Bramble Corp.’s balance sheet at December 31, 2016, included the following. Note receivable       $600,000 Interest receivable       32,000 Accounts receivable   1,395,000     Less: Allowance for doubtful accounts receivable   87,000   1,308,000         $1,940,000 The following occurred in 2017. 1.   Bramble made sales of $10,680,000. All sales were credit sales. Bramble allows some discounts for early payment of receivables and uses the gross method to record sales.   2.   Customer accounts of $88,750 were written off during the year.   3.   Accounts receivable of $10,780,000 were collected. Collections for the year included $300,000 of accounts on which 2% sales discounts were allowed.   4.   $13,500 was received in payment of an account which was written off the books as worthless in 2016.   5.   At year-end (December 31, 2017), Bramble estimated that its Allowance for Doubtful Accounts needed a balance of $75,000. This estimate is based on an analysis of aged accou

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Jars Plus recorded $865,430 in credit sales for the year and $493,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 To record bad debt, income statement method B. Dec. 31…

The balance sheet at the end of 2018 reported Accounts Receivable of $785,500 and Allowance for Doubtful Accounts of $11,783 (credit balance). The company’s total sales during 2019 were $8,350,200. Of these, $1,252,530 were cash sales the rest were credit sales. By the end of the year, the company had collected $6,291,700 of accounts receivable. It also wrote off an account for $10,380. Prepare the journal entry for collections. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11.…

Presented below is information for Windsor, Inc. for 2017: 1. Beginning-of-the-year Accounts Receivable balance was $173,000. Net sales for the year were $1,400,000. $150,000 of the sales were cash sales. Windsor does not offer cash discounts for 2. early payment. 3. Collections on accounts receivable during the year were $1,202,000. Windsor plans to factor accounts receivable totaling $60,000 at the end of the year. Windsor will transfer the accounts to Herzog Factors, Inc. with recourse. Herzog Factors will retain 3% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,600.

Swifty Corp.’s balance sheet at December 31, 2016, included the following. Note receivable       $660,000 Interest receivable       36,000 Accounts receivable   1,415,000     Less: Allowance for doubtful accounts receivable   95,000   1,320,000         $2,016,000 The following occurred in 2017. 1.   Swifty made sales of $10,540,000. All sales were credit sales. Swifty allows some discounts for early payment of receivables and uses the gross method to record sales.   2.   Customer accounts of $83,500 were written off during the year.   3.   Accounts receivable of $10,640,000 were collected. Collections for the year included $200,000 of accounts on which 1% sales discounts were allowed.   4.   $12,500 was received in payment of an account which was written off the books as worthless in 2016.   5.   At year-end (December 31, 2017), Swifty estimated that its Allowance for Doubtful Accounts needed a balance of $73,000. This estimate is based on an analysis of…

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Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 Bad Debt Expense 88 88 88 38 88 88 Allowance for…

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Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?