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

See similar textbooks

Similar questions

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
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
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.
Company I had the following balances at the end of the year: Accounts receivable: $50,000 Allowance for doubtful accounts: $2,000 (credit balance) The company estimates that 2% of accounts receivable will be uncollectible. Record the journal entry to adjust the allowance for doubtful accounts.
The following information is available for Market, Incorporated and Supply, Incorporated at December 31. Accounts Market, Incorporated Supply, Incorporated Accounts receivable $59,800 $77,800 Allowance for doubtful accounts 2,548 2,956 Sales revenue 616,960 907,100 Required What is the accounts receivable turnover for each of the companies? What is the average days to collect the receivables? Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Company Accounts Receivable Turnover Market times Supply times What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.)…
39. CityMarket, Inc.'s purchases during the year were $118,378. The balance sheet shows an average accounts payable balance of $12,000. CityMarket's payables payment period is closest to: 37 days. 44 days. 52 days.