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- 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 4,400Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…
- The cash register tape for Sheridan Industries reported sales of $27,292.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $53.50. (b) Cash on hand exceeds cash reported by cash register tape by $22.00. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)Triple Company's accountant made an entry that included the following items: debit postage expense $12.52, debit office supplies expense $27.43, debit cash over/short $2.29. If the original amount in petty cash is $322, how much was the credit to cash for the reimbursement? Multiple Choice $203. $322. $42.24. $39.95. $29.72.Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
- Calculation of Net Realizable Value K. L. Dearborn owns a department store that has a $45,500 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Doubtful Accounts. 1. Determine the net realizable value of the accounts receivable? 2. Assume that an account receivable in the amount of $500 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off?Consider these transactions: (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) (b) Carla Vista Restaurant accepted a Visa card in payment of a $250 lunch bill. The bank charges a 2% fee. What entry should Carla Vista make? Tamarisk Company sold its accounts receivable of $67,100. What entry should Tamarisk make, given a service charge of 2% on the amount of receivables sold? No. Account Titles and Explanation (a) (b) Debit CreditRequired information Exercise 6-14A (Algo) Effect of petty cash events on the financial statements LO 6-4 [The following information applies to the questions displayed below.] Fresh Foods established a petty cash fund of $350 on January 2. On January 31, the fund contained cash of $166.00 and vouchers for the following cash payments. Maintenance expense Office supplies Transportation expense $72.00 72.00 37.00 The three distinct accounting events affecting the petty cash fund for the period were (1) establishment of the fund, (2) reimbursements made to employees, and (3) recognition of expenses and replenishment of the fund. Assume the company uses the alternative approach to petty cash expense recognition and replenishment.
- Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit CreditConsider these transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (a) Blue Spruce Restaurant accepted a Visa card in payment of a $125 lunch bill. The bank charges a 4% fee. What entry should Blue Spruce make? (b) Swifty Company sold its accounts receivable of $90,000. What entry should Swifty make, given a service charge of 2% on the amount of receivables sold?Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done