Entries for uncollectible accounts, using direct write-off methodJournalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off methodof accounting for uncollectible receivables:Jan. 19. Sold merchandise on account to Dr. Kyle Norby, $5,000. The cost of goods sold was $2,200.June 2. Received $400 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 $4,600 cash in full payment.If an amount box does not require an entry, leave it blank.Jan. 19-saleJan. 19-costJune 2Oct. 23-reinstateOct. 23-collection

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Answered: Entries for uncollectible accounts,…

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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Marx Supply uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash payments journal. April 3 Purchased merchandise for $2,900 on credit from Seth, Incorporated, terms 1/10, n/30. April 9 Issued Check Number 210 to Kitt Corporation to buy store supplies for $464. April 12 Sold merchandise costing $514 to C. Myrs for $864 on credit, terms n/30. April 17 Issued Check Number 211 for $1,500 to pay off a note payable to City Bank. April 20 Purchased merchandise for $3,500 on credit from Lite, terms 1/10, n/30. April 28 Issued Check Number 212 to Lite to pay the amount due for the April 20 purchase less the $35 discount. April 29 Paid salary of $1,850 to B. Dock by issuing Check Number 213. April 30 Issued Check Number 214 to Seth, Incorporated, for $2,900 to pay for the April 3 purchase. Date Check Number Payee CASH PAYMENTS JOURNAL Account Debited Cash Credit…
When applying credits against a taxpayer's gross tax liability, nonrefundable personal credits are applied first, then business credits, and finally refundable personal credits. True or False
Can you please assist me with recording the transactions in a general journal, terms of all credit sales are 2/10, n/30.
Following are the merchandising transactions of Dollar Store. Check my W Nov. 1 Dollar Store purchases merchandise for $2,400 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $120 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $2,592 with terms n/30. The cost of the merchandise is $1,296. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $200 and cost $100; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 1 2 4 7 8 Dollar Store purchases merchandise for…
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $3,150 from William Pruitt and wrote off the remainder owed of $2,680 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of William Pruitt and received $2,680 cash in full payment. Dec. 20-Reinstate Dec. 20-Collection
Journalize the following transactions for Iron Sports Corp.: March 1 Iron Sports Corp. sold $64,200 of merchandise on account with credit terms of 2/10, n/30. Cost of merchandise sold was $29,900. March 8 Iron Sports Corp. received $5,000 sales return on damaged goods from the customer. The cost of merchandise returned was $2,400. March 15 Iron Sports Corp. received payment from the customer on the amount due, less the return and discount. Date March 1 March 1 March 8 March 8 March 15 Description + + + ◆ + M + Debit Credit
Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15, n/EOM. . September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the customer. . September 18 RC Photo Shop receives payment from the customer on the amount due, less the return and discount. Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system. Credit Date September 2 September 12 September 18 Submit All Parts Description Debit
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
Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction.. The returned items are priced at $290 and cost $145; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet
Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $18,040. The cost of the merchandise sold was $9,550. July 7. Received $5,010 from Dr. Sinclair 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 $13,030 cash in full payment CHART OF ACCOUNTS Arrow Medical Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Dr. Sinclair Welby 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable…
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
Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash payments journal. June 3 Issued Check Number 380 to Skipp Corporation to buy office supplies for $375. June 5 Purchased merchandise for $4,600 on credit from Buck Company, terms n/15. June 20 Issued Check Number 381 for $4,600 to Buck Company to pay for the June 5 purchase. June 23 Paid salary of $6,200 to T. Bourne by issuing Check Number 382. June 26 Issued Check Number 383 for $5,750 to pay off a note payable to UT Bank.

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