Instructions Assuming that the books have not been closed for 2025, make the necessary correcting entries. P6.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2024, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $ 36,000 182,100 17,300 $200,800 Transactions in 2025 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2024. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above.

Instructions Assuming that the books have not been closed for 2025, make the necessary correcting entries. P6.6 (LO 2, 3) (Journalize Various Accounts Receivable Transactions) The balance sheet of Starsky Company at December 31, 2024, includes the following. Notes receivable Accounts receivable Less: Allowance for doubtful accounts $ 36,000 182,100 17,300 $200,800 Transactions in 2025 include the following. 1. Accounts receivable of $138,000 were collected including accounts of $60,000 on which 2% sales discounts were allowed. 2. $5,300 was received in payment of an account which was written off the books as worthless in 2024. 3. Customer accounts of $17,500 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $20,000. This estimate is based on an analysis of aged accounts receivable. Instructions Prepare all journal entries necessary to reflect the transactions above.

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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The following information is available for Sheridan Company: Allowance for Expected Credit Losses at December 31, 2023 Credit Sales during 2024 Accounts Receivable deemed worthless and written off during 2024 $7980 O $4788 $3762 $8550 O $84360 307800 3192 As a result of a review and aging of Accounts Receivable in early January 2025, it was determined that an Allowance for Expected Credit Losses balance of $8550 is required at December 31, 2024. What amount should Sheridan record as loss on impairment for calendar 2024?
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Accounts Receivable $ 830,000 254,000 86,000 38,000 12,000 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Uncollectible 1.258 2.00 6.50 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jarden's net income?
18. Tangier Company had a January 1, 2022, balance in Allowance for Doubtful Accounts of $7,000 Cr. The following events required journal entries during 2022: Apr. 15 Diya’s account receivable of $5,700 was deemed uncollectible. July 1 Nitosa paid the full amount of her previously written-off account receivable. The receivable of $2,300 had been written off in 2021. Dec. 31 Bad debts expense was estimated to be 2.0 percent of net credit sales, which had amounted to $375,000. What amount of Allowance for Doubtful Accounts should appear in the December 31, 2022 balance sheet? a. $6,500 b. $11,100 c. $22,500 d. $17,900 e. None of the above. 19. Nguyen Company had $250,000 of Accounts Receivable and a $7,500 credit balance in its Allowance for Doubtful Accounts account just prior to writing off a $2,000 uncollectible account of a customer. After the write-off, the carrying amount (NRV-Net Realizable…
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Okay, I have everything else in the journal entry except for the last one. I'm attaching a picture of what I've got so you don't have to worry about explaining all of that. Here's the original (complete) problem: Weldon Corporation’s fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2018: Mar. 17 Accounts receivable of $1,700 were written off as uncollectible. The company uses the allowance method. 30 Loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2019. May 30 Discounted the $20,000 note at a local bank. The bank’s discount rate is 8%. The note was discounted without recourse and the sale criteria are met. June 30 Sold merchandise to the Blankenship Company for $12,000. Terms of the sale are 2/10, n/30. Weldon uses the gross method to account for cash discounts. July 8 The Blankenship Company paid its account in…
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Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Uncollectible 1.25% 2.00 6.50 Accounts Receivable Age of Accounts Receivable $ 830,000 Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 254,000 86,000 38,000 12,000 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable Percent Uncollectible (#.##%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X = = = |||| 32.75 68.00 Estimated Uncollectible $ 0
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What is the ending balance of the Allowance for doubtful receivables, given the following information: On January 1 2010, the Allowance for Doubtful Accounts of Alpha Inc. has a €10.500 credit balance and Accounts Receivable has a €150.000 debit balance. On December 31, some receivables are written down by €7.500 Answer: X
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