Given correct answer general Accounting question For the month of January, the records of Alpine Corporation show the following information:AccountCash received on accounts receivableCash salesAccounts Receivable, January 1Accounts Receivable, January 31Amount$85,000$75,000$200,000$185,000Accounts Receivable written off as uncollectible $3,000The corporation uses the direct write-off method for uncollectible accounts receivable. Calculatethe gross sales for the month of January.

Step 1: Define Gross Sales CalculationGross sales represent the total revenue generated from both…

Answered: For the month of January, the records…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?
On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
For the month of December, the records of ABC Corporation show the following information: Gross sales – 120,000; Cash received on accounts receivable - P 70,000; Cash sales - 60,000; Accounts Receivable, December 1 - 160,000; Accounts Receivable written off as uncollectible - 2,000. The corporation uses the direct write-off method in accounting for uncollectible accounts receivable. What is the balance of accounts receivable as of December 31?
Pharoah Company has a balance in its Accounts Receivable control account of $ 11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $ 3,700; Cuddyer Company, balance $ 2,900; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $ 8,600 $ 8,400 $ 0 Cuddyer Company 6,700 2,400 3,500 Freeze Company 8,200 9,300 0 (a) What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $ enter the balance in the Freeze Company subsidiary account in dollars (b) What is the January 31 balance in the control account? Balance in the control account $ enter the balance in the control account in dollars (c) Compute the balances in the subsidiary accounts at the end of the month. Balances in the subsidiary accounts…
Sunland Company has a balance in its Accounts Receivable control account of $11,100 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,400; Cuddyer Company, balance $2,500; and Freeze Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Bixler Company $8,500 $7,600 $ 0 Cuddyer Company 6,900 2,200 2,500 Freeze Company 8,600 8,900 0 What is the January 1 balance in the Freeze Company subsidiary account? Balance in the Freeze Company subsidiary account $enter the Balance in the Freeze Company subsidiary account in dollars
What was the September 30 balance in the control account?
Crane Company has a balance in its Accounts Receivable control account of $11,400 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $3,900; Cuddyer Company, balance $2,100; and Freeze Company. During January, the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company Credit Sales $9,000 6,500 8,100 Collections $7,700 2,500 8,700 Returns $0 2,700 0
Haresh

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