The following account balances come from the records of Ourso Company: Beginning Balance $3,099 127 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 account eceivable. Required a. Determine the amount of cash collected from receivables. o. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense

The following account balances come from the records of Ourso Company: Beginning Balance $3,099 127 Ending Balance $3,860 Accounts receivable Allowance for doubtful accounts 175 During the accounting period, Ourso recorded $11,150 of sales revenue on account. The company also wrote off a $177 account eceivable. Required a. Determine the amount of cash collected from receivables. o. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense

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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Problem 1.5: Anne Corporation accounts for its sales under the cash basis. Anne Corporation cash receipts books amounted to P 1,400,000. Total collections from customers, including cash sales made and recoveries of previously written-off accounts. Based on Audit investigation, they revealed that the additional information are the following: Accounts receivable, January 1, 2021 Accounts receivable, December 31, 2021 Notes receivable, trade outstanding, January 1, 2021 Notes receivable, trade outstanding, December 31, 2021 Sales discount taken by customers Sales returns before collections were made (Evidenced by issued credit memos) Sales returns after collections were made, thus refunds were given Write-off worthless accounts receivable Cash recoveries from accounts previously write-off 100,000 140,000 80,000 90,000 40,000 25,000 5,000 30,000 10,000 Requirements: Compute for the following under the accrual basis of accounting: a. Gross sales for the year b. Net sales for the year c.…
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show how the accounts related to the preceding sale and collection activities shoukd be reported on the current year income statement PLEASE DO NOT ANSWER IMAGE FORMET
The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the following normal balances: $93,708 100 22,540 1,334 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Cash Petty cash Accounts receivable Allowance for doubtful accounts Supplies Prepaid rent Merchandise inventory (18@ $285) 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. Land Salaries payable Common stock Retained earnings During Year 8, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 7. 2. Purchased equipment and a van for a lump sum of $36,000 cash on January 2, Year 8. The equipment was appraised for $10,000 and the van was appraised for $30,000. Requirement 3. Paid $9,000 on May 1, Year 8, for one year's office rent in advance. 4. Purchased $300 of supplies on account 5. Purchased 120 alarm systems at a cost of $280 each. Pald cash for the purchase. 6. After numerous attempts to collect from customers, wrote off $2,350 of uncollectible accounts…
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A company uses gross method for accounting for cash discounts and began the period with $100 balance in its acocunts receivable account and $8 credit balance in its allowance for doubtful accounts. During the period, the company made sales on account for $200. It collected $220 cash from outstanding accounts and recorded $30 of sales discounts in the collection. During the period, the company wrote off $20 of accounts that it considered uncollectible. The company also reinstated $5 of accounts from a prior period (but it did not collect cash during the current period). Calculate the balance of accounts receivable after recording the transactions during the period.
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