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methods the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,440. balance as uncollectible. 100 account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan Greg Gagne Amber Kisko EX 8-14 Entries for bad debt expense under the direct write-off and allowance Aug. 14. Received $3,000 as partial payment on the $12,500 account of Rosalie Oakes. Wrote off the remaining Oct. 16. Received the $8,440 from Kathy Quantel, whose account had been written off on June 8. Reinstated the The following selected transactions were taken from the records of Rustic Tables Company 009't$ 009'E 7,150 Niki Spence Shannon Poole 2,975 6,630

methods the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,440. balance as uncollectible. 100 account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan Greg Gagne Amber Kisko EX 8-14 Entries for bad debt expense under the direct write-off and allowance Aug. 14. Received $3,000 as partial payment on the $12,500 account of Rosalie Oakes. Wrote off the remaining Oct. 16. Received the $8,440 from Kathy Quantel, whose account had been written off on June 8. Reinstated the The following selected transactions were taken from the records of Rustic Tables Company 009't$ 009'E 7,150 Niki Spence Shannon Poole 2,975 6,630

FINANCIAL ACCOUNTING
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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428 Chapter 8 Receivables recorded $3,778,000 of credit sales during the year. vc. $9,375 higher write-off method than under the allowance method? SHOW ME HOW methods vc. $11,090 higher the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,440. SHOW ME HOW EXCEL TEMPLATE balance as uncollectible. account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): 009't$ Wade Dolan 009'E 7,150 Greg Gagne Amber Kisko 2,975 Shannon Poole Niki Spence 6,630 31. If necessary, record the year-end adjusting entry for uncollectible accounts. a. Journalize the transactions under the direct write-off method. b. Journalize the transactions under the allowance method, assuming that the allowance accouss a beginning balance of $36,000 at the beginning of the year and the company uses the analysis i receivables method. Rustic Tables Company prepared the following aging schedule for its accou receivable: Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts $320,000 3 91-120 days 000 More than 120 days 33 Total receivables 75 $515,000 C. How much higher (lower) would Rustic Tables' net income have been under the direct write-of method than under the allowance method? Aug. 14. Received $3,000 as partial payment on the $12,500 account of Rosalie Oakes. Wrote off the remaining Oct. 16. Received the $8,440 from Kathy Quantel, whose account had been written off on June 8. Reinstated the history and industry averages, ¾% of credit sales are expected to be uncollectible. Shipw The following selected transactions were taken from the records of Rustic Tables Company c. How much higher (lower) would Shipway Company's net income have been under the dire EX 8-15
Transcribed Image Text:428 Chapter 8 Receivables recorded $3,778,000 of credit sales during the year. vc. $9,375 higher write-off method than under the allowance method? SHOW ME HOW methods vc. $11,090 higher the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,440. SHOW ME HOW EXCEL TEMPLATE balance as uncollectible. account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): 009't$ Wade Dolan 009'E 7,150 Greg Gagne Amber Kisko 2,975 Shannon Poole Niki Spence 6,630 31. If necessary, record the year-end adjusting entry for uncollectible accounts. a. Journalize the transactions under the direct write-off method. b. Journalize the transactions under the allowance method, assuming that the allowance accouss a beginning balance of $36,000 at the beginning of the year and the company uses the analysis i receivables method. Rustic Tables Company prepared the following aging schedule for its accou receivable: Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts $320,000 3 91-120 days 000 More than 120 days 33 Total receivables 75 $515,000 C. How much higher (lower) would Rustic Tables' net income have been under the direct write-of method than under the allowance method? Aug. 14. Received $3,000 as partial payment on the $12,500 account of Rosalie Oakes. Wrote off the remaining Oct. 16. Received the $8,440 from Kathy Quantel, whose account had been written off on June 8. Reinstated the history and industry averages, ¾% of credit sales are expected to be uncollectible. Shipw The following selected transactions were taken from the records of Rustic Tables Company c. How much higher (lower) would Shipway Company's net income have been under the dire EX 8-15
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