am. 1111. The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Company. Use thesenormal account balances to journalize closing entries.K. Emiko, WithdrawalsSalesSales returns and allowancesSales discountsCost of goods soldSales salaries expenseUtilities expenseSelling expensesDebit$ 43,00019,5086,000232,00058,00020,00041,000115,000Credit$ 569,000Administrative expensesView transaction listView journal entry worksheetNoDateDecember 31General JournalDebitCreditSales returns and allowances19,500Sales discounts6,000Sales25,500

Closing Entries:We will close the accounts in the following order:Sales to Income Summary: Debit the…

Answered: The following list includes temporary…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 1WT

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UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: 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, 20--.
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…
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 -
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
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…
Entry for Uncollectible Accounts Performance Bike Co. has determined that the proper balance for the Allowance for Doubtful Accounts at December 31 is $372,500. Assume that the allowance for doubtful accounts for Performance Bike Co. had a debit balance of $28,400 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCash Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCash
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?
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
! Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $575,000 X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. XX c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Percent Uncollectible (%) 0 $397,000 Complete the table below…

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