a. During February, $187,000 was paid to creditors on account, and purchases on account were $203, 400. Assuming the February 28 balance of Accounts Payable was $57, 300, determine the account balance on February 1. fill in the blank 1 of 1$ b. On October 1, the accounts receivable account balance was $ 117,600. During October, $447, 600 was collected from customers on account. Assuming the October 31 balance was $137,240, determine the fees billed to customers on account during October. fill in the blank 1 of 1$ c. On April 1, the cash account balance was $44, 340. During April, cash receipts totaled $253, 100 and the April 30 balance was $52, 350. Determine the cash payments made during April. fill in the blank 1 of 1$

a. During February, $187,000 was paid to creditors on account, and purchases on account were $203, 400. Assuming the February 28 balance of Accounts Payable was $57, 300, determine the account balance on February 1. fill in the blank 1 of 1$ b. On October 1, the accounts receivable account balance was $ 117,600. During October, $447, 600 was collected from customers on account. Assuming the October 31 balance was $137,240, determine the fees billed to customers on account during October. fill in the blank 1 of 1$ c. On April 1, the cash account balance was $44, 340. During April, cash receipts totaled $253, 100 and the April 30 balance was $52, 350. Determine the cash payments made during April. fill in the blank 1 of 1$

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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At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) $ 48,283 Allowance for Doubtful Accounts (XA) 8,474 Accounts Receivable (Net) (A) $ 39,809 During the current year, sales on account were $306,673, collections on account were $290,750, write-offs of bad debts were $7,059, and the bad debt expense adjustment was $4,775. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
At December 31 of the current year, a company reported the following: Total sales for the current year: $960,000 includes $610,000 in cash sales Accounts receivable balance at Dec. 31, end of current year: $64,000 Allowance for Doubtful Accounts balance at January 1, beginning of current year: $4,100 credit Bad debts written off during the current year: $6,200. Prepare the necessary adjusting journal entry to record bad debts expense assuming this company's bad debts are estimated to equal 8% of credit sales:
The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
On January 1, Year 1, the Accounts Receivable balance was $29,000 and the balance in the Allowance for Doubtful Accounts was $3,400. On January 15, Year 1, an $980 uncollectible account was written-off. What is the net realizable value of accounts receivable immediately after the write-off? Multiple Choice O O $28,020 $26,580 $25,600 $24,620
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On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions: a. The company made a credit sale of $300,000. b. The company collected accounts receivable for 350,000. c. The company wrote off the uncollectible accounts for $12,000. d. The company collected the receivable of $4,000 that had been written off previously. Required Note: Show calculation: (1) Prepare journal entries to record the above four transactions. (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.
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