Carla Vista Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 5 April 15 August 21 October 5 Date Sold merchandise to Ryan Seacrest for $2,800, terms n/15. Received $480 from Ryan Seacrest on account. Wrote off as uncollectible the balance of the Ryan Seacrest account when he declared bankruptcy. Unexpectedly received a check for $690 from Ryan Seacrest. Account Titles and Explanation (To reverse write-off of Ryan Seacrest account) (To record collection from Ryan Seacrest account) Debit Credit

Carla Vista Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 5 April 15 August 21 October 5 Date Sold merchandise to Ryan Seacrest for $2,800, terms n/15. Received $480 from Ryan Seacrest on account. Wrote off as uncollectible the balance of the Ryan Seacrest account when he declared bankruptcy. Unexpectedly received a check for $690 from Ryan Seacrest. Account Titles and Explanation (To reverse write-off of Ryan Seacrest account) (To record collection from Ryan Seacrest account) Debit Credit

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 15E: The purchases journal for Newmark Exterior Cleaners Inc. follows. The accounts payable account has a...

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A credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation July 19 Debit Credit
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Ayayai Corp. uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 5 Sold merchandise to Sue Land for $2,100, terms n/15. April 15 Received $430 from Sue Land on account. August 21 Wrote off as uncollectible the balance of the Sue Land account when she declared bankruptcy. October 5 Unexpectedly received a check for $690 from Sue Land. Date Account Titles and Explanation Debit Credit Choose a transaction date January 5April 15August 21October 5 Enter an account title to record sales on account Enter a debit amount Enter a credit amount Enter an account title to record sales on account Enter a debit amount Enter a credit amount…
Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 4 11 13 20 27 Inventory 121 units at $4 each 100 units at $8 each 159 units at $6 each 126 units at $9 each 175 units at $7 each 114 units at $11 each Sale Purchase Sale Purchase Sale
Current Attempt in Progress Assuming that the allowance method is being used, prepare general journal entries without explanations to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 1 February 1 July 1 September 1 Date Sold merchandise to Ava Lee for $590 on account. Received $320 from Lee. Wrote off Lee's account as uncollectible. Unexpectedly received payment in full from Lee. Account Titles and Explanation (To reverse write-off of Lee account) (To record collection from Lee) Debit Credit
On February 1, a customer's account balance of $3,600 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? Multiple Choice Debit Allowance for Doubtful Accounts $3,600; credit Accounts Receivable $3,600. Debit Allowance for Doubtful Accounts $3,600; credit Bad Debts Expense $3,600. Debit Bad Debts Expense $3,600; credit Accounts Receivable $3,600. Debit Bad Debts Expense $3,600; credit Allowance for Doubtful Accounts $3,600. Debit Accournts Receivable $3,600; credit Allowance for Doubtful Accounts $3,600. < Prev 9 of 10 Nex MacBook Air
Prepare the journal entry to record the receipt of the interest on July 1. (List debit entry before credit entry. Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation July 1 Interest Receivable Interest Income Debit 6270 Credit 6270
TB MC Qu. 07-94 (Algo) Gideon Company uses... Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,300 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to record the write off of the account on May 3 is: Multiple Choice Account Title Debit Credit Accounts Receivable-A. Hopkins Allowance for Doubtful Accounts 2,300 2,300 Account Title Allowance for Doubtful Accounts Debit Credit 2,300 Bad debts expense 2,300 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,300 ( Prev 14 of 20 Next > MAR 15 tv MacBook Air DD F2 F4 F5 F6 F7 F8 F9 # %24 & 2 3 8. W R T Y D F G H J K
On May 18, Wildhorse Company sells $820 of merchandise on account with a cost of $460 to Windsor Supply. Prepare the entries for Wildhorse Company to record the sale. (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 O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit May 18 (To record the sales revenue.) I
Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
Cullumber Company has the following securities in its investment portfolio on December 31, 2020 (all securities were purchased in 2020): (1) 2,900 shares of Anderson Co. common stock which cost $55,100, (2) 9,100 shares of Munter Ltd. common stock which cost $509,600, and (3) 6,300 shares of King Company preferred stock which cost $270,900. The Fair Value Adjustment account shows a credit of $9,200 at the end of 2020. In 2021, Cullumber completed the following securities transactions. 1. 2. On January 15, sold 2,900 shares of Anderson's common stock at $23 per share less fees of $2,350. On April 17, purchased 1,000 shares of Castle's common stock at $32 per share plus fees of $2,080. On December 31, 2021, the market prices per share of these securities were Munter $62, King $40, and Castle $21. In addition, the accounting supervisor of Cullumber told you that, even though all these securities have readily determinable fair values, Cullumber will not actively trade these securities…