Accounts receivable Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business. To Prepare: The journal entries for recording the sales and collections made during the period.

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Answer 1

Question

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

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Optical Company estimates its manufacturing overhead to be $540,000 and its direct labor costs to be $450,000 for year 2. Optical worked three jobs for the year. Job 2-1, which was sold during year 2, had actual direct labor costs of $150,000. Job 2-2, which was completed, but not sold at the end of the year, had actual direct labor costs of $275,000. Job 2-3, which is still in work-in-process inventory, had actual direct labor costs of $100,000. The actual manufacturing overhead for year 2 was $600,000. Manufacturing overhead is applied on the basis of direct labor costs. a) How much overhead was applied to each job in year 2? b) What was the over-or underapplied manufacturing overhead for year 2?

Please provide the accurate answer to this financial accounting problem using valid techniques.

Answer 2

Question

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

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Answer 3

Question

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

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Answer 4

Question

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

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Answer 5

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

Answer 6

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

Answer 7

Chapter 8, Problem 8.3E

(a)

To determine

Accounts receivable

Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

To Prepare: The journal entries for recording the sales and collections made during the period.

Answer 8

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

Answer 9

(b)

To determine

To Prepare: The journal entry to write-off the uncollectible accounts during the period.

Answer 10

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

Answer 11

(c)

To determine

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

Answer 12

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

Answer 13

(d)

To determine

To Prepare: The journal entry to record the bad debt expenses for the period.

Answer 14

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

Answer 15

(e)

To determine

The ending balances in accounts receivable and allowance for doubtful accounts.

Answer 16

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

Answer 17

(f)

To determine

To calculate: The net realizable value of the receivables at the end of the period.

Answer 18

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Answer 19

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Answer 20

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Answer 21

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To Prepare: The journal entry to write-off the uncollectible accounts during the period.

To Prepare: The journal entries to record the recovery of the uncollectible account during the period.

To Prepare: The journal entry to record the bad debt expenses for the period.

The ending balances in accounts receivable and allowance for doubtful accounts.

To calculate: The net realizable value of the receivables at the end of the period.

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