4) Matiere Co. completed the following transactions during 2019 and 2020:DateTransactions2019Dec. 31Estimated that bad debt expenses for the year was 3% of credit sales of $385,000and recorded that amount as expense.31 Made the closing entry for bad debt expense.2020Mar. 26 Sold inventory to Mabel Sanders, $10,037.50, on credit terms of 2/10, n/30. Ignorethe cost of goods sold.Sep. 15 Wrote off Mabel Sanders's account as uncollectible after repeated efforts to collectfrom her.Nov. 10 Received $5,500 from Sanders, along with a letter stating her intention to pay herdebt in full within 30 days. Reinstated her account in full.Received the balance due from Sanders.Dec.31 Made a compound entry to write off the following accounts as uncollectible: CurtMajor, $2,200. Bernadette Lalonde, $962.50; Ellen Smart, $1,470.31 Estimated that bad debt expense for the year was 2% of credit sales of $490,000and recorded the expense.Made the closing entry for bad debt expense.31a. Record the transactions in the general journal. No explanations are necessary.b. Post to the ledger by using T-accounts.

Bad Debts are those debt from which business has made credit sales in past and amount has not been…

4) Matiere Co. completed the following transactions during 2019 and 2020: Date Transactions 2019 Dec. 31 Estimated that bad debt expenses for the year was 3% of credit sales of $385,000 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 2020 Mar. 26 Sold inventory to Mabel Sanders, $10,037.50, on credit terms of 2/10, n/30. Ignore the cost of goods sold. Sep. 15 Wrote off Mabel Sanders's account as uncollectible after repeated efforts to collect from her. Nov. 10 Received $5,500 from Sanders, along with a letter stating her intention to debt in full within 30 days. Reinstated her account in full. рay her Dec. Received the balance due from Sanders. Made a compound entry to write off the following accounts as uncollectible: Curt Major, $2,200. Bernadette Lalonde, $962.50; Ellen Smart, $1,470. 31 Estimated that bad debt expense for the year was 2% of credit sales of $490,000 and recorded the expense. 31 Made the closing entry for bad debt 31 expense. Record the transactions in the general journal. No explanations are necessary. a. b. Post to the ledger by using T-accounts.

4) Matiere Co. completed the following transactions during 2019 and 2020: Date Transactions 2019 Dec. 31 Estimated that bad debt expenses for the year was 3% of credit sales of $385,000 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 2020 Mar. 26 Sold inventory to Mabel Sanders, $10,037.50, on credit terms of 2/10, n/30. Ignore the cost of goods sold. Sep. 15 Wrote off Mabel Sanders's account as uncollectible after repeated efforts to collect from her. Nov. 10 Received $5,500 from Sanders, along with a letter stating her intention to debt in full within 30 days. Reinstated her account in full. рay her Dec. Received the balance due from Sanders. Made a compound entry to write off the following accounts as uncollectible: Curt Major, $2,200. Bernadette Lalonde, $962.50; Ellen Smart, $1,470. 31 Estimated that bad debt expense for the year was 2% of credit sales of $490,000 and recorded the expense. 31 Made the closing entry for bad debt 31 expense. Record the transactions in the general journal. No explanations are necessary. a. b. Post to the ledger by using T-accounts.

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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The following are selected 2020 transactions of Astin Corporation. Sept. 1 Purchased inventory from Encino Company on account for $50,000. Astin records purchases gross and uses a periodic inventory system. Oct. 1 Issued a $50,000, 12-month, 8% note to Encino in payment of account. Oct. 1 Borrowed $50,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $54,000 note. Instructions a. Prepare journal entries for the selected transactions above. b. Prepare adjusting entries at December 31. c. Compute the total net liability to be reported on the December 31 balance sheet for: 1. The interest-bearing note. 2. The zero-interest-bearing note.
Your answer is partially correct. Monty Limited had net sales in 2023 of $1.8 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $265,200 debit; Allowance for Expected Credit Losses $2,700 debit. Assuming Monty has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $31,000, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Bad Debt Expense Allowance for Expected Credit Losses Debit 33700 Credit 33700
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Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows:2020 Sold merchandise on credit for $2,280,000, terms n/30 (COGS = $1,258,000). Wrote off uncollectible accounts receivable in the amount of $34,600. Received cash of $1,354,000 in payment of outstanding accounts receivable. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. Question: 1. a) Record the sales. b) Record cost of sales 2. Record written off uncollectible accounts 3. Record collections from credit customers 4. Record the estimate for uncollectible accounts
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ook ht rint rences In its first year of operations, Cloudbox has credit sales of $230,000. Its year-end balance in accounts receivable is $13,000, and the company estimates that $3,000 of its accounts receivable is uncollectible. a. Prepare the year-end adjusting entry to estimate bad debts expense. b. Prepare the current assets section of Cloudbox's classified balance sheet assuming Inventory is $29,500, Cash is $21,500, and Prepaid Rent is $3,750. Note: The company reports Accounts receivable, net on the balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the year-end adjusting entry to estimate bad debts expense. View transaction list Journal entry worksheet 1 Record the year-end adjusting entry to estimate bad debts expense. Note: Enter debits before credits. Date December 31 General Journal Bad debts expense 8 Allowance for doubtful accounts Debit Credit