COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 13, Problem 1ED
It is standard accounting procedures, or GAAP, to make a
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Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options, identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ?
Dr. Accounts receivables A/C OMR 1000 and Cr Allowance for bad debt A/C OMR1000
i) Dr Allowance for bad debt A/C OMR1000 and Cr Accounts receivables A/C OMR1000
i) Dr Cash A/C OMR 1000 and Cr Accounts Receivables A/C OMR 1000
iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000
CAN SOMEONE HELP ME FILL OUT THIS CHART ?
(b)
Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).Assume the current balance in Allowance for Doubtful Accounts is a $8,500 debit.
(c)
Of the above accounts, $4,700 is determined to be specifically uncollectible.Prepare the journal entry to write off the uncollectible account.
(d)
The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).Prepare the journal entries necessary to restore the account and record the cash collection.
Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options , identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ?
i ) Dr Accounts receivables A / C OMR 1000 and Cr Allowance for bad debt A / C OMR1000
ii ) Dr Allowance for bad debt A / C OMR1000 and Cr Accounts receivables A / C OMR1000
iii ) Dr Cash A / C OMR 1000 and Cr Accounts receivables A/C OMR 1000
iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000
a. i ) & iv )
b . i ) & iii ) O
c . ii ) & iii )
D. i) & ii)
Chapter 13 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 13 - Why are financial statements prepared in...Ch. 13 - What is the distinction between current...Ch. 13 - Prob. 1.3SRQCh. 13 - Which of the following is not a current asset? a....Ch. 13 - How should purchases returns and allowances be...Ch. 13 - Assume that a business listed the Freight In...Ch. 13 - Why do adjusting entries need detailed...Ch. 13 - Which adjusting entries should be reversed?Ch. 13 - Prob. 2.3SRQCh. 13 - A reversing entry is made for an end-of-period...
Ch. 13 - Prob. 2.5SRECh. 13 - At the end of the previous accounting period, an...Ch. 13 - Prob. 1CSRCh. 13 - Prob. 2CSRCh. 13 - Prob. 3CSRCh. 13 - Prob. 4CSRCh. 13 - Which of the following should have a debit balance...Ch. 13 - Prob. 6CSRCh. 13 - Prob. 7CSRCh. 13 - Prob. 1DQCh. 13 - Prob. 2DQCh. 13 - What are operating expenses?Ch. 13 - Prob. 4DQCh. 13 - Prob. 5DQCh. 13 - Prob. 6DQCh. 13 - Prob. 7DQCh. 13 - Prob. 8DQCh. 13 - Prob. 9DQCh. 13 - Prob. 10DQCh. 13 - Prob. 11DQCh. 13 - Prob. 12DQCh. 13 - Prob. 13DQCh. 13 - Prob. 14DQCh. 13 - Prob. 15DQCh. 13 - Prob. 16DQCh. 13 - Prob. 17DQCh. 13 - Gomez Company had a current ratio of 2.0 in 2018...Ch. 13 - Prob. 1ECh. 13 - Prob. 2ECh. 13 - The worksheet of Bridgets Office Supplies contains...Ch. 13 - Prob. 4ECh. 13 - Prob. 5ECh. 13 - Prob. 6ECh. 13 - Prob. 7ECh. 13 - The Adjusted Trial Balance section of the...Ch. 13 - Prob. 9ECh. 13 - Prob. 10ECh. 13 - Superior Hardwood Company distributes hardwood...Ch. 13 - Good to Go Auto Products distributes automobile...Ch. 13 - Obtain all data necessary from the worksheet...Ch. 13 - Obtain all data that is necessary from the...Ch. 13 - Prob. 5PACh. 13 - ComputerGeeks.com is a retail store that sells...Ch. 13 - Hog Wild is a retail firm that sells motorcycles,...Ch. 13 - Prob. 3PBCh. 13 - Prob. 4PBCh. 13 - The data below concerns adjustments to be made at...Ch. 13 - Programs Plus is a retail firm that sells computer...Ch. 13 - Teagan Fitzgerald is the owner of Newport Jewelry,...Ch. 13 - Prob. 1MFCh. 13 - Spectrum Company had an increase in sales and net...Ch. 13 - Prob. 3MFCh. 13 - Prob. 4MFCh. 13 - Prob. 5MFCh. 13 - Prob. 6MFCh. 13 - Prob. 7MFCh. 13 - It is standard accounting procedures, or GAAP, to...Ch. 13 - McCormick Company, Incorporated, is a global...Ch. 13 - The Fashion Rack is a retail merchandising...
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- James Din has been advised that one of his customers has ceased trading and that he will not recover the balance of $720 owed by his customer.Required:Record the journal entry that should be made in the general ledger.arrow_forwardA 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 .. .-arrow_forwardAssume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO 1000 balance owed by Mr Abdul Salam. But on July 1, Mr Abdul Salam pays the RO 1000 amount that Diamond Furniture had written off on March 1. From the following given options, identify which of the following two journal entries can be pass in the books of Diamond Furniture for the recovery of uncollectable accounts receivables under allowance method ? i)Dr Accounts receivables A/C OMR 1000 and Cr Allowance for bad debt A/C OMR1000 ii) Dr Allowance for bad debt A/C OMR1000 and Cr Accounts receivables A/C OMR1000 iii) Dr Cash A/C OMR 1000 and Cr Accounts receivables A/C OMR 1000 iv) Dr Accounts receivables A/C OMR 1000 and Cr Cash A/C OMR 1000 a. ii) & iii) b. i) & iv) c. i) & iii) d. i) & ii)arrow_forward
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