Chapter 7, Problem 7.2E

Question 2 At December 31, 2023, Credit Ltd. had a credit balance of $15,000 in Allowance for Doubtful Accounts. During 2024, Credit wrote off accounts totaling $14,100. One of those accounts ($1,800) was later collected. At December 31, 2024, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $17,800. Instructions Prepare journal entries to record the 2024 transactions and the adjusting entry for bad debt on 31 December 2024. Question 3 The equity accounts of Medium Ltd. on January 1, 2023, were as follows. Share Capital Preference (9%, $50 par, cumulative, 10,000 shares authorized, 8,000 shares issued) Share Capital Ordinary ($1 par value, 2,000,000 shares authorized, 1,000,000 shares issued) Share Premium-Preference Share Premium-Ordinary Retained Earnings Treasury Shares-Ordinary (20,000 shares) $ 400,000 1,000,000 100,000 1,450,000 1,816,000 50,000 During 2023, the corporation had the following transactions and events pertaining to its…

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Agarwal, Incorporated, has a 40-day average collection period and wants to maintain a minimum cash balance of $25 million, which is what the company currently has on hand. The company currently has a receivables balance of $188 million and has developed the following sales and cash disbursement budgets (in millions): Sales Total cash disbursement Q1 Q2 $ 369 $ 441 295 Q3 $ 522 389 617 Q4 $ 486 402 Complete the following cash budget for the company. Note: A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers in millions rounded to the nearest whole million dollar amount, e.g., 32. AGARWAL, INCORPORATED Q1 Beginning receivables Sales Cash collections Ending receivables Cash Budget (in millions) 369 Q2 441 Q3 522 Q4 486 Total cash collections Total cash disbursements 295 389 617 402 Net cash inflow Beginning cash balance Net cash inflow Ending cash balance Minimum cash balance Cumulative surplus (deficit)

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