Additional information: Merchandise inventory, ₱50,400 Shipments to the branch are billed at 140% of cost. The overstatement of the branch inventory at December 31, 2020 was:
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The Jake Branch of Charice Company submitted the following
December 31, 2020 after its first year of operations:
Cash ₱ 10,400
Shipments from home office 168,000
Expenses 10,800
Sales ₱ 134,400
Home office current 118,000
Additional information: Merchandise inventory, ₱50,400 Shipments to the branch
are billed at 140% of cost. The overstatement of the branch inventory at
December 31, 2020 was:
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- The following accounts were abstracted from the December 31, 2019 trial balance of R Company: Debit Credit Credit sales P750,000 Sales discounts P15,000 On January 1, 2019, allowance for doubtful accounts had a credit balance of P18,000. During 2019, P30,000 of uncollectible accounts receivable were written off. Past experience indicates that 3% of gross sales prove to be uncollectible. What should be the allowance for doubtful accounts at December 31, 2019 after provision is made for the current year? a. P10,050 b. P10,500 c. P22,050 d. P34,500On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms 1/10, n/30. On December 1, Suzan Corp. writes-off as uncollectable the balance due from Sam Inc. Direct write-off method to account for uncollectible accounts is used. The journal entry to record December 1 transaction will include: Credit Accounts Receivable $45,000. Credit Sales Revenue $45,000. Debit Sales Discount $450. Credit Bad Debt Expense $45,000 None of the aboveOn January 1, 2019, Import Properties Inc. reported the following balances on its statement of financial position: Accounts receivable $2,105,000 Allowance for doubtful accounts 195,000 During 2019, the company conducted the following transactions: Sold goods on account for $6,000,000 Processed sales returns of $50,000 Processed sales allowances of $40,000 Collected $6,950,000 of accounts receivable Added interest to overdue accounts receivable of $150,000 Wrote off accounts receivable considered uncollectible of $75,000 Recovered accounts receivable previously written off of $45,000 Prepare the proper statement of financial position presentation of accounts receivable at December 31, 2019. Import Properties Inc. Partial Statement of Financial Position December 31, 2019 Accounts receivable, less allowance for doubtful accounts of $225,000 Prepare the proper statement of earnings presentation of the statement of earnings accounts for the year ended December…
- On January 1, 2019, Import Properties Inc. reported the following balances on its statement of financial position: Accounts receivable $2,105,000 Allowance for doubtful accounts 195,000 During 2019, the company conducted the following transactions: Sold goods on account for $6,000,000 Processed sales returns of $50,000 Processed sales allowances of $40,000 Collected $6,950,000 of accounts receivable Added interest to overdue accounts receivable of $150,000 Wrote off accounts receivable considered uncollectible of $75,000 Recovered accounts receivable previously written off of $45,000 Record the journal entry for bad debt expense at December 31, assuming that the allowance for doubtful accounts at December 31 should be $225,000. Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts (Record bad debts expense) 3. Post all of the above entries to T-accounts for accounts receivable, allowance for doubtful accounts, and other accounts you deem…A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December 2019. (Attach your answer on this page) Cash P130,115| Freight-in 30,000 Purchase Returns and Allowances P30,875 2,585 20,000 115,600 18,000 12,260 1,200 17,650 65,900 48,000 9,000 Notes Receivable Accounts Receivable Allowance for Impairment LoS Merchandise Inventory, 1/1 Prepaid Insurance Unused Supplies Accounts Payable Notes Payable Avetor, Capital Avetor, Drawing 98,750 Purchase Discount 4,835| Sales Salaries 785,345 | Advertising Expense 6,000 | Freight-out 3,750 Interest Income 371,535 | Miscellaneous Selling Expenses 50,000 | Office Salaries 527,030 | Rent Expense 48,000 | Insurance Expense 1,950,345 | Supplies Expense 4,020 | Impairment Loss 20,800 | Miscellaneous General Expenses 1,320,500| Interest Expense 120,000 | Office Equipment 12,000 Depreciation – Office Equipment 36,000 Accumulated Depreciation - 8,650 2,515 Sales Sales Returns Sales Discount 1,800 Purchases Store…During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date Aug
- The following accounts were abstracted from EXCELLENT Company's unadjusted trial balance at December 31, 2020: Debit Credit Accounts receivable P5,000,000 Allowance for doubtful accounts 150,000 Net credit sales P20,000,000 EXCELLENT estimates that 5% of credit sales will become uncollectible. The allowance for doubtful accounts for the year ended December 31, 2020 should bePeru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows:2020 Sold merchandise on credit for $2,280,000, terms n/30 (COGS = $1,258,000). Wrote off uncollectible accounts receivable in the amount of $34,600. Received cash of $1,354,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. Question: 1. a) Record the sales. b) Record cost of sales 2. Record written off uncollectible accounts 3. Record collections from credit customers 4. Record the estimate for uncollectible accountsPeru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows: 2020 Sold merchandise on credit for $2,280,000, terms n/30 (COGS = $1,258,000). Wrote off uncollectible accounts receivable in the amount of $34,600. Received cash of $1,354,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. 2021 Sold merchandise on credit for $2,982,000, terms n/30 (COGS = $1,619,000). Wrote off uncollectible accounts receivable in the amount of $53,900. Received cash of $2,246,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. The…
- Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows: 2020 Sold merchandise on credit for $2,340,000, terms n/30 (COGS = $1,294,000). Wrote off uncollectible accounts receivable in the amount of $35,800. Received cash of $1,402,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible The company uses the allowance method to account for uncollectible. Calculate: (excel) Record the sales.(a) Record cost of sales.(a) Record written off uncollectible accounts.(b) Record collections from credit customers.(c) Record the estimate for uncollectible accounts.(d)Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows: 2020 Sold merchandise on credit for $2,340,000, terms n/30 (COGS = $1,294,000). Wrote off uncollectible accounts receivable in the amount of $35,800. Received cash of $1,402,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible The company uses the allowance method to account for uncollectible. Calculate: (excel) Record collections from credit customers.(Q3) Record the estimate for uncollectible accounts.(Q4)Mouse Co. started operations on January 1, 2021. Following data are available as of June 30, 2021: Purchase of merchandise - P9,000,000 Inventory, June 30, 2021 – P1,500,000 Goods were sold at 50% above cost 75% of sales were on credit Estimated bad debts – 19% of credit sales Collections from charge customers – P6,300,000 Allowance for doubtful accounts, June 30, 2021, after write-off of uncollectible accounts - P78,075. What is the outstanding accounts receivable on June 30, 2021?