbage White and post to the Accounts Receivable and Allowance for Bad Debts T-accounts Begin with...
Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 233,000 $ 139,000 $ 53,000 $ 11,000 $ 30,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Done The September 30, 2019, records of Perfecto Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the last quarter of 2019, the company completed the following selected transactions:...
On November 30, Purple Party Planners had a $35,000 balance in Accounts Receivable and a $3,477 credit balance in Allowance for Uncollectible Accounts. During December, Purple made credit sales of $192,000. December collections on account were $170,000, and write-offs of uncollectible receivables totaled $2,910. Uncollectible-accounts expense is estimated as 4% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance...
Show in T-Accounts and Journal. These entries related to
uncollectible accounts
Entries related to uncollectible accounts Chart of Accounts T Accounts Journal Final Questions Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote of the remainder as uncollectible Apr. 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year...
nformation on its balance PROBLEMS: SET A Prepare journal entries related P8-1A At December 31, 2016, House Co. reported the following information on to bad debt expense. sheet. TO $960,000 (LO 1, 2, 4) Accounts receivable 80,000 Less: Allowance for doubtful accounts During 2017, the company had the following transactions related to receivables. 1. Sales on account $3,700,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery...
Perform the following accounting for the receivables of Cavanaugh and Johnson, an accounting firm, at December 31, 2017 Requirements Requirements 1. and 2. Let's prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Leave any unused cells blank.) Accounts Receivable Allowance for Uncollectible Accounts Beg, bal Beg bal. End, bal End, bal Requirement 3. Show two ways Cavanaugh and Johnson could report accounts receivable on its balance sheet at December 31, 2017. (Use parentheses or a minus sign...
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