Journals: Journals are prepared to record business transactions. There are two types of journals: Special Journals: Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows: Sales journal Sales Return Journal Purchase journal Purchase return journal Cash receipts journal Cash payment journal General Journal: All the business transactions which do not belong to special journals, are recorded using General journal. General ledger: A general ledger contains the summarized information taken from its subsidiary ledgers. Subsidiary Ledger: A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger. Requirement-1: To identify: The balances listed in the accounts receivable subsidiary ledger

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Answer 1

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

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On January 1, 2024, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $532,000 by Elmira on December 31, 2026. The effective interest rate is 8%. Note: Use appropriate factor(s) from the tables provided. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: How much sales revenue would Wright recognize on January 1, 2024, for this transaction? Prepare journal entries to record the sale of merchandise on January 1, 2024 (omit any entry that might be required for the cost of the goods sold), the December 31, 2024, interest accrual, the December 31, 2025, interest accrual, and receipt of payment of the note on December 31, 2026.

Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $28,000 at the beginning of 2024. No previously written-off accounts receivable were reinstated during 2024. At 12/31/2024, gross accounts receivable totaled $466,700, and prior to recording the adjusting entry to recognize bad debts expense for 2024, the allowance for uncollectible accounts had a debit balance of 51,300. Required: Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2024. Determine the amount of accounts receivable written off during 2024. If Johnson instead used the direct write-off method, what would bad debt expense be for 2024?

Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $28,000 at the beginning of 2024. No previously written-off accounts receivable were reinstated during 2024. At 12/31/2024, gross accounts receivable totaled $466,700, and prior to recording the adjusting entry to recognize bad debts expense for 2024, the allowance for uncollectible accounts had a debit balance of 51,300. Required: What was the balance in gross accounts receivable as of 12/31/2023? What journal entry should Johnson record to recognize bad debt expense for 2024? Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2024. Determine the amount of accounts receivable written off during 2024. If Johnson instead used the direct write-off method, what would bad debt expense be for 2024?

Answer 2

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Expert Solution & Answer

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Answer 3

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Answer 6

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

Answer 7

Chapter 7, Problem 4QS

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-1:

To identify:

The balances listed in the accounts receivable subsidiary ledger

Answer 8

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Answer 9

To determine

Concept Introduction:

Journals:

Journals are prepared to record business transactions. There are two types of journals:

Special Journals:
Special journals record the recurring business tractions like sales, purchase, cash receipts and payments. Some special journals are as follows:

Sales journal

Sales Return Journal

Purchase journal

Purchase return journal

Cash receipts journal

Cash payment journal

General Journal:
All the business transactions which do not belong to special journals, are recorded using General journal.

General ledger:

A general ledger contains the summarized information taken from its subsidiary ledgers.

Subsidiary Ledger:

A Subsidiary Ledger is prepared for the one account of the general ledger. There may be several subsidiary ledgers of one general ledger.

Requirement-2:

To identify:

The Accounts receivable general ledger balance at the end of the month

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - Prob. 3DQ Ch. 7 - Prob. 4DQ Ch. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQ Ch. 7 - Prob. 8DQ Ch. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQ

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