Windsor, Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accru except at December 31. (Omit cost of goods sold entries.) Loaned $56,400 cash to C. Bohr on a 12-month, 6% note. Nov. 1 Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 7% note. Dec. 16 Received a $4,800, 180-day, 10% note to settle an open account from A. Murdock. Dec. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Windsor, Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually journal entries in the order presented in the problem.) Date Account Titles and Explanation ! ! ! ! Debit Credit

Windsor, Inc. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accru except at December 31. (Omit cost of goods sold entries.) Loaned $56,400 cash to C. Bohr on a 12-month, 6% note. Nov. 1 Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $7,200, 90-day, 7% note. Dec. 16 Received a $4,800, 180-day, 10% note to settle an open account from A. Murdock. Dec. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Windsor, Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually journal entries in the order presented in the problem.) Date Account Titles and Explanation ! ! ! ! Debit Credit

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

Kader Company had the following balances on January 1, 2020: $ 2.600 56,000 Allowance for doubtful accounts Notes receivable Prepare general journal entries for the following transactions of Kader Company: 21Discounted a $10,000, 9%. 120-day note dated March 1, received from Creed Corp, at the bank at 12%. Mar. Apr. 25 Sold $4,500 of merchandise to Finn Corp., receiving a 10%, 60- day note receivable. May 10Wrote off $1,800 account owed by Friller as worthless June 24 Note signed by Finn Corp. on April 25 was dishonoured. 29 Received a memo from the bank that the note discounted on March 21 was collected Dec. 31Uncollectible accounts receivable were estimated to be $3.200.
This question uses the same facts as the previous question and is repeated for your convenience. The following information relates to Hanover Foods, Inc. for the year 20X1: Accounts receivable (January 1, 20X1) Credit sales during 20X1 Collections from credit customers during 20X1 Customer account written off as uncollectible during 20X1 Allowance for Doubtful (Uncollectible) Accounts $334,000 850,000 725,000 12,000 (this balance is given after writing-off uncollectible accounts and has a credit balance) Estimated uncollectible accounts based on aging analysis If the aging approach is used to estimate bad debts, what amount should be recorded as bad debts expense for 20X1? 1,700 13,200
Brickman Corporation uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $1,000.During the year Brickman wrote off uncollectible receivables of $2,100. Brickman recorded Bad Debts Expense of $2,700. What is Brickman's year-end balance in Allowance for Bad Debts? $600 $3,700 $4,800 $1,600
K Blended Corporation uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Bad Debts had a credit balance of $1,000. During the year Blended wrote off uncollectible receivables of $2,200. Blended recorded Bad Debts Expense of $3,300. What is Blended's year-end balance in Allowance for Bad Debts? OA. $5,500 OB. $1,100 C. $2,100 OD. $4,300 1
Banning Company uses the alowance method to account for uncolectible receivables. At the beginning of the year. Allowance for Bad Debts had a credit balance of $1,400 During the year Banning wrote off uncollectible recevabies of $2.300. Barning recorded Bad Debts Expense of $2,700 What is Barning's year-end balance in Alowance for Bad Debts? OA $1,800 OB $400 OC $4,100 OD $5,000 Time Remaining: 01:17:13 Next
Maple Co. provides for bad debts expense at the rate of 5.75% of ending Accounts Receivable. On Jan 1, 20X1, the Allowance for Bad Debts was $18,000. There were $16,000 of accounts written off during the year. Credit sales for the year were $530,000. Ending Accounts Receivable was $120,000. What is the amount of Bad Debt Expense for the year?
At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 80,000 $ 200,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $ 108,000 debit $ 1,100 debit Problem 7-2A (Algo) Part 2 2. Bad debts are estimated to be 3% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. Current assets:
help me
Innovative Tech Inc. (ITI) uses the percentage of credit sales method to estimate bad debts eachmonth and then uses the aging method at year-end. During November, ITI sold services on accountfor $100,000 and estimated that ½ of one percent of those sales would be uncollectible. At itsDecember 31 year-end, total Accounts Receivable is $89,000, aged as follows: (1) 1–30 days old,$75,000; (2) 31–90 days old, $10,000; and (3) more than 90 days old, $4,000. Experience hasshown that for each age group, the average rate of uncollectibility is (1) 10 percent, (2) 20 percent,and (3) 40 percent, respectively. Before the end-of-year adjusting entry is made, the Allowance forDoubtful Accounts has a $1,600 credit balance at December 31.Required:1. Prepare the November adjusting entry for bad debts.2. Prepare a schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts.3. Prepare the December 31 adjusting entry.4. Show how the various accounts related to accounts…
Monty Corp. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 16 31 Loaned $77,000 cash to C. Bohr on a 12-month, 12% note. Sold goods to K. R. Pine, Inc., receiving a $3,300, 90-day, 6% note. Received a $12,000, 180-day, 7% note to settle an open account from A. Murdock. Accrued interest revenue on all notes receivable. Journalize the transactions for Monty Corp. (Omit cost of goods sold 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 0 for the amounts. Use 360 days for calculation. Round intermediate calculations to 5 decimal places, e.g. 15.25127 and final answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit credit
mni.9
Abbott Company uses the allowance method of accounting for uncollectible receivables. Abbott estimates that 1% of credit sales will be uncollectible. On January 1, Ailowance for Doubtful Accounts had a credit balance of $3,000. During the year, Abbott wrote off accounts receivable totaling $2,500 and made credit sales of $106,000. There were no sales returns during the year. After the adjusting entry, the December 31 balance in Bad Debt Expense will be Ca. $1.060 Ob. $1.500 Oc. $4.060 Od. $1.560