FINANCIAL ACCOUNTING
6th Edition
ISBN: 9781618533111
Author: DYCKMAN
Publisher: Cambridge Business Publishers
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Chapter 3, Problem 53P
a.
To determine
Prepare transactions and
b.
To determine
Prepare transaction and adjusting entries using
c & e
To determine
Prepare T-accounts and adjusting entries.
d.
To determine
Prepare income statement and balance sheet.
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Students have asked these similar questions
During May 2020, Kaili Company recorded the following:
a. Sales totaled $60,300 of which sales on account totaled $53,600 with cash sales totaling
$6,700. Ignore Cost of Goods Sold.
b. Collections on account totaled, $34,700.
c. Write-offs of uncollectible receivables, $1,760.
d. Recovery of receivable previously written of totaled, $470.
Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the
direct write-off method.
Date
TO
C
Description
Debit
Credit
I
Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the
allowance method.
The following information is available for Reigen Company relating to 2019 operations:
Accounts Receivable, January 1 4,000,000
Accounts receivable collected 8,400,000
Cash sales 2,000,000
Inventory, Jan. 1 4,800,000
Inventory, Dec. 31 4,400,000
Purchases 8,000,000
Gross Margin on Sales 4,200,000
What is the balance of accounts receivable on December 31, 2019?
During August 2024, Yond Company recorded the following:
• Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold.
• Collections on account, $33,800.
• Write-offs of uncollectible receivables, $1,900.
• Recovery of receivable previously written off, $200.
Date
Aug.
Accounts and Explanation
Debit
Credit
Requirements
Journalize Yond's transactions during August 2024, assuming Yond uses the direct
write-off method.
1.
2.
Journalize Yond's transactions during August 2024, assuming Yond uses the allowance
method.
Chapter 3 Solutions
FINANCIAL ACCOUNTING
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
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