8. ABC Cleaning Company paid off the $280 they owe to XYZ Corp,check #104.• Which accounts are affected?Is it an increase or decrease to the account?Where will the debit and credit be reported?OkayYou

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: ABC Cleaning Company paid off the $280…

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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5. Jack's lawn care used the direct write-off method for accounting for uncollectible accounts. The company writes off $500 on Jane Doe's account. The journal entry to record this will include a debit of $500 to which account?
QUESTION 3 ( Rose Sdn Bhd is a business that focuses on selling fragrance. In May 2021, the Cash Book (Bank column) of Rose Sdn Bhd Shows the following: Cash book (Bank Column) Date RM Date RM May May 1 Balance b/d 23,567 5 Purchase - 8255 5,689 2 Sales 6,709 7 Rent expenses - 8256 700 10 Sales 15,786 16 Purchase - 8257 7,890 23 Interest received 5,000 21 Purchase - 8258 6,450 24 Sales 12,750 25 Salaries expense 10,000 30 Sales 10,780 29 Interest on loan 3,000 30 Rent received 2,500 30 Purchase – 8259 7,685 31 Balance c/d 35,678 77,092 77,092 The bank statement received by Rose Sdn Bhd for the month of May 2021 is as below: Lagenda Bank Berhad Date of Statement: 31 May 2021 Customer: Rose Sdn Bhd Description 1 Balance b/d Debit (RM) Credit (RM) Balance (RM) Date Cheque 23,567 4 Cheque deposit 7 Cheque cleared 8 Cheque deposit Cheque deposit 17 Direct debit 19 Credit transfer 6,709 30,276 8255 5,689 24,587 30,587 6,000 14,786 13 45,373 8256 1,600 43,773 4,000 47,773 21 Debit transfer 24…
19) Intercom, Inc. paid one of its creditors $678 on their balance due. The journal entry would require a: A) credit to Cash and a debit to Accounts Receivable. B) debit to Cash and a credit to Accounts Receivable. C) debit to Cash and a credit to Accounts Payable. Di debit to Accounts Payable and credit to Cash.
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Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
Charlston Inc. has accounts receivable of $110,000 in an allowance for doubtful accounts of $17,000. If it writes off a customer account balance of $1700 what is the amount of its net accounts receivable? A) 93,000 B) 108,300 C) 91,300 D) 110,000
Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?
Under the allowance method, if a customer makes payment on a receivable that has already been written off, the company needs to reverse the write-off to the Allowance for Bad Debts account. True False 00
In June, Widgets, Inc. makes on account sales to Customs Motors of $800 and receives a payment of $500 from them. How would this affect the Accounts Receivable control account? O A. The AR total would be decreased by $300. O B. The AR total would be decreased by $500. O C. The AR total would be increased by $800. O D. The AR total would be increased by $300.
The company uses the allowance method to write off bad debts. What entry will they make to write off the accounts? 20. A company performs $5,780 of services for a customer on account. Write the entry to record this transaction.
FOR YOU AND THE CLASS: What is the journal entry to record Bad debts expense under the allowance method. In other words ....what account would be debited and what account would be credited? Reply
Consider these transactions: (Credit account titles are automatically indented when 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.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?

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ABC Cleaning Company paid off the $280 they owe to XYZ Corp, check #104. Which accounts are affected? Is it an increase or decrease to the account? Where will the debit and credit be reported?