Assessm ent 2

Correcting an Erroneous Write-Off The new bookkeeper at Karlin Construction Company was asked to write off two accounts totaling $1,800 that had been determined to be uncollectible. Accordingly, he debited Accounts Receivable for $1,800 and credited Bad Debt Expense for the same amount. Required:If an amount box does not require an entry, leave it blank. Question Content Area 1.  Give both the entry he should have made and the entry required to correct his error. One option is to reverse the incorrect entry and make the correct entry as follows: Reversal of incorrect entry:     - Select - - Select -     - Select - - Select -   (Reverse error)       Question Content Area Make the correct entry:     - Select - - Select -     - Select - - Select -   Record write-off of defaulted account       Question Content Area The other option is to fix the error. Fix the error:     - Select - - Select -     - Select - - Select -…

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Question: Gideon method Company uses the allowance of accounting uncollectable accounts. for On May 3, the Gideon Company wrote the $2,000 off account Hopkins. of uncollectable its customer, A. On July 10, Gideon received a check for the full amount of of $2,000 from Hopkins. On July 10, what what are the entry or entries Gideon makes to record the recovery of the bad debt?

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1. The next three items are based on the following:The bookkeeper of Latsch Company, which has an accounting year ending December 31, made the following errors: • A ₱ 1,000 collection from a customer was received on December 29, 20x0, but not recorded until the date of its deposit in the bank, January 4, 20x1. • A supplier's ₱ 1,600 invoice for inventory items received in December 20x0 was not recorded until January 20x1. (Inventories at December 31, 20x0 and 20x1, were stated correctly, based on physical count.) • Depreciation for 20x0 was understated by ₱ 900. In September 20x0, a ₱ 200 invoice for office supplies was charged to the Utilities Expense account. Office supplies are expensed as purchased. • December 31, 20x0, sales on account of ₱ 3,000 were recorded in January 20x1. 1. 1. Assume that no other errors have occurred and that no correcting entries have been made. Ignore income taxes. Profit for 20x0 was a. Understated by ₱ 500. c. Overstated by ₱ 2,500. b. Understated by ₱…

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13. On September 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on September I to record the write-off assuming the company uses the allowance method? a. Debit Bad Debts Expense $2.300; credit Accounts Receivable S2,300. b. Debit Allowance for Doubtful Accounts S2.300; credit Bad Debts Expense $2,300. c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300. d. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. 14. The direct write-off method a. Complies with the matching principle b. Is acceptable from a theoretical point of view c. Is only acceptable if bad debts are small, insignificant amounts d. Is the primary method used to recognize Bad Debt Expense 15. When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would a. Increase net income b. Increase Allowance for Bad Debts c.…

5. The difference in Trial Balance is kept in Suspense Account. Before preparing the Final Accounts, the following errors were detected: Purchase for $ 540 was written in Sales Day Book, but was posted to the correct side of Party's Account Salary Account Total $12,600 in one page, was carried over to the next page, as $1,260, on the side Interest on overdraft $650 was not posted to ledger from Cash Book. $600 collected from a Party, in respect of the old dues from him, which were written off as Bad Debt Two years ago, was credited to the Party's Account. Show Rectification Entries and Suspense Account State, to what extent the Profit and Loss Account would have been affected, if the above errors would not have been detected and corrected and also the Profit and Loss Account, before rectification.