Sunset Tours has a $3,500 account receivable from the Del Mar Rotary. On January 20, the Rotary makes a partial pay-ment of $2,100 to Sunset Tours. The journal entry made on January 20 by Sunset Tours to record this transactionincludes:a. A debit to the Cash Received account of $2,100.b. A credit to the Accounts Receivable account of $2,100.c. A debit to the Cash account of $1,400.d. A debit to the Accounts Receivable account of $1,400.

Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe, $19,300. The cost of goods sold was $13,900. Sept. 30 Received $5,400 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $13,900 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Accounting numeric field Sept. 30 Dec. 7-reinstate Dec. 7-collection

Journalize 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 29

Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required:     Hide     Prepare the journal entry assuming the payment is made after 10 days (after the discount period).               Account and Explanation Debit Credit                   Record collection of accounts receivable

On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…

Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment.   Required:   Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest…

Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note.   Required:   Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…

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Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment.   Required:   Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145…

Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24   Sold merchandise on account to Old Town Cafe, $19,100. The cost of goods sold was $13,800. Sept. 30   Received $4,400 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7   Reinstated the account of Old Town Cafe that had been written off on September 30 and received $14,700 cash in full payment. May 24-sale  Accounts receivable-old town cafe sales May 24-cost Cost of goods sold Inventoru Sep 30 Cash Allowance for doubtful accounts accounts receivable old town cafe Dec 7-reinstate  Accounts receivable old town cafe Allowance for doubtful accounts Dec 7-collection cash accounts receivable old town cafe