The following data were taken from the records of Zhubair Company for the year endedDecember 31, 2021:Šales on accountNotes received to settle accountsProvision for doubtful accountsP7,200,000800,000180,00050,0007,800,0006,400,000520,00030,0004,900,000Accounts determined to be worthlessPurchases on accountPayments to creditorsDiscounts allowed by creditorsMerchandise returned by customerČollections received to settle accountsNotes given to creditors to settleaccounts500,000Merchandise returned to suppliersPayments on notes payableDiscounts taken by customersColletions received in settlement of140,000200,00080,000notes360,00023. What is the outstanding balance of the notes receivable account at December 31,2021?24. What is the net realizable value of the accounts receivable?

Outstanding balance of notes recievable is the value of notes received less the amount received…

The following data were taken from the records of Zhubair Company for the year ended December 31, 2021: Sales on account Notes received to settle accounts Provision for doubtful accounts Accounts determined to be worthless ו7,200,000 P 800,000 180,000 50,000 7,800,000 6,400,000 Purchases on account Payments to creditors Discounts allowed by creditors Merchandise returned by customer Collections received to settle accounts 520,000 30,000 4,900,000 Notes given to creditors to settle accounts 500,000 Merchandise returned to suppliers Payments on notes payable Discounts taken by customers Collections received in settlement of notes 140,000 200,000 80,000 360,000 23. What is the outstanding balance of the notes receivable account at December 31, 2021? 24. What is the net realizable value of the accounts receivable?

The following data were taken from the records of Zhubair Company for the year ended December 31, 2021: Sales on account Notes received to settle accounts Provision for doubtful accounts Accounts determined to be worthless ו7,200,000 P 800,000 180,000 50,000 7,800,000 6,400,000 Purchases on account Payments to creditors Discounts allowed by creditors Merchandise returned by customer Collections received to settle accounts 520,000 30,000 4,900,000 Notes given to creditors to settle accounts 500,000 Merchandise returned to suppliers Payments on notes payable Discounts taken by customers Collections received in settlement of notes 140,000 200,000 80,000 360,000 23. What is the outstanding balance of the notes receivable account at December 31, 2021? 24. What is the net realizable value of the accounts receivable?

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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On 31st August 2021, Rossy Enterprise had a RM155,000 debit balance in Accounts Receivable and a RM6,200 credit balance in Allowance for Doubtful debt. During September 2021, Rossy made the following transactions:Sept 1 : Sales on account, RM590,000.Sept 10: Collection from receivables through online banking, RM627,000.Sept 20: Write-offs of uncollectible receivables, RM7,000.Sept 30: Bad debt was estimated at 3% of the month’s credit sales.Required:1) Journalize all September transactions using the allowance method. Post the entries to Accounts Receivable, Allowance for Doubtful Debt, and Bad Debt Expense. You need to balance off the ledgers and show their balances on 30th September 2021.2) Show the amount of net accounts receivable would Rossy report in its statement of financial position as at 30 September 2021. Is the amount being realistic? Give your reason.
Using the following accounts, complete all journal entries: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Credit Card Expense Sales Discount Sales Revenue For the year 2019, Bristax Corporation recorded $1,385,660 in credit sales and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. PLEASE NOTE: You must enter the account names exactly as written in the table above and all whole dollar amounts using "$" with commas as needed and rounded to two decimal places (i.e. $12,345.67). Record the year-end adjusting entry for 2019 bad debt using the income statement method. DR CR Record the year-end adjusting entry for 2019 bad debt using the balance sheet method. DR CR Assume there was a previous credit balance in Allowance for Doubtful Accounts of $37,430, record the year-end adjusting entry for bad debt using the income…
Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts.
The following data were taken from the records of Marlyn Company for the year ended December 31, 2010. Sales on account 1,800,000 Notes received to settle accounts 200,000 Provision for doubtful accounts 45,000 Accounts receivable determined to be worthless 10,000 Merchandise returned by customer 7,500 Collections received to settle accounts 1,225,000 Discounts permitted to be taken by customers 22,500 Collections received in settlement of notes 75,000 At what amount will the accounts receivable be shown in the statement of financial position?
The following data are taken from the financial statements of Colby Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 Accounts Receivable turnover Average collection period (b) 2022 $550,000 2022 2021 4,300,000 4,000,000 7.9 times $540,000 2021 7.5 times 46.2 days 48.7 days What conclusions about the management of accounts receivable can be drawn from the accounts receivable turnover and the average collections period.
At December 1, 2023, Imalda Inc. reported the following information on its statement of financial position: Accounts receivable Allowance for doubtful accounts $154,000 4,500 (credit balance) The following transactions were completed during December 2023: December 5 Sold merchandise items for $67,000. An amount of $19,000 was received in cash and the rest on account; terms 2/10, n/60. The total cost of sales was $35,000. December 12 Collected amount due from customers for credit sales made on December 5. December 20 Collected $90,000 in cash from customers for credit sales made in November 2023. December 26 One of Imalda's customers that owed $3,000 to the company experienced financial problems and was forced to close its business in December. The full amount was considered uncollectible. Total Estimated % uncollectible The company records sales revenue net of the sales discount. If a customer pays after the discount period, the sales discount that is forfeited is recorded in a…
The following information is related to December 31, 2024 balances. ● Accounts receivable Allowance for doubtful accounts (credit) Cash realizable value $1570000 (111000) 1459000 During 2025 sales on account were $375000 and collections on account were $230000. The company wrote off $23000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectibles should be estimated at $144000. The change in the cash realizable value from 12/31/24 to 12/31/25 was
In early 2021, Amina Corp. had balances in account receivables of BD 125,000 and allowance for doubtful accounts of BD 4,500 (credit). During the period, the business had net credit sales of BD 400,000 and collections of BD 350,000. It wrote as uncollectible accounts receivable of BD 3,800 However, a BD 1,500 account previously written off as uncollectible was recovered be the end of the current period. Uncollectible accounts are estimated to total BD 12,500 at the end of the period. e. Determine the ending balances in account receivable doubtful accounts and ending balance for? (f. What is the net realizable value of the receivables at the end of period?
The following accounts were taken from Zious Inc.’s statement of financial position at December 31, 2021. DEBIT CREDIT Accounts receivable P 4,100,000 Allowance for doubtful accounts 100,000 Net Credit Sales P 7,500,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported in 2021 A. P 23,000 B. P 223,000 C. P 225,000 D. P 123,000
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