Accounting: The warehouse supervisor at Emerald Bay Trading must reconcile damaged goods claims. Their policy allows claims within 48 hours of delivery, requires photographic evidence, and management approval for values over $500. Last week, from 45 deliveries worth $28,000, customers reported 8 damages, submitted 6 photos, and 5 claims met the time limit. What is the value of valid claims if each averages $180?
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- From the following facts, Molly Roe has requested you to calculate the average daily balance. The customer believes the average daily balance should be $877.67. Respond to the customer’s concern. Note: Round your final answer to the nearest cent. 28-day billing cycle 3/18 Billing date $ 672 Previous balance 3/24 Payment $ 59 Credit 3/29 Charge: Sears 218 4/5 Payment 17 Credit 4/9 Charge: Macy’s 166 Average daily balance:The Maderite Furniture Company has an allowance for uncollectible accounts account with a PhP. 300 debit balance. Net credit sales for the period were PhP. 160,000. An aging process shows that PhP. 5,400 of the accounts receivable probably will be uncollectible. In addition, Maderite Furniture believes that 4% of all net credit sales are uncollectible. The percent-of-sales method is used to account for uncollectibles. What is the amount of the adjusting entry to record uncollectible-account expense and what is the balance in allowance for uncollectible accounts after the adjusting entry is made?AB Co made a credit sale to DE Co for $200,000 on July 19x9. It is known that at the end of 19x9 there was an outstanding receivable of $47,000. Managementestimates that $25,000 will be uncollectible.In July 19x9 the collections department stated that a receivable of $5,000 was written off frombookkeeping because it is impossible to receive payment from DE Co. Unexpectedly monthOctober 19x9 DE Co pays its outstanding debt. Requested:Prepare the adjusting entries and the journals needed to record the above transactions properlythe backup method as well as the direct deletion method!
- Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Check my work mode: This shows what is correct or incorrect for the work you have completed so Year 1 a. Sold $1,353,900 of merchandise on credit (that had cost $978,100), terms n/30. b. Wrote off $20,900 of uncollectible accounts receivable. c. Received $670,600 cash-in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.00% of accounts receivable would be uncollectible. Year 2 e. Sold $1,532,900 of merchandise (that had cost $1,268,900) on credit, terms n/30. f. Wrote off $31,100 of uncollectible accounts receivable. g. Received $1,245,100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.00% of accounts receivable would be…Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 230 strobe lights at $50 per light to a customer on May 9. The cost to Glow is $20 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance. Assume the gross method () and a periodic inventory system is used. If an amount box does not require an entry, leave it blank. May 9 May 13 May 21 Accounts Receivable Accounts Payable Cash Sales Discounts Sales Returns and Allowances II II III II II IIBrown Co made a credit sale to Cody Co for $200,000 on July 19x9. It is known that at the end of 19x9 there was an outstanding receivable of $50,000. Managementestimates that $25,000 will be uncollectible.In July 19x9 the collections department stated that a receivable of $5,000 was written off frombookkeeping because it is impossible to receive payment from Cody Co. Unexpectedly monthOctober 19x9 Cody Co pays its outstanding debt. Requested:Prepare the adjusting entries and the journals needed to record the above transactions properlythe backup method as well as the direct deletion method!
- During February, the last month of the fiscal year, Be My Valentine Ltd. sells $21,400 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, $4,600 of these cards is redeemed for merchandise with a cost of $2,500. In April, further $13,800 of these cards is redeemed for merchandise with a cost of $4,600. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unused gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used.Ayayai Taco Palace sells 240 gift cards at $40 per gift card and 120 of the gift cards are redeemed by year-end. Ayayai estimates that it will have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, e.g. 0.2456 and final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Unearned Gift Card Revenue Sales Revenue Sales Revenue (Breakage) Debit Credit 4800 960Botanic Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 60 days. On February 10, 2018, a customer purchases $4,000 of products (cost $2,000). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes A. a debit to Allowance for Sales Returns of $800 and a credit to Cost of Goods sold of $400. B. debit to Cash and a credit to Sales Revenue of $4,000 C.credit to Estimated Inventory Returns of S400 D.debt to Cost of Goods Sold and credit to Inventory for $2,000
- On february 5, 2018, nicanor merchandising has purchased goods on account amounting to 500,000 with credit terms of 3/15, n/60 from its major trade supplier. nicanor operates 360 days a year. Required: 1. compute the nominal cost of trade credit 2. compute the effective cost of trade credit 3. assuming nicanor did not pay the account within the discount period, how much is the penalty in using the money for the next 45 days? 4. in case the prevailing interest rate on bank loan is 20% per annum at simple interest, should nicanor pay within the discount period or not? Breifly discuss your answer and present supporting computation. 5. determine the net monetary benefit that nicanor will enjoy in selecting the optimal alternative. please answer 3-5 thank youTri-State Bank and Trust is considering giving Swifty Company a loan. Before doing so, management decides that further discussions with Swifty's accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $310,000. Discussions with the accountant reveal the following. 1. 2. 3. 4. 5. Swifty shipped goods costing $36,000 to Lilja Company, FOB shipping point, on December 28. The goods are not expected to arrive at Lilja until January 12. The goods were not included in the physical inventory because they were not in the warehouse. The physical count of the inventory did not include goods costing $92,000 that were shipped to Swifty FOB destination on December 27 and were still in transit at year-end. Swifty received goods costing $20,000 on January 2. The goods were shipped FOB shipping point on December 26 by Brent Co. The goods were not included in the physical count. Swifty shipped goods costing $35,000 to Jesse Co., FOB…Flint Taco Palace sells 280 gift cards at $50 per gift card and 140 of the gift cards are redeemed by year-end. Flint estimates that it wi have 10% breakage on its gift cards. Prepare the entry for the gift card redemption and the expected breakage for the gift cards in the current year. (Ignore Cost of Goods Sold.) (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, eg. 0.2456 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Cash Unearned Gift Card Revenue Subscriptions Revenue. Debit 14000 Credit 7000 7000
