Intermediate Accounting
3rd Edition
ISBN: 9780136912644
Author: Elizabeth A. Gordon; Jana S. Raedy; Alexander J. Sannella
Publisher: Pearson Education (US)
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Chapter 9, Problem 9.8BE
Allowance for Uncollectible Accounts, Write-Off. Vince Ventures Company reported an opening balance of $925,000 in its allowance for uncollectible accounts. Vince Ventures determined that a $57,500 account due from Ric Associates was uncollectible. Prepare the
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If Metlock Company uses the allowance method to account for uncollectible accounts, journalize the entry if on May 8 Metlock
determined that Randal Company's $760 balance is uncollectible. (List debit entry before credit entry. If no entry is required, select "No
Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do
not indent manually.)
Date
Account Titles and Explanation
May 8
Bad Debt Expense
Allowance for Doubtful Accounts
Debit
760
Credit
760
A 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
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Record the write-off of the uncollectible accounts.
Note: Enter debits before credits.
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Jeter Company uses the allowance method to account for uncollectible receivables. On April 2, Jeter Company wrote off a $820 account receivable from customer J. Maters. On May 12, Jeter Company unexpectedly received full payment
from Maters on the previously written off account. Jeter Company records an adjusting entry for bad debts expense of $14,100 on May 31.
9. Journalize Jeter Company's write-off of the uncollectible receivable.
10. Journalize Jeter Company's collection of the previously written off receivable.
11. Journalize Jeter Company's adjustment for bad debts expense.
9. Journalize Jeter Company's write-off of the uncollectible receivable. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.)
Date
Apr. 2
Accounts and Explanation
Debit
Credit
Chapter 9 Solutions
Intermediate Accounting
Ch. 9 - Prob. 9.1QCh. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3QCh. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...
Ch. 9 - What do firms use to record the sales value of a...Ch. 9 - Explain why a company must have highly effective...Ch. 9 - The following are held by YRT Corporation at...Ch. 9 - Fernandez Company had an accounts receivable...Ch. 9 - On its December 31, Year 2, balance sheet, Red...Ch. 9 - Stanberry Company sold 500,000 of net accounts...Ch. 9 - On November 30, Year 1, Derin Corporation agreed...Ch. 9 - Which of the following disclosures about accounts...Ch. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Sales Discounts, Most-Likely-Amount Method. On...Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Recovery....Ch. 9 - Bad Debt Expense, Journal Entry. Paul Anchor...Ch. 9 - Bad Debt Expense. Journal Entry. Paul Anchor,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.14BECh. 9 - Prob. 9.15BECh. 9 - Assigned Receivables. Using the information...Ch. 9 - Factoring Receivables without Recourse. Nicks...Ch. 9 - Prob. 9.18BECh. 9 - Prob. 9.19BECh. 9 - Prob. 9.20BECh. 9 - Prob. 9.21BECh. 9 - Prob. 9.22BECh. 9 - Internal Controls. Identify whether the following...Ch. 9 - Prob. 9.24BECh. 9 - Prob. 9.25BECh. 9 - Prob. 9.26BECh. 9 - Prob. 9.27BECh. 9 - Prob. 9.28BECh. 9 - Prob. 9.1ECh. 9 - Volume Discounts, Sales Discounts. Sodesta Company...Ch. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Write-Offs, Journal Entry....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Percentage of Accounts...Ch. 9 - Prob. 9.9ECh. 9 - Assigning Receivables, Factoring Receivables....Ch. 9 - Prob. 9.11ECh. 9 - Factoring Receivables with and without Recourse....Ch. 9 - Factoring Receivables without Recourse, Factoring...Ch. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Prob. 9.18ECh. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Prob. 9.2PCh. 9 - Prob. 9.3PCh. 9 - Prob. 9.4PCh. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Aging of Accounts Receivable, Write-Offs,...Ch. 9 - Disclosure. Using the transactions listed in P9-9,...Ch. 9 - Prob. 9.11PCh. 9 - Prob. 1JCCh. 9 - Prob. 1FSCCh. 9 - Prob. 1SSCCh. 9 - Surfing the Standards Case 2: Costs Associated...Ch. 9 - Prob. 1BCC
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- At the beginning of the year, Mitchum Enterprises allows for estimated uncollectible accounts of $22,600. By the end of the year, actual bad debts total $26,500.Required:1. Record the write-off to uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. What is the balance of Allowance for Uncollectible Accounts?arrow_forwardJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $1,140 from Elita Ramirez and wrote off the remainder owed of $2,570 as uncollectible. If an amount box does not reguire an entry, leave it blank. Oct. 2 Accounts Payable-Elita Ramirez lita Ramirez and received $2,570 cash in full payment. If an amount box does not require an entry, leave it blank. Accounts Receivable-Elita Ramirez Allowance for Doubtful Accounts Bad Debt Expense Casharrow_forwardInstructions Apr. Aug. 15. Received $1,800 from Joe Brown and wrote off the remainder owed of $2,700 as uncollectible. 7. Reinstated the account of Joe Brown and received $2,700 cash in full payment. Required: Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. 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.arrow_forward
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License