Galaxy S21+ 5GProblem 4-2 (IAA)Credible Company provided the following T-accountsummarizing the transactions affecting the accounts receivablefor the current year:Jan. 1 balanceCharge salesShareholders'subscriptionsDeposit on contractClaims against commoncarrier for damagesIOUS from employeesCash advance to affiliatesAdvances to a supplierAccounts Receivable600,000 Collections from customers 5,300,0006,000,000 Writeoff35,000Merchandise returns200,000 Allowances to customer120,00040,000for shipping damagesCollections on carrier claims100,000 Collection on subscriptions10,000100,00050,00025,00040,00050,000Required:a. Compute the correct amount of accounts receivable.b. Prepare one compound entry to adjust the accounts receivable.c. Compute the amount to be presented as "trade and otherreceivables" under current assets.d. Indicate the classification and presentation of the other items.Problem 4-3 (ACP)Problem 4-4 (ACP)credit to accounts receivable.Fiancee Company records sales return durinHowever, at the end of the accounting Eestimates the probable sales return andby means of an allowance account.The following transactions occurred in s1. Sale of merchandise on account, 2/10, n2. Collection within the discount periodSales return granted3. Collection beyond the discount period4.Sales return estimated at the end of the5.Required:Prepare journal entries to record tProblem 4-5 (IAA)On June 15, 2022, Romela Compaunits. The sale price for each r Prepare journal entries to record the transactions.Problem 4-5 (IAA)On June 15, 2022, Romela Company sold 100 air conditioningunits. The sale price for each unit is P45,000.All of sales are subject to terms 2/10, n30. The entity usedthe gross method of accounting for accounts receivable.Required:1. Prepare journal entry to record the sale.2. Prepare journal entry to record receipt of the paymentassuming the correct amount was received on June 25, 2022.3. Prepare the journal entry to record receipt of the paymentassuming the correct amount was received on July 10, 2022.Galaxy S21+ 5G

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Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Jan. 1 balance Charge sales Shareholders' subscriptions Deposit on contract Claims against common carrier for damages Accounts Receivable 6,000,000 Writeoff 600,000 Collections from customers 5,300,000 IOUS from employees Cash advance to affiliates Advances to a supplier 35,000 Merchandise returns 200,000 Allowances to customer 120,000 for shipping damages 25,000 Collections on carrier claims 40,000 50,000 100,000 Collection on subscriptions 10,000 100,000 50,000 40,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.

Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Jan. 1 balance Charge sales Shareholders' subscriptions Deposit on contract Claims against common carrier for damages Accounts Receivable 6,000,000 Writeoff 600,000 Collections from customers 5,300,000 IOUS from employees Cash advance to affiliates Advances to a supplier 35,000 Merchandise returns 200,000 Allowances to customer 120,000 for shipping damages 25,000 Collections on carrier claims 40,000 50,000 100,000 Collection on subscriptions 10,000 100,000 50,000 40,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.2MBA: Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the...

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Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

Galaxy S21+ 5G
Problem 4-2 (IAA)
Credible Company provided the following T-account
summarizing the transactions affecting the accounts receivable
for the current year:
Jan. 1 balance
Charge sales
Shareholders'
subscriptions
Deposit on contract
Claims against common
carrier for damages
IOUS from employees
Cash advance to affiliates
Advances to a supplier
Accounts Receivable
600,000 Collections from customers 5,300,000
6,000,000 Writeoff
35,000
Merchandise returns
200,000 Allowances to customer
120,000
40,000
for shipping damages
Collections on carrier claims
100,000 Collection on subscriptions
10,000
100,000
50,000
25,000
40,000
50,000
Required:
a. Compute the correct amount of accounts receivable.
b. Prepare one compound entry to adjust the accounts receivable.
c. Compute the amount to be presented as "trade and other
receivables" under current assets.
d. Indicate the classification and presentation of the other items.
Problem 4-3 (ACP)
Problem 4-4 (ACP)
credit to accounts receivable.
Fiancee Company records sales return durin
However, at the end of the accounting E
estimates the probable sales return and
by means of an allowance account.
The following transactions occurred in s
1. Sale of merchandise on account, 2/10, n
2. Collection within the discount period
Sales return granted
3. Collection beyond the discount period
4.
Sales return estimated at the end of the
5.
Required:
Prepare journal entries to record t
Problem 4-5 (IAA)
On June 15, 2022, Romela Compa
units. The sale price for each r

Prepare journal entries to record the transactions.
Problem 4-5 (IAA)
On June 15, 2022, Romela Company sold 100 air conditioning
units. The sale price for each unit is P45,000.
All of sales are subject to terms 2/10, n30. The entity used
the gross method of accounting for accounts receivable.
Required:
1. Prepare journal entry to record the sale.
2. Prepare journal entry to record receipt of the payment
assuming the correct amount was received on June 25, 2022.
3. Prepare the journal entry to record receipt of the payment
assuming the correct amount was received on July 10, 2022.
Galaxy S21+ 5G

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Preblem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Accounts Receivable 600,000 Collections from customers 5,300,000 6,000,000 Writeoff Jan. 1 balance Charge sales Shareholders' - subscriptions Deposit on contract Claims against common carrier for damages IOUS from employees Cash advance to affiliates 100,000 Advances to a supplier 35,000 Merchandise returns 40,000 200,000| Allowances to customer for shipping damages 120,000 25,000 Collections on carrier claims 40,000 100,000 Collection on subscriptions 50,000 10,000 50,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.
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A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…
Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Accounts Receivable Jan. 1 balance Charge sales Shareholders 600,000 Collections from customers 5,300,000 6,000,000 Writeoff 35,000 40,000 Merchandise returns 200,000 Allowances to customer 120,000 subscriptions Deposit on contract Claims against common carrier for damages IOUS from employees Cash advance to affiliates 100,000 Advances to a supplier for shipping damages Collections on carrier claims 40,000 25,000 100,000 Collection on subocriptions 10,000 50,000 50,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. e. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.
Alfa completed the following transactions during the year ended 31 December 20x7 Credit sales during the year $53,300 Collection from receivables $56,100 During the year, total amount irrecoverable $560 Opening balance of receivables $8,600 Calculate the balance of receivables that will appear in the SOFP on 31 December 20x7. A.$5,800 B.$10,840 C.$5,240 D.$56,100
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A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.