Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.50% of its annual credit sales of $770,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $385 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet < 2 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date February 01 General Journal Debit Credit Record entry Clear entry View general journal > < Prev 10 of 10 Next >

Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.50% of its annual credit sales of $770,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $385 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list Journal entry worksheet < 2 4 Wrote off P. Park's account as uncollectible. Note: Enter debits before credits. Date February 01 General Journal Debit Credit Record entry Clear entry View general journal > < Prev 10 of 10 Next >

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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Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $10,000 of its accounts receivable from Leer Company. March 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Record write-off of Leer Company account. Note: Enter debits before credits. Date March 11 General Journal Debit Credit Record entry Clear entry View general journal >
Millennium Associates records bad debt using the allowance, income statement method. They recorded $346,420 in accounts receivable for the year, and $862,270 in credit sales. The uncollectible percentage is 3.4%. On February 5, Millennium Associates identifies one uncollectible account from Molar Corp in the amount of $1,830. On April 15, Molar Corp unexpectedly pays its account in full. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. February 5, 2018 identification entry C. Entry for payment on April 15, 2018 If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. 88 A. Dec. 31, 2017 To record bad debt expense, income statement method B. Feb. 5, 2018 To record bad debt for identified customer C. Apr. 15, 2018 To reinstate previously written-off bad debt Apr. 15, 2018 To record full payment II II II
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On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $97,500; Allowance for Doubtful Accounts, credit balance of $991. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?
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Solstice Company, which uses the direct write-off method, determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. On October 30, P. Moore unexpectedly pays his account in full to Solstice Company. Record Solstice's entries for recovery of this bad debt. View transaction list Journal entry worksheet Debit Credit >
Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 1.00% of its annual credit sales of $608,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $304 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5. View transaction list
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Required information [The following information applies to the questions displayed below.) At year-end December 31, Chan Company estimates its bad debts as 0.70% of its annual credit sales of $729,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $365 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries to record the transactions of December 31, February 1, and June 5.
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At the end of its annual accounting period, Midi Company estimated its bad debts as 0.74% of its $1,760,000 of credit sales made during the year. On December 31, Midi made an addition to its Allowance for Doubtful Accounts equal to that amount. On the following February 1, management decided that the $2,600 account of Catherine Hicks was uncollectible and wrote it off as a bad debt. Four months later, on June 5, Hicks unexpectedly paid the amount previously written off. Give the journal entries required to record these transactions. View transaction list es Journal entry worksheet 1 2 3 4 Record the entry for estimated bad debts. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit
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