Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 9, Problem 16E
On November 30, Petrov Co. has $128,700 of
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Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be found below:
The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200.Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for the Accounts Receivable.
4. Assume that the aging of accounts receivable method was used by the company and that $7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. You are now required to:a. Determine the amount to be charged to uncollectible expense (show your workings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the…
Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be found below:
The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200.
Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.
Chapter 9 Solutions
Principles of Financial Accounting.
Ch. 9 - A companys Accounts Receivable balance at its...Ch. 9 - A companys Accounts Receivable balance at its...Ch. 9 - Total interest to be earned on a 7,500, 5%, 90-day...Ch. 9 - Prob. 4MCQCh. 9 - Prob. 5MCQCh. 9 - Prob. 1DQCh. 9 - Why does the direct write-off method of accounting...Ch. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQ
Ch. 9 - Why does the Bad Debts Expense account usually not...Ch. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 1QSCh. 9 - Prob. 2QSCh. 9 - Recovering a bad debt Solstice Company determines...Ch. 9 - Indicate whether each statement best describes the...Ch. 9 - Allowance method for bad debts Gomez Corp. uses...Ch. 9 - On December 31 of Swift Co.s first year, 50,000 of...Ch. 9 - Percent of accounts receivable method Warner...Ch. 9 - Percent of sales method Warner Companys year-end...Ch. 9 - Net Zero Products, a wholesaler of sustainable raw...Ch. 9 - Prob. 10QSCh. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - On December 1, Daw Co. accepts a 10,000, 45-day,...Ch. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 1ECh. 9 - Levine Company uses the perpetual inventory...Ch. 9 - Prob. 3ECh. 9 - Prob. 4ECh. 9 - Prob. 5ECh. 9 - Prob. 6ECh. 9 - Prob. 7ECh. 9 - Prob. 8ECh. 9 - Prob. 9ECh. 9 - Prob. 10ECh. 9 - Prob. 11ECh. 9 - Prob. 12ECh. 9 - Prob. 13ECh. 9 - Prepare journal entries to record transactions for...Ch. 9 - Prob. 15ECh. 9 - On November 30, Petrov Co. has 128,700 of accounts...Ch. 9 - The following information is from the annual...Ch. 9 - Prob. 1APCh. 9 - At December 31, Hawke Company reports the...Ch. 9 - On December 31, Jarden Co.s Allowance for Doubtful...Ch. 9 - Prob. 4APCh. 9 - Prob. 5APCh. 9 - Archer Co. completed the following transactions...Ch. 9 - At December 31, Ingleton Company reports the...Ch. 9 - Prob. 3BPCh. 9 - Prob. 4BPCh. 9 - Prob. 5BPCh. 9 - Prob. 9SPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - ETHICS CHALLENGE Anton Blair is the manager of a...Ch. 9 - Prob. 2BTNCh. 9 - Access eBays February 6, 2017, filing of its 10-K...Ch. 9 - Prob. 5BTNCh. 9 - Prob. 6BTN
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- MacDonald Bookshop had the following transactions that occurred during February of this year: Required 1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journal. Prove the equality of the debit and credit totals.arrow_forwardPalisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.arrow_forwardMaddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?arrow_forward
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- On November 30, Petrov Co. has $128,700 of accounts receivable and uses the perpetual inventory system. (1) Prepare journal entries to record the following transactions. (2) Which transaction would most likely require a note to the financial statements? Dec. 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit, terms n/30. 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,859 cash from customers in payment on their accounts. 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan.arrow_forwardJohnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200. Prepare journal entries for each transaction. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.arrow_forwardOn October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise returned from invoice no. 312. The merchandise was purchased on account. Your task is to journalize, record, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting references for purposes of this problem.) Account Titles Date Oct. 10 Debit Accounts Payable Subsidiary Ledger Record the transaction to the subsidiary ledger account and post to the general ledger accounts. (Select the appropriate account names for each ledger. Ignore posting references for purposes of this problem.) Credit General Ledgerarrow_forward
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