Lesson 6B Aetivity: Analyze the following transactions using Accounting Equation version 2. 1. Mr. Grey started an Electronic Repair Shop by investing P350,000- 2. Paid rent of the shop, P7,500 cash. 3. He acquired table, chairs, shelves and other furniture from E. Enterprise for a total of P90,000, paying P47,000 cash and the remaining balance on account. 4. Bought equipment for P23,500 cash. 5. Completed repair work for Carmela worth P9,700 receiving half of the total amount and the remaining balance on credit..

An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal

Jervis sels $4,300 of its accounts receivable to Northem Bank in order to obtain necessary cash. Northem Bank charges 2 tactoing fee Wmat entry should Jervis make to record the transaction? Multiple Choice Debir Accounts Receivable $4,300; credit Factoring Fee Expense $86; credit Cash $4214 Debit Accounts Receivable $4,214; debit Factoring Fee Expense $86; credit Cash $4,300. Debit Cash $4,300; credit Factoring Fee Expense $86; credit Accounts Receivable $4,300

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Allowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17: Received $3,400 from Shawn McNeely and wrote off the remainder owed of $6,050 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29 000 July 29: Reinstated the account of Shawn McNeely and received $6,050 cash in full payment. July 29 000 00 00 00 00

24. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash... Accounts Receivable. b. Cash...... Sales Returns and Allowances. Accounts Receivable. c. Cash...... Sales Returns and Allowances. Sales Discounts. Accounts Receivable. d. Cash...... Sales Discounts.. Sales Returns and Allowances. Accounts Receivable.... 4,400 4,356 644 4,356 600 44 4,950 50 4,400 5,000 5,000 600 4,400

Journalize the following transactions, using the allowance method of accounting for uncollectible receivables. Mar. 17:  Received $3,220 from Paula Spitler and wrote off the remainder owed of $1,930 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 Cash  fill in the blank 035d8afee01bfea_2 fill in the blank 035d8afee01bfea_3   Allowance for Doubtful Accounts  fill in the blank 035d8afee01bfea_5 fill in the blank 035d8afee01bfea_6   Accounts Receivable-Paula Spitler  fill in the blank 035d8afee01bfea_8 fill in the blank 035d8afee01bfea_9 July 29:  Reinstated the account of Paula Spitler and received $1,930 cash in full payment. July 29   fill in the blank e6591afdffdafad_2 fill in the blank e6591afdffdafad_3     fill in the blank e6591afdffdafad_5 fill in the blank e6591afdffdafad_6 July 29   fill in the blank e6591afdffdafad_8 fill in the blank e6591afdffdafad_9     fill in the blank e6591afdffdafad_11 fill in the…

Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:Apr. 15. Received $800 from Jean Tooley and wrote off the remainder owed of $1,200 as uncollectible.Aug. 7. Reinstated the account of Jean Tooley and received $1,200 cash in full payment.

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