At thr beginning of the current period whisperingcorp had balances in accounts receivable of 288,000 And in allowance for doubtful 9300 in credit

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Answered: At thr beginning of the current period…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12MC: South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales...

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Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts receivable turnover rate for 2018 (rounded to two decimal places)? A. 2.02 times B. 2.25 times C. 2.15 times D. 1.13 times
What is the net realizable value of accounts receivable at the end of year, given the following information:Balance in Accounts Receivable at end of year, $104,000Balance in Allowance for Doubtful Accounts, beginning of year, $2,000 debitWrite-offs during year, $5,000Bad debt expense for year, $9,000Recoveries during year of accounts previously written-off, $2,000
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At the end of the fiscal year, accounts receivable has a balance of $100000 and allowance for doubtful accounts has a balance of $ 7000. the expected net realizable value of the accounts receivable is?
On 1 June 2020, Mason Ltd. had Accounts Receivable $424,778 and Allowance for Doubtful Debtsaccounts $6,050. Ignore GST.During June, the following transactions occurred:1. Revenue earned on credit, $597,500.2. Sales returns, $12,050.3. Accounts receivable collected, $700,000.4. Accounts written off as uncollectable, $5,926.Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance forDoubtful Debts account should have a credit balance of $6,750 on the balance sheet as at 30 June2020. Ignore GST.Required:a) Prepare general journal entries to record the four transactions. b) Prepare journal entries to adjust the bad debts expense and allowance for doubtful debtsaccount. c) Show how accounts receivable and the allowance for doubtful debts would appear on thebalance sheet at 30 June 2020. d) On 10 July 2020, Kent Ltd, whose $1,300 account had been written off as uncollectable in June,paid its account in full. Prepare journal entries to record the…
A company reports the following: Sales $117,530 Average accounts receivable (net) 16,790 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables, Round interim calculations to the nearest dollar and final answers to one dedmal place. Assume a 365-day year.
On 1 June 2020, Mason Ltd. had Accounts Receivable $424,778 and Allowance for Doubtful Debts accounts $6,050. Ignore GST. During June, the following transactions occurred: Revenue earned on credit, $597,500. Sales returns, $12,050. Accounts receivable collected, $700,000. Accounts written off as uncollectable, $5,926. Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $6,750 on the balance sheet as at 30 June 2020. Ignore GST. Required: Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June 2020.
A company reports the following: Sales $1,180,410 Average accounts receivable (net) 56,210 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover ___________ b. Number of days' sales in receivables ___________ days
ook int ences During 2020, Jesse Jericho Enterprises Corporation recorded credit sales of $786,000. At the beginning of the year, Accounts Receivable, Net of Allowance was $93,500. At the end of the year, after the Bad Debt Expense adjustment was recorded but before any bad debts had been written off, Accounts Receivable, Net of Allowance was $70,000. Required: 1. Assume that on December 31, 2020, accounts receivable totalling $10,000 for the year were determined to be uncollectible and written off. What was the receivables turnover ratio for 2020? (Round your answer to 1 decimal place.) Receivables turnover ratio 2. Assume instead that on December 31, 2020, $11,000 of accounts receivable was determined to be uncollectible and written off. What was the receivables turnover ratio for 2020? (Round your answer to 1 decimal place.) Receivables turnover ratio
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At thr beginning of the current period whispering corp had balances in accounts receivable of 288,00 0 And in allowance for doubtful 9300 in credit