3. Below are the subledger accounts receivable for Emilio Company:Anthony..MalayaMekhi.Omari.Kaytana.Total.$ 7,2009,70018,20037,000900$73,000There is no balance in the Allowance for Doubtful accounts.Instructionsa. Prepare the appropriate journal entries given the following transactions:i.the controller would like you the write off the following accounts as uncollectible:7,20018,200Anthony.Mekhi..Кaytana.900ii. received payment from Malaya for $2,600iii. collected $7,200 from the Anthony accountiv. write off the balance in the Malaya accountv. collected $18,000 from Mekhi, the remainder will not be collectiblevi. the controller estimates that 2% of the total accounts receivable balance will beuncollectibleb. What is the net realizable value of the accounts receivable after all adjustments?DateAccount Titles and ExplanationPRDebitCredit

Accounts receivable represents the accounts from which company has yet to recover the due amount…

3. Below are the subledger accounts receivable for Emilio Company: $ 7,200 9,700 18,200 37,000 Anthony. Malaya Mekhi Omari. Kaytana. Total. 006 $73,000 There is no balance in the Allowance for Doubtful accounts. Instructions a. Prepare the appropriate journal entries given the following transactions: i. the controller would like you the write off the following accounts as uncollectible: Anthony. Mekhi. 7,200 18,200 900 Kaytana. ii. received payment from Malaya for $2,600 i. collected $7,200 from the Anthony account iv. write off the balance in the Malaya account v. collected $18,000 from Mekhi, the remainder will not be collectible vi. the controller estimates that 2% of the total accounts receivable balance will be uncollectible b. What is the net realizable value of the accounts receivable after all adjustments?

3. Below are the subledger accounts receivable for Emilio Company: $ 7,200 9,700 18,200 37,000 Anthony. Malaya Mekhi Omari. Kaytana. Total. 006 $73,000 There is no balance in the Allowance for Doubtful accounts. Instructions a. Prepare the appropriate journal entries given the following transactions: i. the controller would like you the write off the following accounts as uncollectible: Anthony. Mekhi. 7,200 18,200 900 Kaytana. ii. received payment from Malaya for $2,600 i. collected $7,200 from the Anthony account iv. write off the balance in the Malaya account v. collected $18,000 from Mekhi, the remainder will not be collectible vi. the controller estimates that 2% of the total accounts receivable balance will be uncollectible b. What is the net realizable value of the accounts receivable after all adjustments?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts has a credit balance of $20,000. If a specific customer's account with a balance of $8,000 is written off as uncollectible, what is the cash (or net) realizable value of the accounts receivable? a. $160,000 O b. $175,000 c. $172,000 Od. $200,000
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Credit
Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing the principal ($14,000) and interest ($1,120) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Required: On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. 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. Chart of Accounts CHART OF ACCOUNTS Santee Company General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191…
Solstice Company determines on October 1 that it cannot collect $58,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet ** ▷
8. Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb 20 Received $500 from Tiger Paw and wrote off the remainder owed of $2,500 as uncollectible. May 10 Reinstated the account of Tiger Paw and received $2,500 cash in full payment.
Nn.195. Subject:- Account
Under the allowance method, when $600 is authorised to be written off, the journal entry would be Select one: a. Debit Accounts Receivable $600, Credit Allowance for Doubtful Debts $200 b. Debit Bad Debts Expense $600, Credit Accounts Receivable $600 c. Debit Bad Debts Expense $600, Credit Allowance for Doubtful Debts $600 d. Debit Allowance for Doubtful Debts $600, Credit Accounts Receivable $600
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The following information is from the records of Mountainview Camera Shop: Accounts receivable, December 31, 2018 Net credit sales for 2018 Accounts written off as uncollectible during 2018 15,000 Cash sales during 2018 41,000 The company uses the direct write-off method for bad debts. What is the amount of bad debts expense? OA. $62,000 B. $41,000 C. $15,000 D. $83,000 $83,000 (debit) 160,000
Rush Co has a credit balance of RM54 in Jack Co’s receivables ledger. Which of these would explain this balance? A. Rush Co received a credit note for RM54 from Jack but Jack posted in the account of Twice Co. B. Rush Co sent a cheque to Jack for RM46 in respect of an invoice of RM100. C. Rush Co paid an invoice RM54, even though this invoice was subsequently cancelled. D. Rush Co bought but returned goods to Jack, totaling RM54. A credit note is yet to be issued.
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The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…