The following are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) (b) On January 6, Sheffield Co. sells merchandise on account to Pryor Inc. for $11,700, terms 4/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Sheffield's books to record the sale and related collection. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $17,400. On February 10, Farley is billed for the amount due of $17,400. On February 12, Farley pays $8,700 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co's books related to the transactions that occurred on January 10, February 12, and March 10. No. Date Account Titles and Explanation (a) (b) > > Debit Credit

Jeter Company uses the allowance method to account for uncollectible receivables. On April 2, Jeter Company wrote off a $820 account receivable from customer J. Maters. On May 12, Jeter Company unexpectedly received full payment from Maters on the previously written off account. Jeter Company records an adjusting entry for bad debts expense of $14,100 on May 31. 9. Journalize Jeter Company's write-off of the uncollectible receivable. 10. Journalize Jeter Company's collection of the previously written off receivable. 11. Journalize Jeter Company's adjustment for bad debts expense. 9. Journalize Jeter Company's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Apr. 2 Accounts and Explanation Debit Credit

Dexter Company applies the direct write-off method in accounting for uncollectible accounts. March 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Leer Company 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad d Prepare journal entries to record the above selected transactions of Dexter. View transaction list Journal entry worksheet 1 2 Record write off of Leer Company account Note: Enter debits before credits. Date General Journal Debit Credit March 11 Record entry Clear entry View general journal 2

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

Prepare a journal entry on December 23 for the withdrawal of $22,500 by Graeme Schneider for personal use. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $27,000. Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of the uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 4). F12 F7 Fo F3 # 2$ 5 6 7 8 9 { E R Y F G H. K S < M C V alt command option command + lI .. .-

Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required:   On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…

Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit

On January 1, Wei Company begins the accounting period with a $42,000 credit balance in Allowance for Doubtful Accounts. a. On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company Prepare the journal entry to write off those two accounts. b. On June 5, the company unexpectedly received a $2,100 payment on a customer account, Oakley Company, that had previously been written off in part a. Prepare the entries to reinstate the account and record the cash received. View transaction list Journal entry worksheet 1 2 3 > On February 1, the company determined that $9,200 in customer accounts was uncollectible; specifically, $2,100 for Oakley Company and $7,100 for Brookes Company. Prepare the journal entry to write off those two accounts. Note: Enter debits before credits. Date General Journal Debit Credit February 01

Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310, Cost of Goods Sold $117,100, and Inventory $42,900.Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Account Titles and Explanation Debit Credit Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with credit balances Enter a debit amount Enter a credit amount (To close accounts with credit balances)     Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount Enter an account title to close accounts with debit balances Enter a debit amount Enter a credit amount (To…