During August 2024, Link Company recorded the followingSales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods SoldCollections on account, $60,500..Write-offs of uncollectible receivables, $1,820• Recovery of receivable previously written off, $500.DebitRequirements1. Journalize Link's transactions during August 2024, assuming Link uses the directwrite-off methodCredit2Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off methodSales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare asingle compound journal entry)DateAccounts and ExplanationAugJournalize Link's transactions during August 2024, assuming Link uses theallowance method

Name: During August 2024, Link Company recorded the followingSales of $84,2
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: During August 2024, Link Company recorded the followingSales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods SoldCollections on account, $60,500..Write-offs of uncollectible receivables, $1,820• Recovery of receivable previous

A typical journal entry includes a date, a description of the transaction, and one or more debit and…

Business

Accounting

Sales of $54,200 ($77,000 on account $7,200 for cash), ignore Cost of Goods Sold Collections on account, $60,500. Write-offs of uncollectible receivables, $1,820 Recovery of receivable previously Requirement 1. Joumalize Link written off, $500 actions during

Sales of $54,200 ($77,000 on account $7,200 for cash), ignore Cost of Goods Sold Collections on account, $60,500. Write-offs of uncollectible receivables, $1,820 Recovery of receivable previously Requirement 1. Joumalize Link written off, $500 actions during

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Need help with this question
Please do not give solution in image format thanku
The trial balance before adjustment for Wildhorse Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2 3. Dr. 4. $85,600 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 2,940 Cr. $475,600 To obtain additional cash, Wildhorse factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Wildhorse pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577 should be reported. Assume the allowance has a credit balance of $1,181. (If no entry is required, select "No Entry" for the account…
View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off (a) Account Titles and Explanation Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. (To record sales on account) (To record collection of accounts receivable) Prepare the entries to record sales and collections during the period. (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) eTextbook and Media $143.000 List of Accounts 11,340 Save for Later Using multiple attempts will impact your score. 10% scare reduction after attempt 5 930,000 912.000 6,400 2,200…
Accounting for uncollectible accounts (aging-of-receivables method), notes receivable, and accrued interest revenue Sleepy Recliner Chairs completed the following selected transactions: Record the transactions in the journal of Sleepy Recliner Chairs. Explanations are not required. (Round to the nearest dollar.)
Subject: acounting
Using the Allowance method supply the journal entries to bring back the written off Account Receivable and the payment for it. Write- off Method cash 15,000 accounts receivable 40,000 less: allowance for doubtful accounts 6,000 36,000 inventory 15,000 total current assets 66,000 before write off after Write off Accounts receivable 50,000 49,000 allowance for DA 3,000 2,0000 cash Realizable value 47,000 47,000
Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
None
Please do not give solution in image format thanku
Problem 18-5 Calculating Cash Collections [LO3] The Morning Jolt Coffee Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $800 $830 $910 $990 a. Accounts receivable at the beginning of the year are $390. The company has a 45- day collection period. Calculate cash collections in each of the four quarters by completing the following: (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) Beginning receivables $ Sales Cash collections Ending receivables $ Q1 390.00 $ 800.00 400.00 $ Answer is not complete. Q2 Q3 400.00 $ 830.00 415.00 415.00 $ 910.00 455.00 $ Q4 455.00 990.00 495.00