Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $4.300 (cr.) and so. respectively. Remember to update account balances but ignore posting references.Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.)Jan 17: Sold inventory to Rick Harrison, $900 on account. Ignore cost of goods sold.Journal EntryDateAccountsDebitCreditJan17Jun 29: Wrote off the Rick Harrison account as uncollectible after repeated efforts to collect from himJournal EntryDateAccountsDebitCreditMore InfoJun29Jan 17Sold inventory to Rick Harrison, $900, on account. Ignore cost of goods sold.Jun 29Wrote off the Rick Harrison account as uncollectible after repeated efforts to collect from him.Aug 6Received $50 from Rick Harrison, along with a letter stating his intention to pay within 30 days.Reinstated his account in full.Aug 6: Received $50 from Rick Harrison, along with a letter stating his intention to pay within 30 days. Reinstated his account in full.Sep 4Oct 31Received the balance due from Rick Harrison.Begin by preparing the entry to reinstate the account. (Do not record the receipt of cash, this will be recorded in the next entry.)Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $100:Travis Moffet, $200; and Serena Wheater, $300.Journal EntryDec 31Based on an aging of accounts receivable, estimated uncollectible accounts as $4,200.DateAccountsDebitCreditAug6PrintDoneNow prepare the entry for the receipt of $50 from Rick Harrison.Journal EntryDateAccountsDebitCreditAug6Sep 4: Received the balance due from Rick Harrison.Journal EntryDateAccountsDebitCreditSep Oct 31: Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $100; Travis Moffet, S200; and Serena Wheater, $300.Journal EntryDateAccountsDebitCreditOct31Dec 31: Based on the aging of accounts receivable, estimated uncollectible accounts as $4.200.Journal EntryDateAccountsDebitCreditDec31Now post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $4,300 (cr.) and S0 respectively. Remember to update account balances but ignore posting references. (Post to the accounts in the same order as the journal entries prepared above, using the first available line on the debit or credit side of each T-account.)Allowance for uncollectible accountsBad debt expenseBeg Bal4,300Beg BalRequirement 2. The December 31 balance of Accounts receivable is $166,000. Show how Accounts receivable would be reported on the balance sheet at that date. (Complete all answer boxes.)Reliable Auto Parts, Inc.Balance Sheet (partial)December 31Less:

The allowance for uncollectible accounts is maintained to record estimated bad debt expense.

Answered: More Info Jan 17 Sold inventory to Rick…

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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Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $45,000. The cost of goods sold was $24,300. June 2 Received $11,300 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $33,700 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost June 2 Oct. 23-reinstate Oct. 23-collection
May 11 Sydney accepts delivery of $27,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,425. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $27,500 of goods to Troy, who receives them the same day and restores them to its inventory.. The returned goods had cost Troy $737. May 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list View journal…
Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…
10 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches.for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash. Solution Debit Credit Date Accounts and Explanation
Journalize the following entries for purchases, sales, and returns. Friends Hardware store made the following transactions during the month of March: DATE: MARCH TRANSACTIONS 2 12,000 in inventory was purchased on credit with a 2/13 n/30 term and FOB shipping point. 4 Merchandise for $400 of the purchase made on March 2 was returned because it was defective. 6 Paid shipping for the inventory purchased on March 2. 11 Sold inventory on credit to a customer for $5,000 with a sales term of 2/10 n/30. 12 Paid the purchase due for the March 2 purchase. 15 An allowance was offered to the customer on the March 11 purchase. 20 The customer who made the purchase on March 11 paid in full with the appropriate discounts.
ok nces Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, short-term notes payable are used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $21,000. The company uses a perpetual inventory system. b. On March 1, borrowed $46,000 cash from City Bank and signed a promissory note with a face amount of $46,000, due at the end of six months, accruing interest at an annual rate of 6.50 percent, payable at maturity, Required: 1. For each of the transactions, indicate the accounts, amounts, and effects on the accounting equation 2. What amount of cast, is paid on the maturity date of the note? 3. Indicate the impact of each transaction (increase, decrease, and no effect) on the debt-to-assets ratio. Assume Bryant Company had $360,000 in total liabilities and $560,000 in total assets, yielding a debt-to-assets ratio of 0.64,…
May 11 Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $22,780. Sydney pays $350 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $938. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Subject: acounting
October 14the Patrick Company sold merchandise with an invoice price of 2,600 2,350 cost with terms of 2/10, n/30, to the Baxter CompanyOn October 18400 of the (350 ) was returned because it was the wrong sizeOn October the Patrick Company received a check for the amount due from the Baxter Company. The options for the faint blue description boxes are: accounts receivable, cash, cost of goods sold, inventory, sales discounts, sales returns and allowances, sales revenue.
On July 8, Cambridge returned merchandise worth $2,020 to Sipacore. Its original cost was $1,116. The merchandise was restored to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation July 8 July 8 Refund Liability Accounts Receivable (To record sales return) Inventory Sales Returns and Allowances (To record cost of merchandise returned) Debit 2,020 1,116 Credit 2,020 1,116
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Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $200 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $7,100 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $400 allowance toward the $7,100 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discoun

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