Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. a. Sold merchandise on account for $64,000 to a customer. Accounts receivable b. Received a promissory note of $57,000 for services performed. Notes receivable Other receivables C. Advanced $10,000 to an employee.
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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 4,400The following data are taken from the financial statements of Rise and Shine Company. Terms of all sales are 2/10, n/30. Year 3 Year 2 Year 1 Accounts receivable, end of year $113,600 $120,000 $128,200 Sales 700,800 682,550 a. For Years 2 and 3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Assume there are 365 days in the year. Round intermediate calculations to the nearest whole dollar and final answers to one decimal place. Year 3 Year 2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days b. What conclusion can be drawn from these data concerning accounts receivable and credit policies?The collection of accounts receivable has . This can be seen in the in accounts receivable turnover and the in the collection period. The company either became aggressive in…The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
- how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…The following is information related to Blossom Company for its first month of operations. Jan, 7- 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. $11,800 7,300 11,100 Balance of Accounts Receivable Jan. 17 24 Austin Co. 29 Cash Collections Austin Co. Diaz Co. Noble Co. $7,900 4,900 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. 11.100 Subsidary Ledger Diaz Co, $ Noble Co. General LedCalculation 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?
- Using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. Journalize each of the transaction. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts…1. The following account balances were extracted from the accounting records of Macy Corporation at the end of the year:Accounts Receivable $1,100,000Allowance for Uncollectible Accounts (Credit) $37,000Uncollectible-Account Expense $63,000What is the net realizable value of the accounts receivable? Select one:A. $1,163,000B. $1,137,000C. $1,100,000D. $1,063,000 Please show all steps.Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest…
- Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145…The following account balances come from the records of Ourso Company: Beginning Balance $2,945 123 Ending Balance $3,665 Accounts receivable Allowance for doubtful accounts 171 During the accounting period, Ourso recorded $12,350 of sales revenue on account. The company also wrote off a $183 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense