1,400,000
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- Kerr Co.'s accounts payable balance at December 31, 2010 was $1,500,000 before considering the following transactions: • Goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011. • Goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2011, Kerr filed a $50,000 claim against the common carrier. In its December 31, 2010 balance sheet, Kerr should report accounts payable of O$1.620,000. $1,570,000. $1,550,000. O $1.500,000.The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of 2016, Lawrence had a balance of $300,000 in its trade accounts payable account before any adjustments related to the following items: 1. Goods shipped to Lawrence FOB shipping point were in transit on December 31. The invoice price of the goods was $50,000, with a 2% discount allowed for prompt payment. 2. Goods shipped to Lawrence FOB destination on December 29 arrived on January 2, 2017. The invoice price of the goods was $9,000, with a 4% discount allowed for payment within 20 days. 3. On December 10, Lawrence had recorded a shipment received. The recorded invoice price was $24,750, net, with a 1% discount allowed for payment within 14 days. At the end of the year, payment had not been made. At what amount should Lawrence report trade accounts payable on its December 31, 2016 balance sheet? a. $349,000 b. $357,930 c. $357,680 d. $349,250The balance in Galaxy Co.'s accounts payable account at December 31, 2015 was $700,000 before any necessary year-end adjustments relating to the following: Goods were in transit to Galaxy from a vendor on December 31, 2015. The invoice cost was $40,000. The goods were shipped f.o.b. shipping point on December 29, 2015 and were received on January 4, 2016. Goods shipped f.o.b. destination on December 21, 2015 from a vendor to Galaxy were received on January 6, 2016. The invoice cost was $25,000. On December 27, 2015, Galaxy wrote and recorded checks to creditors totaling $30,000 that were mailed on January 10, 2016. In Galaxy's December 31, 2015 statement of financial position, the accounts payable should be $
- During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.During August 2024, Link Company recorded the following Sales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold Collections on account, $60,500. .Write-offs of uncollectible receivables, $1,820 • Recovery of receivable previously written off, $500. Debit Requirements 1. Journalize Link's transactions during August 2024, assuming Link uses the direct write-off method Credit 2 Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off method Sales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Aug Journalize Link's transactions during August 2024, assuming Link uses the allowance methodAt December 1, 2023, Imalda Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for doubtful accounts $154,000 4,500 (credit balance) The following transactions were completed during December 2023: December 5 Sold merchandise items for $67,000. An amount of $19,000 was received in cash and the rest on account; terms 2/10, n/60. The total cost of sales was $35,000. December 12 Collected amount due from customers for credit sales made on December 5. December 20 Collected $90,000 in cash from customers for credit sales made in November 2023. December 26 One of Imalda's customers that owed $3,000 to the company experienced financial problems and was forced to close its business in December. The full amount was considered uncollectible. Total Estimated % uncollectible The company records sales revenue net of the sales discount. If a customer pays after the discount period, the sales discount that is forfeited is recorded in a…
- During the year ended December 31, 2018, Kelly’s Camera Shop had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2018, Accounts Receivable showed a $10,000 debit balance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections of accounts receivable during 2018 amounted to $68,000. Data during 2018 follow: On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. Required: Give the required journal entries for the two events in December. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2018. On the basis of the data available, does the 2 percent rate appear to be reasonable?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.Damon Associates reported the following transactions during September 2017: Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250 10 Owner invested $3,400 into the business. 15 Collected $580 from Lucille Adams on account. 16 Issued a credit memo for $650 to Susan Wilson for merchandise she purchased on credit several days ago. The cost of the returned merchandise was $250. Required: Record the above transactions below in either the cash receipts journal or the general journal. Note: Individual entries will only belong in one of these two journals.
- During the year ended December 31, 2018, Kelly's Camera Shop had sales revenue of $140,000, of which $70,000 was on credit. At the start of 2018, Accounts Receivable showed a $11,000 debit balance and the Allowance for Doubtful Accounts showed a $540 credit balance. Collections of accounts receivable during 2018 amounted to $62,000. Data during 2018 follow: a. On December 10, a customer balance of $1,200 from a prior year was determined to be uncollectible, so it was written off. b. On December 31, a decision was made to continue the accounting policy of basing estimated bad debt losses on 2 percent of credit sales for the year. Required: 1. Give the required journal entries for the two events in December. 2. Show how the amounts related to Accounts Receivable and Bad Debt Expense would be reported on the balance sheet and income statement for 2018. 3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Complete this question by entering your answers in…I need help with this problemDuring the year ended December 31, 2015, Kelly’s Camera Shop had sales revenue of $170,000,of which $85,000 was on credit. At the start of 2015, Accounts Receivable showed a $10,000 debitbalance and the Allowance for Doubtful Accounts showed a $600 credit balance. Collections ofaccounts receivable during 2015 amounted to $68,000.Data during 2015 follow:a. On December 10, a customer balance of $1,500 from a prior year was determined to be uncollectible, so it was written off.b. On December 31, a decision was made to continue the accounting policy of basing estimatedbad debt losses on 2 percent of credit sales for the year.Required:1. Give the required journal entries for the two events in December.2. Show how the amounts related to Accounts Receivable and Bad Debt Expense would bereported on the balance sheet and income statement for 2015.3. On the basis of the data available, does the 2 percent rate appear to be reasonable? Explain.
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