Only photo 4 question. thanks! Delores Cooper operates Cooper Garden Designs. Most of her customers pay cash so she uses the direct write-off method to accountfor uncollectible accounts recelvable. On May 3, 2020, she determined that the $3,350 account for Wilma Benz was uncollectible.During 2020, she had total credit sales of $339,000. The December 31, 2020, balance in accounts recelvable was $60,000.Required:Prepare Journal entry to record the May 3 write-off using the direct write-off method.View transaction listJournal entry worksheet1Record to write-off an uncollectible receivable using the direct write-offmethod.Note: Enter debits before credits.DateGeneral JournalDebitCreditMay 03Ronord ontouClear ontoVGourgonoralinurmal Analysis Component:Delores wants to compare the effect of using the allowance method versus the direct write-off method for recording uncollectibleaccounts. If uncollectible accounts were estimated at (a) 2% of credit sales or (b) 4% of outstanding accounts recelvable, prepare acomparison of the effects on profit of using the allowance methods versus the direct write-off method.a. Using 2% of credit salesEffect on profitbyb. Using 4% of outstanding accounts receivableEffect on profitby

Write off of Uncollectable Accounts Receivables: The cancellation consists of canceling the…

Delores Cooper operates Cooper Garden Designs. Most of her customers pay cash so she uses the direct write-off method to account for uncollectible accounts recevable. On May 3, 2020, she determined that the $3,350 account for Wilma Benz was uncollectible. During 2020, she had total credit sales of $339,000. The December 31, 2020, balance Iin accounts receivable was $60,000. Required: Prepare Journal entry to record the May 3 write-off using the direct write-off method. View transaction list Journal entry worksheet 1 <> Record to write-off an uncollectible receivable using the direct write-off method.

Delores Cooper operates Cooper Garden Designs. Most of her customers pay cash so she uses the direct write-off method to account for uncollectible accounts recevable. On May 3, 2020, she determined that the $3,350 account for Wilma Benz was uncollectible. During 2020, she had total credit sales of $339,000. The December 31, 2020, balance Iin accounts receivable was $60,000. Required: Prepare Journal entry to record the May 3 write-off using the direct write-off method. View transaction list Journal entry worksheet 1 <> Record to write-off an uncollectible receivable using the direct write-off method.

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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1. MC.14.81.ALGO 2. MC.14.96.ALGO 3. MC.11.69.ALGO 4. MC.11.112.ALGO 5. MC.15.86.ALGO 6. MC.15.125 7. MC.16.71.ALGO 8. MC.16.86.ALGO 9. MC.17.87.ALGO 10. MC.17.129 11. MC.18.58.ALGO 12. MC.18.45.ALGO 13. MC.20.81.ALGO Mocha Company manufactures a single product by a continuous process, involving three production departments. The records. indicate that direct materials, direct labor, and applied factory overhead for Department 1 were $100,000, $125,000, and $150,000, respectively. The records further indicate that direct materials, direct labor, and applied factory overhead for Department 2 were $50,000, $60,000, and $70,000, respectively. Department 2 has transferred-in costs of $390,000 for the current period. In addition, work in process at the beginning of the period for Department 2 totaled $75,000, and work in process at the end of the period totaled $90,000. The journal entry to record the flow of costs into Department 3 during the period is Oa. Work in Process-Department 3…
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7:27 f t < Session[1].docx - Word ✓ Qo 138 - 21 Paragraph O References Mailings Review View Help BLUEBEAM One day you're going to miss my boring texts ## TO Accessibility: Investigate Search Costs to date Estimated costs to complete Progress billings during the year Cash collected during the year hoher webb ng Normal ||| No Spacing Styles Acrobat 2021 $ 980,000 3,020,000 1,000,000 648,000 Go to website O Heading 1 √ Calculate the amount will be reported for accounts receivable on the statement of financial position at December 31, 2022. 3. Accounts Receivable on the Statement of Financial Position at December 31, 2022 for Newton Corp.: Accounts Receivable is calculated as the cumulative billings to date minus the cumulative cash collected: Accounts Receivable at December 31, 2022 = Cumulative Billings- Cumulative Cash Collected Accounts Receivable at December 31, 2022 = ($1,000,000+ $1,000,000) - ($648,000+ $1,280,000) = $2,000,000 - $1,928,000 = $72,000 Therefore, the amount reported…