Journal entries Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $58,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account.

Journal entries Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $58,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4EA: Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of...

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Window World extended credit to customer Nile Jenkins in the amount of $131,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $65,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed. If an amount box does not require an entry, leave it blank.
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkins’s account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. Record the necessary transactions.
Window World extended credit to customer Nile Jenkins in the amount of $133,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $64,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed. If an amount box does not require an entry, leave it blank. 88 Apr. 2 To record sale, n/150 Apr. 2 To record cost of sale 38 Sept. 4 To record bad debt Dec. 3 To reinstate previously written-off bad debt Dec. 3 To record full payment
Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $58,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed. If an amount box does not require an entry, leave it blank. Apr. 2 - Select - - Select - - Select - - Select - To record sale, n/150 Apr. 2 - Select - - Select - - Select - - Select - To…
Window World extended credit to customer Nile Jenkins in the amount of $135,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $57,200. On September 4, Window World determined that Nile Jenkins's account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed. If an amount box does not require an entry, leave it blank. Apr. 2 Accounts Receivable: Jenkins Accounts Receivable: Jenkins Sales Revenue Sales Revenue To record sale, n/150 Apr. 2 Cost of Goods Sold…
4. Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkins' account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Prepare a tabular analysis to record each Window World transaction with Nile Jenkins. Remember to include a date on each transaction, and explanations for any changes in revenue and expenses.