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Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:
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January 15 |
Wrote of $440 account of Miller Company as uncollectible |
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April 2nd |
Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier |
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July 31 |
Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible |
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August 15 |
Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 |
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September 26 |
Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible |
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October 16 |
Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible |
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December 31 |
Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 |
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- On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan. Refer to RE6-10. On December 31, Jordan Inc. received 50,000 on assigned accounts. Prepare Jordans journal entries to record the cash receipt and the payment to McLaughlin.On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Johnson company's financial year ended on December 31, 2010. All the transactions related to the company's uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 April 2d July 31 August 15 September 26 October 16 December 31 The accounts receivable account had a balance of $114,630 and the beginning…
- Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:January 15 Wrote of $440 account of Miller Company as uncollectibleApril 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlierJuly 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectibleAugust 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectibleOctober 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectibleDecember 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000The accounts receivable account had a balance of $114,630 and the beginning balance…Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
- Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
- Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote off $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be foundbelow:January 15 Wrote of $440 account of Miller Company asuncollectibleApril 2ndRe-establish the account of Louisa Teller andrecord the collection of $1,050 as payment infull for her account which had been writtenoff earlierJuly 31Received 40% of the $700 balance owed byWilliam John and wrote off the remainder asuncollectibleAugust 15Wrote off as uncollectible the accounts ofSherwin Company, $1,700 and V. Vasell$2,200September 26Received 25% of the $1,140 owed by GrantCompany and wrote off the remainder asuncollectibleOctober 16Received $741 from M. Fuller in full paymentof his account which had been written offearlier as uncollectibleDecember 31Estimated uncollectible accounts expense forthe year to be 1.5% of net credit sales of$521,000The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for…