Sun City Greenhouse had trouble collecting its account receivable from Sharma Suiza. On June 19, 2025, Sun City Greenhouse finally wrote off Suiza's $700 account receivable. On December 31, Suiza sent a $700 check toSun City Greenhouse.Journalize the entries required for Sun City Greenhouse, assuming Sun City Greenhouse uses the direct write-off method.On June 19, 2025, Sun City Greenhouse wrote off Suiza's $700 account receivable. Journalize the entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)DateJun. 19Accounts and ExplanationDebitCredit

Hello student! When a company uses Direct Write-off method, bad debt expense is recognized only when…

Answered: Sun City Greenhouse had trouble…

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 >
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Credit
Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank.
Kingbird & Co. reported the following information in its general ledger for the year ended November 30, 2021. Mr. Kingbird has learned that the receivable from Solar Company is not collectible due to the downturn in the economy and authorizes his accountant to write off the account. Sales Debit Credit 920,000 Allowance for Doubtful Accounts Debit Credit 12,600 Accounts Receivable Debit Credit 469,000 Accounts Receivable Subledger - Solar Company Debit Credit 4,400 Record the write off on November 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov, 30 Allowance for Doubtful Accounts 4,400 Accounts Receivable 4.400 (b) Six months later, Mr. Solar sends Kingbird & Co. payment in full his previously written off account. Record the two required entries for this transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)…
Following are transactions for Ridge Company. March 21 Accepted a $11,900, 180-day, 7 % note from Tamara Jackson in granting a time extension on her past-due account receivable. September 17 Jackson dishonored her note. December 31 After trying several times to collect, Ridge Company wrote off Jackson's account against the Allowance for Doubtful Accounts. Complete the table to calculate the Interest amounts at September 17 and use the calculated value to prepare your journal entries. Note: Do not round Intermediate calculations. Round your final answers to nearest whole dollar. Use 360 days a year. Complete this question by entering your answers in the tabs below. Interest Amounts General Journal Complete the table to calculate the interest amounts at September 17. Total Through Principal Maturity Rate (%) 7% Time 180/360 Total interest 4 General Journal >
Could you please help me with this question??? It is really urgent !!! PLEASE!!!! On August 4th Ridge Hill Company sells $700,000 of its accounts receivable to the Cheesecake Factoring Company (CFC). The contractual rights have been transferred to CFC and the company will receive the payments when collected by Ridge Hill. That is, Ridge Hill will still administer the collection of accounts receivable and upon receiving the collection, the company will make payment to CFC. Assume that this transaction meets all three criteria of FASB ASC Topic 860. Below are the relevant information regarding the factoring: • The fee charged for factoring service: $14,000 • Balance retained by CFC: $10,000 Required: 1. Prepare the journal entry to record the transaction assuming that the factoring agreement was without recourse. 2. Prepare the journal entry or entries to record the transaction assuming that the factoring agreement was with recourse. Ridge Hill estimates the recourse obligation at…
On September 1, 2023, Kingbird, Inc. sold goods to Ayayai Corp., a new customer. Before shipping the goods, Kingbird's credit and collections department conducted a credit check and determined that Ayayai is a high credit-risk customer. As a result, Kingbird did not provide Ayayai with open credit by recording the sale as an account receivable. Instead, Kingbird required Ayayai to provide a non-interest-bearing promissory note for $32,700 face value, to be repaid in one year. Ayayai has a credit rating that requires it to pay 9% interest on borrowed funds. Kingbird pays 7% interest on a loan recently obtained from its local bank. Kingbird has a December 31 year end and follows IFRS. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a) Prepare the entries required on Kingbird's books to record the sale, annual adjusting entry, and collection of the note's full face value. (For calculation purposes, use 5…
Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12 the company receives a $590 check from Chad Thomas in settlement Thomas's $1,210 outstanding accounts receivable. Due to Thomas's failing health he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this declaration. If an amount box does not require an entry, leave it blank. Dec. 12
Give me correct answer with explanation
On June 15, we Received notice from the bank that the $5,000 check received from customer Arlene Burnet (10300) on June 14 has not cleared due tolack of funds. The $,5000 balance of this NSF check plus anadditional $80 handling fee will be charged back to Ms. Burnet'saccount (sales invoice number G4016). The $80 handling feecharged by Granite Bay Jet Ski will be entered as MiscellaneousRevenue. At the check number prompt enter BADCK for badcheck. Please enter the following journal entries for the above.
At the end of the month of January, you reconciled your credit card account. All of the transactions reconciled, and you were able to get your reconciliation to balance to $0. You want to go ahead and pay the bill to the credit card company, but the bill does not appear in the list of possible bills you can pay when you select "Pay Bills" from the Create icon. The credit card bill was $850.00. Below is the liability section of your balance sheet. Since you have already reconciled the account, how can you pay the bill?
Also answer the Analysis please

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