A- A-Bapk TitleEmphasisHeading 1Heading 2Heading 3Heading 4Heading 5abe X, x?A -te with security updates, fixes, and Improvements, choose Check for Updates.Minnie has asked you to review the methods Min Armin Wastege uses when dealing withAccounts Receivable. Minnie has compiled the following information for the past 2 months andwants you to update her records on August 31, 2020.On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr withan Allowance for Doubtful Debts of $462 Cr. In the last two monthsSales (net of GST)Sales Returns & Allowances (net of GST)Cash CollectedBad Debts to be written off (Including GST)$4 8004003 550660The bad debts listed above have not been written off as yet. Minnie has also calculated based onpast experience that 7% of net credit sales go bad. All sales are made on credit.REQUIRED:А.Prepare the following General Journal entries to1.account for the write off of the bad debt during the past two months2. the adjusting entry on August 31 using the information Minnie has providedВ.Update the Accounts Receivable and Allowance for doubtful debts accounts using theinformation provided.English (Australia)FocusMacBook Air吕口F2F3F4F5F6F7F8F9F10F112$&478.910EYFGHK65%#3

The bad debt allowance account was maintained to protect track of the period's estimated bad debt…

Minnie has asked you to review the methods Ml Accounts Receivable. Minnie has compiled the following information for the pas wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was an Allowance for Doubtful Debts of $462 Cr. In the last two months Sales (net of GST) Sales Returns & Allowances (net of GST) $4 800 400 2550

Minnie has asked you to review the methods Ml Accounts Receivable. Minnie has compiled the following information for the pas wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was an Allowance for Doubtful Debts of $462 Cr. In the last two months Sales (net of GST) Sales Returns & Allowances (net of GST) $4 800 400 2550

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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On February 33, the billing date, Carol Ann Bluesky had a balance due of $122.39122.39 on her credit card. Her bank charges an interest rate of 1.25% per month and uses the average daily balance method. She made the transactions described in the table during the month. Feb. 88 Charge: Art supplies $21.2721.27 Feb. 1212 Payment $90.0090.00 Feb. 2323 Charge: Flowers delivered $62.5462.54 Feb. 2525 Charge: Music CD $10.9210.92 a) Find Carol Ann's average daily balance for the billing period from February 33 to March 33. Assume it is not a leap year. b) Find the finance charge to be paid on March 33. c) Find the balance due on March 33. d) Compare the result obtained to those obtained using the previous balance method. Question content area bottom Part 1 a) The average daily balance for the billing period was $enter your response here. (Round to the nearest cent as needed.)
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Question: Gideon method Company uses the allowance of accounting uncollectable accounts. for On May 3, the Gideon Company wrote the $2,000 off account Hopkins. of uncollectable its customer, A. On July 10, Gideon received a check for the full amount of of $2,000 from Hopkins. On July 10, what what are the entry or entries Gideon makes to record the recovery of the bad debt?
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $450,000 and Allowance for Doubtful Accounts has a balance of $25,000. What is the net expected realizable value of the accounts receivable? $25,000 O $450,000 O $455,000 $425,000
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Nancy is reviewing her November credit card statement. Her beginning balance was $605 and she made a $175 payment on November 10. She made purchases of $100 on November 5, $120 on Novemeber 15, and $45 on November 30. Her APR is 14% and the interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit. Answer parts 1 through 5. 1. Find the unpaid balance on November 30 before interest is charged. The unpaid balance before interest is $
Med Labs has the following December 31 year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $6,400. Of the $6,400 of receivables, $1,700 are within a 3% discount period, meaning that it expects buyers to take $51 in future-period discounts arising from this period's sales. a. Prepare the December 31 year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $6 year-end unadjusted credit balance in Allowance for Sales Discounts. Prepare the December 31 year-end adjusting journal entry for future sales discounts.
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Jim Garcia's monthly credit card statement has a previous balance of $405.67. It shows Jim's $300.00 payment. This month's new purchases were $12.50 and $142.32. The account posted a $45.90 credit and the finance charge was $7.65. What is the new balance?
Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
Carson's Bakery operates its business on a calendar year-end and uses 3% of Accounts Receivable to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer... type your answer... Credit choose your answer... type your answer...