2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit 500,000 1,300,000 8,000 Selected Accounts Credit Cash Accounts receivable Allowance for bad debts Net sales 6,750,000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made.

2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit 500,000 1,300,000 8,000 Selected Accounts Credit Cash Accounts receivable Allowance for bad debts Net sales 6,750,000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...

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PROBLEM SOLVING: Accounts Receivables 2-1 Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit 500,000 1,300,000 8,000 Selected Accounts Credit Cash Accounts receivable Allowance for bad debts Net sales 6,750,000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…
PROBLEM SOLVING: Accounts Receivables 2-1 Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked “NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…
PROBLEM SOLVING: 2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked “NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…
PROBLEM SOLVING: 2-1 Accounts Receivables Presented below are unaudited balances of selected accounts of YELLOW Company as of December 31, 2020: Unaudited Bal, 12/31/20 Debit Selected Accounts Credit Cash 500,000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6,750,000 Additional information are as follows: Goods amounting to P50,000 were invoiced for the accounts of UNO Store, recorded on January 2, 2021 with terms n/60, FOB shipping point. The goods were shipped to UNO on December 30, 2020. The bank returned on December 29, 2020, a customer's check for P15,000 marked "NSF", but no entry was made. Goods amounting to P38,000, invoiced for the account of DOS Trading, recorded on December 27, 2020, FOB Destination. The goods were received by DOS on January 3, 2021 After a careful study of YELLOW's past due accounts, it was necessary to write off uncollectible accounts amounting to P25,000. No entry was made yet for this. YELLOW estimates that allowance for bad…
Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
ANSWER ASAP PLS!! THANK YOU SO MUCH Presented below are unaudited balances of selected accounts of Angelica Company as of December 31, 2021 Unadjusted balances, December 31, 2021 Selected accounts Debit Credit Cash 500.000 Accounts receivable 1,300,000 Allowance for bad debts 8,000 Net sales 6.750.000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of Mang Kanour Store & Company recorded on January 2, 2022 with terms of net, 60 days, FOB shipping point. The goods were shipped to Mang Kanour on December 30, • The bank returned on December 29, 2021, a customer's check for P15,000 marked "No Sufficient Funds", but no entry was • Angelica estimates that allowance for uncollectible accounts should be one and one-half percent on the accounts receivable balance as of year-end. No uncollectible accounts expense has yet been provided for Questions: Based on the above and the…
At December 31, 2024, Sunland Imports reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts 1. During 2025, the company had the following transactions related to receivables. 2. 3. 4. 5. Sales on account Sales returns and allowances $573,000 Collections of accounts receivable 33,000 Write-offs of accounts receivable deemed uncollectible Recovery of bad debts previously written off as uncollectible $2,450,000 56,000 2,150,000 46,000 20,000
3. The following data are presented concerning the Allowance for Bad Debts of Company A for the year ended December 31, 2023: Allowance for Bad Debts, Jan.1,2023 Write off of Accounts Receivable during 2023 P250,000 50,000 150,000 Recovery of Previously Written off Accounts Receivable Credit Sales for the year 1,200,000 Accounts Receivable, Jan. 1, 2023 Collections during 2023 Required: Determine the following for the year ended December 31,2023: 3.1. Bad Debts Expense assuming the company provides 2% Credit Sales 9,000,000 4,000,000 3.2. Ending Balance of Allowance for Bad debts using the assumption in number 3.1 3.3. Net Realizable Value of Accounts Receivable using the assumption in number 3.1 3.4. Bad Debts Expense assuming the company provides 10% of Ending Accounts Receivable 3.5. Ending Balance of Allowance for Bad debts using the assumption in number 3.4 3.6. Net Realizable Value of Accounts Receivable using the assumption in number 3.4
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 prior to the adjustment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,990 prior to…
The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.