The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use these normal account balances to journalize closing entries. K. Emiko, Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses Credit Debit $ 43,000 $ 569,000 19,500 6,000 232,000 58,000 20,000 41,000 115,000 View transaction list View journal entry worksheet No Date General Journal Debit Credit December 31 Sales returns and allowances 19,500 Sales discounts 6,000 25,500 Sales Desember 24
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- UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--. REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31.Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount $ 4,650 Shawn Brooke Eve Denton 5,180 Art Malloy 11,050 Cassie Yost 9,120 Total $30,000 a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during the year. Based on past history and industry averages, 4% of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Company's net income have been under the direct write-off method than under the allowance method?Adams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24
- The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts A review of open invoices of Sketchers Inc. results in the following report. Invoice Amount Date(Each from this year) #496 $458.48 5-Dec #495 685.77 2-Dec #427 274.16 5-Nov #100 109.06 28-Jun #300 741.43 3-Oct #410 670.26 31-Oct #204 62.69 25-Aug #498 760.84 28-Dec #499 276.15 28-Dec #487 747.28 28-Nov #310 207.65 8-Oct #178 643.21 7-Aug #497 335.03 5-Dec #488 142.90 29-Nov #105 18.73 5-Jul $6,133.64 Required a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 30 days, (2) 31-60 days, (3) 60-90 days, and (4) greater than 90 days. b. Assume that the company estimates the allowance for doubtful accounts based upon the following percentages applied to the appropriate aging categories: (1) 1% for less than 30 days, (2) 5% for 31-60 days, (3) 30% for 60-90 days, and (4) 60% for greater…company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnx
- Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 2,400 Total $35,000 a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and, based on the industry average, the company expects uncollectible receivables to be 1.5% of credit sales. c. How much higher or lower would Morry Company's net income have been under the direct write-off method than under the allowance method?Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: Customer Amount J. Jackson $10,000 L. Stanton 9,500 C. Barton 13,100 S. Fenton 7,400 Total $40,000 Required: a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank. Bad Debt Expense Bad Debt Expense Accounts Receivable-J. Jackson Accounts Receivable-J. Jackson Accounts Receivable-L. Stanton Accounts Receivable-L. Stanton Accounts Receivable-C. Barton Accounts Receivable-C. Barton Accounts Receivable-S. Fenton Accounts Receivable-S. Fenton b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and the industry average for…Preparing an Aging Schedule to Estimate Allowance for Doubtful Accounts A review of open invoices of Sketchers Inc. results in the following report. Date (Each from this Invoice Amount year) #496 $305.65 5-Dec #495 457.18 2-Dec #427 182.77 5-Nov #100 72.71 28-Jun #300 494.29 3-Oct #410 446.84 31-Oct #204 41.80 25-Aug #498 507.23 28-Dec #499 184.10 28-Dec #487 498.19 28-Nov #310 138.43 8-Oct # 178 428.81 7-Aug #497 223.36 5-Dec #488 #105 95.27 29-Nov 12.49 $4,089.12 5-Jul Required a. Organize the list of open invoices as of December 31 into a table with the following aging categories across the top: (1) less than 31 days, (2) 31-60 days, (3) 61-90 days, and (4) greater than 90 days. b. Assume that the company estimates the allowance for doubtful accounts based on the following percentages applied to the appropriate aging categories: (1) 1% for less than 31 days, (2) 5% for 31-60 days, (3) 30% for 61-90 days, and (4) 60% for greater than 90 days. What is the ending balance of the…
- Adjustment for Uncollectible Accounts Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $79,873. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $16,775 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. If an amount box does not require an entry, leave it blank. Aug. 31 - Select - - Select - - Select - - Select -Guardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…Crane Company has the following merchandise account balances at its September 30 year end: Cost of goods sold Delivery expense Merchandise inventory Salaries expense Date Sept. 30 $120,000 Sept. 30 2,300 22,000 40,000 Sales Sales discounts Sales returns and allowances Supplies Prepare the entries to close the appropriate accounts to the Income Summary account. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) Account Titles and Explanation | $187,500 (To close income statement account with credit balance.) 970 3,100 2,300 Debit Credit TOU