Sandhill Company has a balance in its Accounts Payable control account of $8,180 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,660; Janish Company, balance $1,860; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,340 $5,890 $ 0 Janish Company 4,950 1,860 3,150 Valdez Company 6,065 6,000 (a) Collapse question part What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $ ick if you would like to Show Work for this question: Open Show Work SUB SAVE FOR LATER Attempts: 0 of 4 used

Sandhill Company has a balance in its Accounts Payable control account of $8,180 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Company, balance $2,660; Janish Company, balance $1,860; and Valdez Company. During January, the following payable-related transactions occurred. Purchases Payments Returns Hale Company $6,340 $5,890 $ 0 Janish Company 4,950 1,860 3,150 Valdez Company 6,065 6,000 (a) Collapse question part What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $ ick if you would like to Show Work for this question: Open Show Work SUB SAVE FOR LATER Attempts: 0 of 4 used

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

Read through the information below for selected transactions during the month of December, 2021 and prepare the required jounal entry to record the transaction. Post each of the entries below to the general ledger T-accounts attached . Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was $3,390 and the terms of the sale were 1/15, n/30.
Vishano
On March 12, jangles corporation received $20, 100 invoice dated March 9. Cash discount terms were 2/10, n/30. On March 16 jangles spent an $8,040 partial payment. What credit should jangles receive? What is jangles outstanding balance?
Blossom Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,200: Cuddyer Company, balance $2,200, and Freeze Company. During January the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company (a) Credit Sales Collections $9,000 $7,900 2.600 8.800 7.100 8.500 Returns $0 3.000 Balance in the Freeze Company subsidiary account S 0 What is the January 1 balance in the Freeze Company subsidiary account?
The ledger of Larkspur Company at the end of the current year shows Accounts Receivable $92,000, Credit Sales $850,000, and Sales Returns and Allowances $37,000. (a) (b) (c) If Larkspur uses the direct write-off method to account for uncollectible accounts, journalize the entry if on July 7 Larkspur determines that Matisse company's $900 balance is uncollectible. Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful Accounts has a credit balance of $1,500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 11% of accounts receivable. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) (b) Assume Larkspur uses the allowance method to account for uncollectible accounts. If Allowance for Doubtful…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The following information is available for Market, Incorporated and Supply, Incorporated at December 31. Accounts Market, Incorporated Supply, Incorporated Accounts receivable $59,800 $77,800 Allowance for doubtful accounts 2,548 2,956 Sales revenue 616,960 907,100 Required What is the accounts receivable turnover for each of the companies? What is the average days to collect the receivables? Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Company Accounts Receivable Turnover Market times Supply times What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.)…
The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts 12,700 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…
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. $2,600
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
The following data were selected from the records of Sykes Company for the year ended December 31, current year. Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful accounts $121,000 5,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 5/10, n/30 (assume a unit sales price of $600 in all transactions). Transactions during current year: a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $8,500. c. Sold merchandise to K. Miller; invoice price, $40,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $22,000. f. R. Smith paid his account in full within the discount period. g. Collected $90,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount…