Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Question
Chapter 5, Problem 7E
a.
To determine
Determine the Accounts receivables balance at December 31, 2018.
b.
To determine
Determine the Ending balance of accounts for doubtful accounts at December 31, 2018.
c.
To determine
Determine the amount of uncollectible accounts expense for 2018.
d.
To determine
Determine the net realizable value of accounts receivable at December 31, 2018.
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If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.
please answer these 2 questions. Their pictures are attached as well
1. Under the allowance method, which of the following does not change the balance in the Accounts Receivable account?
A) Collections on customer accounts.
B) Write-offs.
C) Returns on credit sales
D) Bad debt expense adjustment.
2. On November 10 of the current year, Flores Mills provides services to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17?
A. Cash 7,840
Accounts Receivable. 7,840
B. Cash 7,840
Sales Discount 160
Accounts Receivable 8,000
C. Cash 7,840
Sales Revenue 160
Accounts Receivable 8000
D. Cash 8000
Accounts Receivable 8000
Kingbird & Co. reported the following information in its general ledger for the year ended November 30, 2021. Mr. Kingbird has
learned that the receivable from Solar Company is not collectible due to the downturn in the economy and authorizes his accountant
to write off the account.
Sales
Debit
Credit
920,000
Allowance for Doubtful Accounts
Debit
Credit
12,600
Accounts Receivable
Debit
Credit
469,000
Accounts Receivable Subledger - Solar Company
Debit
Credit
4,400
Record the write off on November 30, 2021. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Nov, 30
Allowance for Doubtful Accounts
4,400
Accounts Receivable
4.400
(b)
Six months later, Mr. Solar sends Kingbird & Co. payment in full
his previously written off account.
Record the two required entries for this transaction. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually.)…
Chapter 5 Solutions
Survey Of Accounting
Ch. 5 - 1. What is the difference between accounts...Ch. 5 - Prob. 2QCh. 5 - 3. What type of account is the Allowance for...Ch. 5 - 4. What are two ways in which estimating...Ch. 5 - 5. When using the allowance method, why is...Ch. 5 - 6. What is the most common format for reporting...Ch. 5 - 7. Why is it necessary to mate an entry to...Ch. 5 - 8. What are some factors considered in estimating...Ch. 5 - Prob. 9QCh. 5 - Prob. 10Q
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - 14. What is an advantage of using the percent of...Ch. 5 - 15. What is aging of accounts receivable?Ch. 5 - Prob. 16QCh. 5 - Prob. 17QCh. 5 - Prob. 18QCh. 5 - 21. What is accrued interest?Ch. 5 - How does the accrual of interest revenue or...Ch. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 25QCh. 5 - 26. What types of costs do businesses avoid when...Ch. 5 - 1. Name and describe the four cost flow methods...Ch. 5 - 2. What are some advantages and disadvantages of...Ch. 5 - Prob. 29QCh. 5 - Prob. 30QCh. 5 - 5. In an inflationary period, which inventory cost...Ch. 5 - 6. In an inflationary period, which inventory cost...Ch. 5 - 7. What is the difference between the flow of...Ch. 5 - Prob. 34QCh. 5 - Prob. 35QCh. 5 - Prob. 36QCh. 5 - Prob. 37QCh. 5 - Prob. 38QCh. 5 - Prob. 39QCh. 5 - Prob. 1ECh. 5 - Exercise 7-1A Analysis of financial statement...Ch. 5 - Prob. 3ECh. 5 - Effect of recognizing uncollectible accounts...Ch. 5 - Analyzing financial statement effects of...Ch. 5 - Effect of recovering a receivable previously...Ch. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Roth Service Co. experienced the following...Ch. 5 - Prob. 11ECh. 5 - On May 1, 2018, Benzs Sandwich Shop loaned 10,000...Ch. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Luna Company accepted credit cards in payment for...Ch. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - The Shirt Shop had the following transactions for...Ch. 5 - Prob. 21ECh. 5 - Accounting for uncollectible accountstwo cycles...Ch. 5 - Prob. 23PCh. 5 - Prob. 24PCh. 5 - Sage Inc. experienced the following transactions...Ch. 5 - The following transactions apply to Hooper Co. for...Ch. 5 - Prob. 27PCh. 5 - Prob. 28PCh. 5 - Prob. 29PCh. 5 - Prob. 30PCh. 5 - The following trial balance was prepared for Tile,...Ch. 5 - Prob. 32PCh. 5 - Prob. 33PCh. 5 - Prob. 1ATCCh. 5 - Prob. 3ATCCh. 5 - Prob. 4ATCCh. 5 - Alonzo Saunders owns a small training services...
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