College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 16, Problem 11SPB
DIRECT WRITE-OFF METHOD Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts.
REQUIRED
Record these transactions in general journal form.
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Exercise 8-3 Lump-sum purchase of plant assets LO C1
Rodriguez Company pays $370,000 for real estate plus $19,610 in closing costs. The real estate consists of land appraised at
$188,000; land improvements appraised at $70,500; and a building appraised at $211,500.
Required:
1. Allocate the total cost among the three purchased assets.
2. Prepare the journal entry to record the purchase.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Allocate the total cost among the three purchased assets. (Round your "Apportioned Cost" answers to 2 decimal places.)
Percent of Total
Appraised
Value
Appraised
Value
x Total Cost of
Acquisition
= Apportioned
Cost
Land
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Building
Totals
Identify Postings from Purchases Journal
Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:
PURCHASES JOURNAL
Page 49
Date
Account Credited
Post.Ref.
AccountsPayableCr.
StoreSuppliesDr.
OfficeSuppliesDr.
OtherAccountsDr.
Post.Ref.
Amount
20Y9
Jan. 4
Coastal Equipment Co.
(a)
5,325
Warehouse Equipment
(g)
5,325
Jan. 6
Arrow Supply Co.
(b)
4,000
4,000
Jan. 9
Valley Products
(c)
1,875
1,600
275
Jan. 14
Office Warehouse
(d)
2,200
Office Equipment
(h)
2,200
Jan. 20
Office Warehouse
(e)
6,000
Store Equipment
(i)
6,000
Jan. 25
Metro Supply Co.
(f)
2,740
2,740
Jan. 30
22,140
4,340
4,275
13,525
(j)
(k)
(l)
(m)
Post reference represents:
a.
b.
c.…
Chapter 16 Solutions
College Accounting, Chapters 1-27
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 Williams Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts. REQUIRED Record these transactions in general journal form.arrow_forwardCOLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Comos Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forwardCOLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Madonnas Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forward
- DIRECT WRITE-OFF METHOD Brent Mussellman, owner of Brents Barbells, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forwardDIRECT 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_forwardUsing the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forward
- A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?arrow_forwardUse the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.arrow_forwardNOTES RECEIVABLE DISCOUNTING Marienau Suppliers had the following transactions: REQUIRED Record the transactions in a general journal.arrow_forward
- COLLECTION 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_forwardJOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forwardThe debits and credits from three related transactions are presented in the following customers account taken from the accounts receivable subsidiary ledger: Describe each transaction and identify the source of each posting.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