BazukaAccounting Services recorded several financial transactions during the period. The company received $45,000 in cash from credit customers and allowed $2,500in sales discounts. Additionally, $1,800 in bad debts were written off. Given that the beginning balance of Accounts Receivable was $85,000, calculate theending balance of Accounts Receivable.

BazukaAccounting Services recorded several financial transactions during the period. The company received $45,000 in cash from credit customers and allowed $2,500in sales discounts. Additionally, $1,800 in bad debts were written off. Given that the beginning balance of Accounts Receivable was $85,000, calculate theending balance of Accounts Receivable.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

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A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
Bazuka Accounting Services recorded several financial transactions during the period. The company received $45,000 in cash from credit customers and allowed $2,500 in sales discounts. Additionally, $1,800 in bad debts were written off. Given that the beginning balance of Accounts Receivable was $85,000, calculate the ending balance of Accounts Receivable.
Calculate the ending balance of Accounts Receivable.
BAZUKA ACCOUNTING SERVICES RECORDED
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. Year 1 Sold $1,350,700 of merchandise on credit (that had cost $984,200), terms n/30. Wrote off $19,700 of uncollectible accounts receivable. Received $674,900 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible. Year 2 Sold $1,533,900 of merchandise (that had cost $1,314,500) on credit, terms n/30. Wrote off $33,700 of uncollectible accounts receivable. Received $1,115,300 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.30% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…
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. Year 1 Sold $1,354,200 of merchandise on credit (that had cost $977,000), terms n/30. Wrote off $20,100 of uncollectible accounts receivable. Received $670,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Year 2 Sold $1,569,600 of merchandise (that had cost $1,341,800) on credit, terms n/30. Wrote off $32,600 of uncollectible accounts receivable. Received $1,225,700 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.60% of accounts receivable would be uncollectible. Required:Prepare journal entries to record Liang’s Year 1 and Year 2 summarized transactions and its year-end…
During its first year of operations, Crane Company had credit sales of $3,064,300; $655,000 remained uncollected at year-end. The credit manager estimates that $36,900 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Prepare the current assets section of the balance sheet for Crane Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $135,200, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet (Partial) 24 %24 %24
During its first year of operations, Sheridan Company had credit sales of $3,596,600; $660,700 remained uncollected at year-end. The credit manager estimates that $43,200 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Prepare the current assets section of the balance sheet for Sheridan Company. Assume that in addition to the receivables it has cash of $92,200, inventory of $134,100, and prepaid insurance of $8,100. (List Current Assets in order of liquidity.) SHERIDAN COMPANYBalance Sheet (Partial) $ $…
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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. Year 1 a. Sold $1,345,434 of merchandise (that had cost $975,000) on credit, terms n∕30. b. Wrote off $18,300 of uncollectible accounts receivable. c. Received $669,200 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible. Year 2 e. Sold $1,525,634 of merchandise on credit (that had cost $1,250,000), terms n∕30. f. Wrote off $27,800 of uncollectible accounts receivable. g. Received $1,204,600 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.5% of accounts receivable would be uncollectible. Required Prepare journal entries to record Liang’s summarized transactions and its year-end…
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. Year 1 a. Sold $1,353,500 of merchandise on credit (that had cost $979,500), terms n/30. b. Wrote off $18,100 of uncollectible accounts receivable. c. Received $671,300 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Year 2 e. Sold $1,556,800 of merchandise (that had cost $1,295,500) on credit, terms n/30. f. Wrote off $26,000 of uncollectible accounts receivable. g. Received $1,394,400 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 3.00% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized…
Llang 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. Year 1 a. Sold $1,354,500 of merchandise on credit (that had cost $983,300), terms n/30. b. Wrote off $20,200 of uncollectible accounts receivable. c. Received $670,000 cash in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 1.50% of accounts receivable would be uncollectible. Year 2 e. Sold $1,561,900 of merchandise (that had cost $1,258,400) on credit, terms n/30. f. Wrote off $33,800 of uncollectible accounts receivable. g. Received $1,195,000 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 1.50 % of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized…