December 31, 2021 3,675,000 81,000 December 31, 2022 Accounts receivable Allowance for doubtful accounts Sales on account 22,500,000 21,000,000 Cash collected from customers Among the cash collections was the full recovery of an P80,000 receivable from Big Company, a customer whose accou had been written off as worthless late in 2021. During 2022, it was necessary to write off uncollectible customers' accounts totaling P101,000. On December 1 2022 Rong Eloctrenice Ine Cuctomor cottled ite occount by iscuing te Exe Cornoretion 129

December 31, 2021 3,675,000 81,000 December 31, 2022 Accounts receivable Allowance for doubtful accounts Sales on account 22,500,000 21,000,000 Cash collected from customers Among the cash collections was the full recovery of an P80,000 receivable from Big Company, a customer whose accou had been written off as worthless late in 2021. During 2022, it was necessary to write off uncollectible customers' accounts totaling P101,000. On December 1 2022 Rong Eloctrenice Ine Cuctomor cottled ite occount by iscuing te Exe Cornoretion 129

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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answer in text form please (without image),,,,,,Note:Every entry should have narration please
Calculate the full payment required on the payment date that reduces the balance on the invoice to zero . assume that this is not a leap year.
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41 Tesla estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2024, Tesla's credit sales and collections were $121,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2024, if $120 in accounts receivable were written off during 2024 and if the allowance account had a balance of $960 on December 31, 2024? Multiple Choice O $42,120 O $31,000 $420 None of these answer choices are correct.
Suzuki Supply reports the following amounts at the end of 2024 (before adjustment). Credit Sales for 2024 Accounts Receivable, December 31, 2024 Allowance for Uncollectible Accounts, December 31, 2024 $248,000 43,000 1,000 (debit) Required: 1. Record the adjusting entry for uncollectible accounts using the percentage-of-receivables method. Suzuki estimates 10% of receivables will not be collected. 2. Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 2% of credit sales will not be collected. 3. Calculate the effect on net income (before taxes) and total assets in 2024 for each method.
Accounts Receivable Free Company gathered the following information from its accounting records for the year ended December 31, 2019: • Net Credit Sales for the year - P680,000 • Accounts Receivable at December 31 - 92,000 • Allowance for doubtful accounts at December 31 - 1,850
11/26 1216 12/11 8. What is the partial payment credit given for a $650 payment on a $2500 invoice dated April 29th with terms of 3/10 EOM if the partial payment is received on June 10th of the same year?
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
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