College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 3, Problem 6QY
A $250 payment for salaries expense was incorrectly journalized and posted as a debit to Salaries Expense for $2,500 and a credit to Cash for $2,500. Using the one-step method, how would the entry be corrected?
- a. Cash 2,500
Salaries Expense 2,500
- b. Salaries Expense 250
Cash 250
- c. Cash 2,250
Salaries Expense 2,250
- d. Salaries Expense 2,250
Cash 2,250
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Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:
Oct. 2: Received $2,730 from William Pruitt and wrote off the remainder owed of $5,650 as uncollectible. If an amount box does not reguire an entry, leave it blank.
Oct. 2
Dec. 20: Reinstated the account of William Pruitt and received $5,650 cash in full payment. If an amount box does not require an entry, leave it blank.
Dec. 20-Reinstate
Dec. 20-Collection
Hi,
How do i write these journal entires?
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables.
Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank.
Mar. 17
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July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment.
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Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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- Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank.arrow_forward13. On September 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on September I to record the write-off assuming the company uses the allowance method? a. Debit Bad Debts Expense $2.300; credit Accounts Receivable S2,300. b. Debit Allowance for Doubtful Accounts S2.300; credit Bad Debts Expense $2,300. c. Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300. d. Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300. 14. The direct write-off method a. Complies with the matching principle b. Is acceptable from a theoretical point of view c. Is only acceptable if bad debts are small, insignificant amounts d. Is the primary method used to recognize Bad Debt Expense 15. When the allowance method of recognizing bad debt expense is used, the entries at the time of collection of a small account previously written off would a. Increase net income b. Increase Allowance for Bad Debts c.…arrow_forwardOn February 1, a customer's account balance of $2,600 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? Multiple Choice Debit Allowance for Doubtful Accounts $2,600; credit Bad Debts Expense $2,600. O Debit Accounts Receivable $2,600; credit Allowance for Doubtful Accounts $2,600. O Debit Bad Debts Expense $2,600; credit Accounts Receivable $2,600. O Debit Allowance for Doubtful Accounts $2,600; credit Accounts Receivable $2,600. O Debit Bad Debts Expense $2,600; credit Allowance for Doubtful Accounts $2,600.arrow_forward
- Theta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes off the account using the direct write-off method on June 16. On August 21, CorpCo pays the $6,300 to Theta Company. Journalize the entry for the reinstatement of the account receivable and receipt of cash on August 21. You may omit posting references. If an amount box does not require an entry, leave it blank. Aug. 21 Aug. 21arrow_forwardJournalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $3,240 from Keith MacPhearson and wrote off the remainder owed of $7,230 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20. Reinstated the account of Keith MacPhearson and received $7,230 cash in full payment. If an amount box does not require an entry, leave it blank. Reinstate Collectionarrow_forward1) Prepare the journal entry to record an uncollectible account receivable of $10,000 using the direct write off method.arrow_forward
- Working It Out Ann Kerrigan mistakenly recorded the collection of a $1,000 receivable as a debit to Cash and a credit to Service Revenue for $1,000. 1. Prepare the correcting entry. 2. Assume that Kerrigan's net income before the correction was $26,000. How much is her corrected net income?arrow_forwardMoving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>arrow_forwardRequired: Post the rectification entry for each of the above errors. Question five: Rectify the following errors: 1. Other income received of Tshs880,000 was correctly recorded in the cash book, but was debited to the other income account. 2. Cash paid for wages of Tshs9.6 million was posted to the wages account as Tshs6.9 million. 3. The purchases day book was overcast by Tshs2 million. 4. The sales day book was undercast by Tshs6 million. 5. The cash book credit side was undercast by Tshsl.3 million. 6. The prepaid expense account debit side was undercast by Tshs0.6 million. 7. A sale of Tshsl.5 million was fully credited to the sales account. However, sales tax of Tshs0.5 million was included in it. 8. A building purchased for Tshs60 million was entered in the building account as Tshs50 million. The company charges 2% depreciation. 9. Repairs to machinery of Tshs5 million were capitalised and a depreciation of 5% was charged on it. Question six: How much will appear in the suspense…arrow_forward
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