FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Cheyenne Corp. estimates that
10% of its accounts receivable balance of $95,000 will become uncollectible and records the necessary adjustment to Allowance for
Doubtful Accounts. On May 11, 2022, Cheyenne Corp. determined that B. Jared's account was uncollectible and wrote off $1,100.
On June 12, 2022, Jared paid the amount previously written off.
Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (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)
Account Titles and Explanation
Date:
v
(a)
(b)
(c)
(To reverse write-off)
Date of
Note
June 10
July 14
April 27
(To record collection of write-off)
Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places
and final answers to O decimal places, e.g. 5,275. Use 360 days for calculation.)
Principal
$172,800
$154,800
$10,800
Interest
Rate(%)
6%
7%
8%
Terms
60 days
90 days
75 days
Debit
$
$
$
Credit
Interest
Maturity Date
>
>
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Transcribed Image Text:On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Cheyenne Corp. estimates that 10% of its accounts receivable balance of $95,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Cheyenne Corp. determined that B. Jared's account was uncollectible and wrote off $1,100. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (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) Account Titles and Explanation Date: v (a) (b) (c) (To reverse write-off) Date of Note June 10 July 14 April 27 (To record collection of write-off) Compute interest and find the maturity date for the following notes. (Round intermediate calculations to 2 decimal places and final answers to O decimal places, e.g. 5,275. Use 360 days for calculation.) Principal $172,800 $154,800 $10,800 Interest Rate(%) 6% 7% 8% Terms 60 days 90 days 75 days Debit $ $ $ Credit Interest Maturity Date > >
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