2. (To reinstate the accounts receivable) 3. (To record the collection on account) 4. eTextbook and Media Current Attempt in Progress The balance sheet of Nash Company at December 31, 2024, includes the following. Notes receivable $50,000 Accounts receivable 186,600 Less: Allowance for doubtful accounts 22,500 $214,100 Transactions in 2025 include the following. 1. Accounts receivable of $148,600 were collected including accounts of $63,200 on which 2% sales discounts were allowed. 2. $5,560 was received in payment of an account which was written off the books as worthless in 2024. 3. Customer accounts of $22,700 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $23,300. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. (To reinstate the accounts receivable) Debit Credit

2. (To reinstate the accounts receivable) 3. (To record the collection on account) 4. eTextbook and Media Current Attempt in Progress The balance sheet of Nash Company at December 31, 2024, includes the following. Notes receivable $50,000 Accounts receivable 186,600 Less: Allowance for doubtful accounts 22,500 $214,100 Transactions in 2025 include the following. 1. Accounts receivable of $148,600 were collected including accounts of $63,200 on which 2% sales discounts were allowed. 2. $5,560 was received in payment of an account which was written off the books as worthless in 2024. 3. Customer accounts of $22,700 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $23,300. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Account Titles and Explanation 1. 2. (To reinstate the accounts receivable) Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?
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.
The balance sheet of Concord Company at December 31, 2024, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts Transactions in 2025 include the following. 1. 2. 3. 4. $51,500 188,500 27,400 $212,600 Accounts receivable of $144,200 were collected including accounts of $67,600 on which 3% sales discounts were allowed. $5,950 was received in payment of an account which was written off the books as worthless in 2024. Customer accounts of $27,600 were written off during the year. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $27,500. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Current Attempt in Progress At January 1, 2024, Lawn Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for expected credit losses 1. During 2024, the company had the following summary transactions for receivables: 2. 3. 4. 5. $500,000 6. 42,000 Sales on account, $1,760,000; cost of goods sold, $1,020,800; return rate of 7% Selling price of goods returned, $81,000; cost of goods returned to inventory, $46,980 Collections of accounts receivable, $1,600,000 Write-offs of accounts receivable deemed uncollectible, $55,000 Collection of accounts previously written off as uncollectible, $13,000 After considering all of the above transactions, total estimated uncollectible accounts, $29,000 12 534 fr 20.500 AHORE 16-206 30216 3 250 250
Current Attempt in Progress Bridgeport Limited had net sales in 2023 of $2.2 milion. At December 31, 2C23, before adjusting entnes, the balances in selected accounts were as follows: Accounts Receivable $231,300 debit: Allowance for Expected Credit Losses $3.000 detit. Assuming Bridgeport has examined the aging of the accounts receivable and has determined the Alowance for Expected Credit Losses should have a balance of $25,900, prepare the December 31, 2023 journal entry to record the adjustment toAllowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry s required, select "To Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit eTextbook and Media
The following information is related to December 31, 2024 balances. • Accounts receivable Allowance for doubtful accounts (credit) $1,400,000 (120,000) 1,280,000 Cash realizable value During 2025, sales on account were $390,000 and collections on account were $230,000. The company wrote off $22,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144,000. Bad debt expense for 2025 is A) $46,000. B) $24,000. C) $2,000. OD) $144,000.
The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
The balance sheet of Starsky Company at December 31, 2019, includes the following. Notes receivable $ 36,000 Accounts receivable 182,100 Less: Allowance for doubtful accounts 17,300 $200,800 Transactions in 2020 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2019. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above.
The following information is related to December 31, 2024 balances. • Accounts receivable . Allowance for doubtful accounts (credit) . Cash realizable value $1430000 (103000) 1327000 During 2025 sales on account were $390000 and collections on account were $217000. The company wrote off $21100 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144000. Bad debt expense for 2025 is: O $62100. O $144000. O $41000. O $19900
Celtics Company had the following data relating to its accounts receivable. Accounts Receivable, December 31, 2022 P1,300,000Credit sales for 2023 5,400,000Collections from customers during 2023, including recoveries 4,750,000Accounts written off on September 30, 2023 125,000Recoveries of accounts previously written off in prior years 25,000Estimated uncollectible receivables per aging, December 31, 2023 165,000 Question:20. How much is Celtics Company's net accounts receivable at December 31, 2023? A. P1,660,000B. P1,685,000C. P1,825,000D. P1,850,000