College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 4QY
Rainy Day Services had $430 of supplies reported on its unadjusted
- a. Supplies Expense 175
Cash 175
- b. Supplies 430
Supplies Expense 430
- c. Supplies Expense 255
Supplies 255
- d. Supplies Expense 175
Supplies 175
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Students have asked these similar questions
Morry Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:
Customer
Amount
J. Jackson
$10,000
L. Stanton
9,500
C. Barton
13,100
S. Fenton
2,400
Total
$35,000
a. Journalize the write-offs for the current year under the direct write-off method. If an amount box does not require an entry, leave it blank.
b. Journalize the write-offs for the current year under the allowance method. Also, journalize the adjusting entry for uncollectible receivables assuming the company made $2,400,000 of credit sales during the year and, based on the industry average, the company expects uncollectible receivables to be 1.5% of credit sales.
c. How much higher or lower would Morry Company's net income have been under the direct write-off method than under the allowance method?
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31:
Customer
Amount
Shawn Brooke
$4,650
Eve Denton
5,180
Art Malloy
11,050
Cassie Yost
9,120
Total
$30,000
Question Content Area
a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank.
b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,250,000 of credit sales during the year. Based on past history and industry averages, 3/4% of credit sales are expected to be uncollectible. If an amount box does not require an entry, leave it blank.
Seaforth International wrote off the following accounts receivable as uncollectible for the
year ending December 31:
Customer
Amount
$ 21,550
Kim Abel
Lee Drake
33,925
Jenny Green
27,565
Mike Lamb
19,460
Total
$102,500
Chapter 4 Solutions
College Accounting (Book Only): A Career Approach
Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Define depreciation as it relates to a van you...Ch. 4 - Prob. 7DQCh. 4 - Why is it necessary to journalize and post...Ch. 4 - 1. List the following classifications of accounts...Ch. 4 - Classify each of the accounts listed below as...Ch. 4 - Place a check mark next to any account(s)...Ch. 4 - A partial work sheet for Marges Place is shown...Ch. 4 - Complete the work sheet for Ramey Company, dated...Ch. 4 - Journalize the adjusting entries from the partial...Ch. 4 - Journalize the adjustments for Newkirk Company as...Ch. 4 - Journalize the following adjusting entries that...Ch. 4 - Determine on which financial statement each...Ch. 4 - Prob. 1PACh. 4 - The trial balance of Clayton Cleaners for the...Ch. 4 - The trial balance for Game Time on July 31 is as...Ch. 4 - The trial balance for Benner Hair Salon on March...Ch. 4 - The trial balance for Masons Insurance Agency as...Ch. 4 - The trial balance of The New Decors for the month...Ch. 4 - The trial balance for Harris Pitch and Putt on...Ch. 4 - The trial balance for Wilson Financial Services on...Ch. 4 - Prob. 1ACh. 4 - You are the bookkeeper for a small but thriving...Ch. 4 - Prob. 3ACh. 4 - Your client is preparing financial statements to...Ch. 4 - Prob. 1CP
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