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Date 2014 . A A A A A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a Dec. 31 w Bal Jan. 1 Dec. 31 Bal Accounts Receivable 50,000 Inventory 186.000 Cash 90,000 Bad Debt Expense bd Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable Jan. 1 Dec. 31 Bal Allowance for Doubtful Accounts ABC COMPANY Balance Sheet-Partial Balance December 31, 2018 Assets 5,000 Cost of good Sold Sales Jan. Dec. 31 Bal Jan Dec. 31 Bal

Date 2014 . A A A A A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a Dec. 31 w Bal Jan. 1 Dec. 31 Bal Accounts Receivable 50,000 Inventory 186.000 Cash 90,000 Bad Debt Expense bd Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable Jan. 1 Dec. 31 Bal Allowance for Doubtful Accounts ABC COMPANY Balance Sheet-Partial Balance December 31, 2018 Assets 5,000 Cost of good Sold Sales Jan. Dec. 31 Bal Jan Dec. 31 Bal

FINANCIAL ACCOUNTING
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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Date 2018 b Accounts and Explanation A A A A N A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a b e Dec. 31 Bal Jan. 1 C Dec. 31 Bal. Accounts Receivable 50,000 Current Assets Inventory 186.000 Cash 90,000 Bad Debt Expense bd Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable d 0 a Jan. 1 a Dec. 31 Bal Allowance for Doubtful Accounts ABC COMPANY Balance Sheet-Partial December 31, 2018 Assets 5,000 Cost of good Sold Sales Jan. 1 C e Dec. 31 Bal. Jan. Dec. 31 Bal
Transcribed Image Text:Date 2018 b Accounts and Explanation A A A A N A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a b e Dec. 31 Bal Jan. 1 C Dec. 31 Bal. Accounts Receivable 50,000 Current Assets Inventory 186.000 Cash 90,000 Bad Debt Expense bd Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable d 0 a Jan. 1 a Dec. 31 Bal Allowance for Doubtful Accounts ABC COMPANY Balance Sheet-Partial December 31, 2018 Assets 5,000 Cost of good Sold Sales Jan. 1 C e Dec. 31 Bal. Jan. Dec. 31 Bal
On January 1st, ABC company had accounts receivables of $50,000 and Allowance for Doubtful Accounts credit balance of $5,000 Cash balance of $90,000, Inventory balance of 186,000. During the year ABC had the following transactions: a) Sales of 500,000 (400,000 on account and $100,000 cash). The cost of the goods sold equaled 135,000. b) ABC had collections on Accounts receivable of 122,000 c) ABC recorded the bad debt expense using the % of sales method. 2% of credit sales. d) ABC determined one of its customers would not pay and wrote off $1,200 of outstanding receivables. e) The customer later paid the $900 of the $1,200 outstanding receivables. Using the information above, please calculate the following balances after all journal entries are recorded: Note: Do not use commas or periods in your answer. 1) Accounts Receivable 2) Allowance for Doubtful Accounts 3)Inventory 4)Cost of goods sold 5) Cash 6) Sales 7) Bad Debt Expense 8) Net Accounts Receivable
Transcribed Image Text:On January 1st, ABC company had accounts receivables of $50,000 and Allowance for Doubtful Accounts credit balance of $5,000 Cash balance of $90,000, Inventory balance of 186,000. During the year ABC had the following transactions: a) Sales of 500,000 (400,000 on account and $100,000 cash). The cost of the goods sold equaled 135,000. b) ABC had collections on Accounts receivable of 122,000 c) ABC recorded the bad debt expense using the % of sales method. 2% of credit sales. d) ABC determined one of its customers would not pay and wrote off $1,200 of outstanding receivables. e) The customer later paid the $900 of the $1,200 outstanding receivables. Using the information above, please calculate the following balances after all journal entries are recorded: Note: Do not use commas or periods in your answer. 1) Accounts Receivable 2) Allowance for Doubtful Accounts 3)Inventory 4)Cost of goods sold 5) Cash 6) Sales 7) Bad Debt Expense 8) Net Accounts Receivable
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