Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $45,600. The cost of goods sold was $24,600. June 2. Received $12,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $32,800 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection 000 00 00 00 00

Entries for uncollectible accounts, using direct write-off method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $45,600. The cost of goods sold was $24,600. June 2. Received $12,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23. Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $32,800 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection 000 00 00 00 00

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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During the second half of December 20-1, TJ’s Specialty Shop engaged in the followingtransactions:Dec. 16 Received payment from Lucy Greene on account, $1,960.16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8.Sale No. 640.17 Returned merchandise to Evans Essentials for credit, $150.18 Issued Check No. 813 to Evans Essentials in payment of December 1balance of $1,250, less the credit received on December 17.19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31.Sale No. 641.22 Received payment from John Dempsey on account, $1,560.23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies)24 Purchased merchandise on account from West Wholesalers, $1,200.Invoice No. 465, dated December 24, terms n/30.26 Purchased merchandise on account from Nathen Co., $800.Invoice No. 817, dated December 26, terms 2/10, n/30.27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for themonth of December, $630.27 Sold merchandise on…
Consider the following transactions for BigGuy Toys: Apr. 7 BigGuy Toys purchased $198,800 worth of MegoBlock toys on account with credit terms of 2/10, n/60. Apr. 13 BigGuy Toys returned $19,800 of the merchandise to MegoBlock due to damage during shipment. Apr. 15 BigGuy Toys paid the amount due, less the return and discount. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost BigGuy Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Apr. 7: BigGuy Toys purchased $198,800 worth of MegoBlock toys on account with credit terms of 2/10, n/60. Date Accounts Debit Credit Apr. 7…
Record the following transactions on the books of Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Cullumber Co. sold merchandise on account to Stacey Inc. for $23,400, terms 2/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,400 to Cullumber Co. (c) On July 11, Stacey Inc. paid for the merchandise. Date Account Titles and Explanation Debit Credit Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a…
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Jan. 30. Sold merchandise on account to Jane Doe, $80,000. The cost of the merchandise sold was $45,000. June 3. Received $48,000 and wrote off the remainder owed on the sale of January 30 as uncollectible. Nov. 27. Reinstated the account that had been written off on June 3 and received cash in full payment.
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Entries for uncollectible receivables, using allowance method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24. Sold merchandise on account to Old Town Cafe, $16,400. The cost of goods sold was $11,800. Sept. 30. Received $3,600 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $12,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 ll Dec. 7-reinstate Dec. 7-collection
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $47,300. The cost of the merchandise sold was $25,500. July 7. Received $11,800 from Dr. Sindair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $35,500 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection
On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,65O. Smart uses the perpetualinventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Cash 1,650 Accounts receivable 1,650 Cash 2,400 Accounts receivable 2,400 Cash 2,320 Sales discounts pe here to search 5:00 PM 6% 3/7/2022
On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs. Jorgensen, with terms 1/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $400. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? A) Debit Cash for $9,504, debit Sales Discounts for $96, and credit Accounts Receivable - Mrs. Jorgensen for $9,600. B) Debit Sales Revenue for $9,504, debit Sales Discounts for $96, and credit Accounts Receivable - Mrs. Jorgensen for $9,600. C) Debit Sales Revenue for $9,600, credit Sales Discount for $96 and credit Cash for $9,504. D) Debit Cash for $9,504 and credit Accounts Receivable - Mrs. Jorgensen for $9,504.
Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,500. The cost of the merchandise is $3,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for…
Saenz Company uses a voucher system in which it records invoices at the gross amount. The following vouchers were issued during February and were unpaid on March 1: Voucher Number Company For Date of Voucher Amount 1729 Kipley Company Merchandise, FOB destination Feb. 26 $3,436 1732 J. R. Steven Merchandise, FOB destination Feb. 28 4,710 The following transactions were completed during March: Mar. 3 Issued voucher no. 1734 in favor of Larry Company for March rent, $1,220. 3 Issued Ck. No. 1829 in payment of voucher no. 1734, $1,220. 5 Bought merchandise on account from Lorenzo, Inc., $3,890; terms 2/10, n/30; FOB shipping point; freight prepaid and added to the invoice, $72 (total, $3,962). Issued voucher no. 1735. 5 Issued Ck. No. 1830 in payment of voucher no. 1729, $3,401.64 ($3,436 less 1 percent cash discount). 9 Issued voucher no. 1736 in favor of Mario Electric Company for electric bill, $216. 9 Issued Ck. No. 1831 in payment of…
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