On November 10, JumpStart Co. provides $2,350 in services to clients. At the time of service, the clients paid $590 in cash and put the balance on account.a. Journalize this event. If an amount box does not require an entry, leave it blank.Nov. 10 CashAccounts ReceivableFees EarnedFeedbackT Check My WorkPartially correctb. On November 20, JumpStart Co. clients paid an additional $520 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank.Nov. 20FeedbackV Check My WorkIncorrectc. Calculate the accounts receivable balance on November 30.

The journal entries are prepared to keep the record of day to day transactions of the business.

Nov. 10 Cash Accounts Receivable Fees Earned Feedback Check My Work Partially correct b. On November 20, JumpStart Co. clients paid an additional $520 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 Feedback Check My Work Incorrect c. Calculate the accounts receivable balance on November 30.

Nov. 10 Cash Accounts Receivable Fees Earned Feedback Check My Work Partially correct b. On November 20, JumpStart Co. clients paid an additional $520 on their accounts due. Journalize this event. If an amount box does not require an entry, leave it blank. Nov. 20 Feedback Check My Work Incorrect c. Calculate the accounts receivable balance on November 30.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

no handwrittten please thanku
1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.00
Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,060 from Ian Kearns and wrote off the remainder owed of $2,310 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $2,310 cash in full payment. If an amount box does not require an entry, leave it blank. Dec. 20-Reinstate Dec. 20-Collection
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $2,570 from Ian Kearns and wrote off the remainder owed of $3,910 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Ian Kearns and received $3,910 cash in full payment. July 29 18 July 29
please solve within 30 minutes.
Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
Allowance Method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $1,970 from Ian Kearns and wrote off the remainder owed of $1,360 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Ian Kearns and received $1,360 cash in full payment. Reinstate Collection
Need help on figuring out what to put for account/explanation for the journal entry
Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work
Question A and B pleas A business issued a 90day,8% note for 67000$ to creditor on account. Illustrat the effects on the accounts and the financial statement of recording (a) the issuance of the note and (b) the payment of the note at maturity icluding interest. If no account or activity is affect d select "no effect" from the dropdown list and leave the corresponding number entry box blank. Enter account deceases and cash outflows as negative amounts
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,590 from Paula Spitler and wrote off the remainder owed of $3,000 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of Paula Spitler and received $3,000 cash in full payment. July 29 3E July 29