The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31: Jan. 29 Received 40% of the $17,000 balance owed by Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18 Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,405 cash in full payment of Karm’s account. Aug. 9 Wrote off the $6,460 balance owed by Golden Stallion Co., which has no assets. Nov. 7 Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,940 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Claire Moon Inc., $7,095; Jet Set Co., $5,540; Randall Distributors, $9,495; Harmonic Audio, $1,035.   31 Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 will be uncollectible. Journalized the adjusting entry.     Required: 1. Record the January 1 credit balance of $25,615 in a T account for Allowance for Doubtful Accounts.* 2.   a. Journalize the transactions. For the December 31 adjusting entry, assume the $1,782,000 balance in accounts receivable reflects the adjustments made during the year. 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.   b. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense.* 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the sales of $17,760,000 for the year, determine the following:   a. Bad debt expense for the year.   b. Balance in the allowance account after the adjustment of December 31.   c. Expected net realizable value of the accounts receivable as of December 31.    *The ending balance label is provided on the left side of the T account even when the ending balance is a credit. The unused cell on the balance line should be left blank.

Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from Leer Co. 29 Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions View transaction list Journal entry worksheet < 1 Record write off of Leer Co. account Note: Enter debits before credits. Date General Journal Debit Credit March 11 Cash 45,000 45,000 N

Aggie Company received its bank statement for the month of January with an ending balance of $1,740.00. Aggie Company determined that check #3 for $155.00 and check #6 for $420.00 were both outstanding. Also, a $6,900.00 deposit for August 30th was in transit as of the end of the month. First Bank also collected a $5,000.00 notes receivable plus $250 of interest revenue. No interest revenue has been accrued on this note and First Bank charged a $35.00 fee for the collections. The bank statement showed a service charge of $40.00. A customer’s check for $48.00 was returned with the bank statement marked “NSF”. The ending balance of the cash account is $2,938.00.   Complete a bank/account reconciliation and prepare any necessary journal entries for the reconciliation.   Bank Bal.     Company Bal.                                         Adjusted Bank Bal                             Adjusted Company Bal.

On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following correctly states the effect of recording the collection of the reestablished receivable on April 4, Year 2? A. B. ܫ C. D. Assets 1,050 (1,050) 1,050 1,050 1,050 (1,050) Multiple Choice Option B Option D Option C Option A Balance Sheet =Liabilities + ΝΑ ΝΑ ΝΑ ΝΑ Stockholders' Equity ΝΑ 1,050 1,050 ΝΑ Income Statement Revenue ΝΑ 1,050 ΝΑ ΝΑ Expense ΝΑ ΝΑ (1,050) ΝΑ = Net Income ΝΑ 1,050 1,050 ΝΑ Statement of Cash Flows ΝΑ 1,050 OA 1,050 OA 1,050 OA

Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases 30 fountains for $1,700 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 10% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. July 3   fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6 Aug. 3   fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12 Oct. 3   fill in the blank 14…

Horizon Outfitters Company includes in its trial balance for December 31 an item for Accounts Receivable $789,000. This balance consists of the following items: Due from regular customers    $523,000 Refund receivable on prior year's income taxes (an established claim)   15,500 Travel advance to employees   22,000 Loan to wholly owned subsidiary   45,500 Advances to creditors for goods ordered   61,000 Accounts receivable assigned as security for loans payable   75,000 Notes receivable past due plus interest on these notes   47,000  Total $789,000 Illustrate how these items should be shown in the balance sheet as of December 31.

Llang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 a. Sold $1,354,500 of merchandise on credit (that had cost $983,300), terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $670,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable would be uncollectible. Year 2 e. Sold $1,561,900 of merchandise (that had cost $1,258,400) on credit, terms n/30. f. Wrote off $33,800 of uncollectible accounts receivable. g. Received $1,195,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.50 % of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized…

Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,354,200 of merchandise on credit (that had cost $977,000), terms n/30. Wrote off $20,100 of uncollectible accounts receivable. Received $670,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible.  Year 2 Sold $1,569,600 of merchandise (that had cost $1,341,800) on credit, terms n/30. Wrote off $32,600 of uncollectible accounts receivable. Received $1,225,700 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…

Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $53,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice’s entries for recovery of this bad debt.

Required information [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $39,500 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $4,500 in cash. July 8 Borrowed $63,000 cash from NBR Bank by signing a 120-day, 12%, $63,000 note payable. Paid the amount due on the note to Locust at the _?- maturity date. ? November 28 December 31 Paid the amount due on the note to NBR Bank at the maturity date. Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 7%, $24,000 note payable. Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _ ? Paid the amount due on the note to Fargo Bank at the maturity date. 5. Prepare journal entries for all the preceding transactions and events. Note: Do not round your intermediate…