Sun City Greenhouse had trouble collecting its account receivable from Sharma Suiza. On June 19, 2025, Sun City Greenhouse finally wrote off Suiza's $700 account receivable. On December 31, Suiza sent a $700 check toSun City Greenhouse.Journalize the entries required for Sun City Greenhouse, assuming Sun City Greenhouse uses the direct write-off method.On June 19, 2025, Sun City Greenhouse wrote off Suiza's $700 account receivable. Journalize the entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)DateJun. 19Accounts and ExplanationDebitCredit

Hello student! When a company uses Direct Write-off method, bad debt expense is recognized only when…

Answered: Sun City Greenhouse had trouble…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1PB: On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts...

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Gate City Cycles had trouble collecting its account receivable from Sue Ann Noel. On June 19, 2018, Gate City Cycles finally wrote off Noel's $750 account receivable. On December 31, Noel sent a $750 check to Gate City Cycles. Journalize the entries required for Gate City Cycles, assuming Gate City Cycles uses the direct write-off method. On June 19, 2018, Gate City Cycles wrote off Noel's $750 account receivable. Journalize the entry.(Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun. 19 On December 31, Noel sent a $750 check to Gate City Cycles. Start by journalizing the entry to reverse the earlier write-off. Date Accounts and Explanation Debit Credit Dec. 31
Applying the direct write-off method to account for uncollectible Gate City Cycles had trouble collecting its account receivable from Shawna Brown. On June 19, 2016, Gate City finally wrote off Brown’s $700 account receivable. On December 31, Brown sent a $700 check to Gate City. At January 31, 2016, Knoll’s accounts receivable totaled $18,000. During February, she earned revenue of $21,000 on account and collected $23,000 on account. She also wrote off uncollectible receivables of $1,050 on February 29, 2016. Requirements Use the direct write-off method to journalize Knoll’s write-off of the uncollectible receivables. What is Knoll’s balance of Accounts Receivable at February 29, 2016?
At the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation e Textbook and Media Debit Credit
Bennett Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2010. You may omit journal entry explanations. June 20 The account of Ken Watts for $1,000 was deemed to be uncollectible and is written off as a bad debt. Received a check for $1,000 from Ken Watts, whose account had previously been written off as uncollectible. Oct. 14 Dec. 31 Use the following information for year-end adjusting entries: The balance of Accounts Receivable and Allowance for Doubtful Accounts at year end are $131,000 and $2,900, respectively. It is estimated that bad debts will be 4% of accounts receivable.
At the end of 2020, Crane Co. has accounts receivable of $740,200 and an allowance for doubtful accounts of $69,900. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,.400. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value List of Accounts
At the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable eTextbook and Media eTextbook List of Accounts Cash realizable value Debit Before Write-Off 6900 What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Credit After Write-Off 6900 Assistance Used Attempts: 1 of 1 used
Read the following scenario and make the accounts receivable cancellation entries. Computers and More, a computer systems sales company, decided to cancel the account receivable (write off) of its client Tech Master for the balance of $ 52,000. Jornalizes the entry of the write off assuming the direct write-off method and the allowance method.
At the end of 2022, Sheridan Co. has accounts receivable of $807,800 and an allowance for doubtful accounts of $58,300. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,000. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
On June 1,2024, Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Avery fell on hard times and on July 15 paid only $4,000 of the account receivable. After repeated attempts to collect, Puritan Performance finally wrote off its accounts receivable from Avery on September 5. Six months later, March 5, 2025, Puritan Performance received Avery's check for $19,000 with a note apologizing for the late payment. Requirement 1. Journalize the transactions for Puritan Performance Cell Phones using the direct write-off method. Ignore Cost of Goods Sold. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) June 1: Puritan Performance Cell Phones sold $23,000 of merchandise to Avery Trucking Company on account. Ignore Cost of Goods Sold.
Collecting a receivable previously written off—direct write-off method Spring Garden Greenhouse had trouble collecting its account receivable from Steve Stone. On June 19, 2018, Spring Garden Greenhouse finally wrote off Stone’s $600 account receivable. On December 31, Stone sent a $600 check to Spring Garden Greenhouse. Journalize the entries required for Spring Garden Greenhouse, assuming Spring Garden Greenhouse uses the direct write-off method.
Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months and wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr with an Allowance for Doubtful Debts of $462 Cr. In the last two months $4 800 Sales (net of GST) Sales Returns & Allowances (net of GST) 400 Cash Collected 3 550 Bad Debts to be written off (Including GST) 660 The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED: A. Prepare the following General Journal entries to 1. account for the write off of the bad debt during the past two months 2. the adjusting entry on August 31 using the information Minnie has provided В. Update the Accounts Receivable and Allowance for doubtful debts accounts using…
Prepare entries for collection of customer account write-off. BE8.5 (LO 2), AP At the end of 2021, Safer Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,300. On March 4, 2022, Safer Co. receives payment of $4,300 in full from Madonna Inc. Prepare- the journal entries to record this transaction. Prepare entry using percentage-of-receivables method.

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