Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 16, Problem 8SPB
UNCOLLECTIBLE ACCOUNTS—ALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions,
Selected accounts and beginning balances on January 1, 20--, are as follows:
REQUIRED
- 1. Open the three selected general ledger accounts.
- 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts.
- 3. Determine the net realizable value as of December 31, 20--.
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Guardian
Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year:
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6,000,000
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2,000,000
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Question content area top right
Part 1
Requirement
Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance.
Question content area bottom
Part 1
Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…
A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the:
estimáted percent uncollectible for each age group:
Age Group
0-69 days
61-98 days
01 123 days
Dver 128 days
Amount
$55,000
19,500
2,500
1, 000
0.5
1.0
10.0
50.0
The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. written
of:
Required:
Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required fain
a transaction/event, select "No journat entry requirEG" in the first account fielld.)
w transaCtion ist
Journal entry worksheet
Record the entry to write-off specific accounts.
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31:
June 8. Wrote off account of Kathy Quantel, $8,150.
Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.
Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash
receipt.
Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry):
Wade Dolan
$2,360
Greg Gagne
1,470
Amber Kisko
5,620
Shannon Poole
3,260
Niki Spence
900
Dec. 31.
If necessary, record the year-end adjusting entry for uncollectible accounts.
If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
a. Journalize the transactions under the direct write-off method.
June 8 Bad Debt Expense
Accounts Receivable-Kathy Quantel
Aug. 14 Cash…
Chapter 16 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
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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