FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How do you find the amount of payment to be credited and the balance outstanding when you know the amount of invoice is $600, the terms are 4/10 and n/60, the invoice date is 7/5, the actual partial payment made is $400, and the date of partial payment is 7/14?
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- b. Assume that Joey's Bike Shop uses the direct write-off method of accounting for uncollectible accounts. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the amount of uncollectible accounts expense for Year 1? (3) What is the net realizable value of accounts receivable at December 31, Year 1?arrow_forwardWhat is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: Xarrow_forward19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. Di debit to Accounts Payable and credit to Cash.arrow_forward
- In the balance sheet, accounts Receivable, where did you get 489,555 from?arrow_forwardJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,710 from Shawn McNeely and wrote off the remainder owed of $3,630 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Shawn McNeely and received $3,630 cash in full payment. If an amount box does not require an entry, leave it blank. July 29 July 29arrow_forwardMechanics For questions 1-3, calculate the full payment required on the payment date that reduces the balance on the invoice to zero. Assume this is not a leap year. Invoice Amount 1. $136,294.57 2. $98,482.75 3. $48,190.38 Invoice Date January 14 September 28 February 21 Invoice Terms Receipt of Goods Date January 10 2/10, n/30 3/10, 2/20, 1/30, n/50 EOM October 3 4/15, 3/40, n/60 ROG February 27 Date of Full Payment January 22 October 19 April 3arrow_forward
- The company uses the allowance method to write off bad debts. What entry will they make to write off the accounts? 20. A company performs $5,780 of services for a customer on account. Write the entry to record this transaction.arrow_forwardPrisha received an invoice for $5,000 that had payment terms of 3/5 n/30. She made a partial payment of $2,000 during the discount period. a. Calculate the amount credited. Round to the nearest cent b. Calculate the balance on the invoice after the partial payment was made.arrow_forwardIf a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.arrow_forward
- The accounts receivable account has a debit balance of $214,000 and the allowance for uncollectible accounts has a credit balance of $8,000. What is the "net accounts receivable (net realizable value)" that will be shown on the balance sheet? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f7 f8 f6 [X f9 f10 f11 4. 6 7 8 9. Y U 5 图 %24arrow_forward(b) An accountant needs to allocate the principal and simple interest on a loan payment into the appropriate ledgers. If the amount received was $10,267.21 for a loan that spanned April 14 to July 31 at 9.1%, how much was the principal and how much was the interest?arrow_forward
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