College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 16, Problem 11SPA
DIRECT WRITE-OFF METHOD Williams & Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts.
REQUIRED
Record these transactions in general journal form.
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When a customer returns a product to Hartville Equipment that the customer purchasedon account, Hartville will issue a to authorize a credit to the customer’saccount receivable on Hartville’s books:a. return authorizationb. refund notec. credit memod. manager approval
This information relates to Monty Co.
1.
2.
3.
4.
5.
(a)
(b)
On April 5, purchased merchandise from Martinez Company for $45,000, on account, terms 4/10, net/30, FOB shipping
point.
On April 6, paid freight costs of $1,150 on merchandise purchased from Martinez Company.
On April 7, purchased equipment on account for $32,800.
On April 8, returned $3,900 of the April 5 merchandise to Martinez Company.
On April 15, paid the amount due to Martinez Company in full.
Assume that Monty Co. paid the balance due to Martinez Company on May 4 instead of April 15. Prepare the journal entry to
record this payment. (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.)
Date
Account Titles and Explanation
Debit
Credit
Kingbird Group provides many of the laminated products that teachers use in their classrooms. Kingbird management considers the
company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its
production of plastic tableware. To date, Kingbird has treated these cut-outs as a by-product, since it receives a small value for the
items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that
costs $1,900, are as follows. Both products are sold at the split-off point and not processed further All sales are on account.
Main laminated products
Small cut outs
(a)
Units Produced
2,200
600
1.
Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by products
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No
Entry for the…
Chapter 16 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 16 - There are two methods of accounting for...Ch. 16 - The matching principle states that debits should...Ch. 16 - Using the percentage of sales method, the balance...Ch. 16 - When an account is written off under the allowance...Ch. 16 - Each time an account is written off under the...Ch. 16 - The dollar difference between Accounts Receivable...Ch. 16 - A business has an ending balance in Accounts...Ch. 16 - A business has an ending balance in Accounts...Ch. 16 - Prob. 4MCCh. 16 - Under the allowance method, when an account is...
Ch. 16 - Prob. 1CECh. 16 - Tonis Tech Shop has total credit sales for the...Ch. 16 - Fionas Pharmacy uses the direct write-off method...Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Prob. 3RQCh. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Under the allowance method, what journal entries...Ch. 16 - Prob. 9RQCh. 16 - Prob. 10RQCh. 16 - CALCULATION OF NET REALIZABLE VALUE L. R. Updike...Ch. 16 - UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES Rossins...Ch. 16 - UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF RECEIVABLES...Ch. 16 - COLLECTION OF ACCOUNTS WRITTEN OFFALLOWANCE METHOD...Ch. 16 - UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND...Ch. 16 - DIRECT WRITE-OFF METHOD Maria Rivera, owner of...Ch. 16 - COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF...Ch. 16 - UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Pyle...Ch. 16 - UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND...Ch. 16 - AGING ACCOUNTS RECEIVABLE An analysis of the...Ch. 16 - DIRECT WRITE-OFF METHOD Williams Hendricks...Ch. 16 - CALCULATION OF NET REALIZABLE VALUE Mary Martin...Ch. 16 - UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF SALES Nicoles...Ch. 16 - UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES...Ch. 16 - COLLECTION OF ACCOUNT WRITTEN OFFALLOWANCE METHOD...Ch. 16 - UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND...Ch. 16 - DIRECT WRITE-OFF METHOD Brent Mussellman, owner of...Ch. 16 - COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF...Ch. 16 - UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis...Ch. 16 - UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND...Ch. 16 - AGING ACCOUNTS RECEIVABLE An analysis of the...Ch. 16 - DIRECT WRITE-OFF METHOD Lee and Chen Distributors...Ch. 16 - Sam and Robert are identical twins. They opened...Ch. 16 - Martel Co. has 320,000 in Accounts Receivable on...Ch. 16 - Prob. 2CPCh. 16 - At the end of 20-3, Martel Co. had 410,000 in...
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- DIRECT WRITE-OFF METHOD Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forwardCOLLECTION OF ACCOUNT WRITTEN OFFALLOWANCE METHOD Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forwardAllowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:arrow_forward
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License