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.

Question

If JPMorgan Manufacturing has sales revenue of $180 million and accounts receivable decreased by $15 million, the amount of cash received from customers is: a) $180 million b) $165 million c) $195 million d) Depends on the mix of cash sales and credit sales

Answer 1

Question

Chapter 8, Problem 8.4E

(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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If JPMorgan Manufacturing has sales revenue of $180 million and accounts receivable decreased by $15 million, the amount of cash received from customers is: a) $180 million b) $165 million c) $195 million d) Depends on the mix of cash sales and credit sales

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Answer 2

Question

Chapter 8, Problem 8.4E

(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 8.4E

(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 8.4E

(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 8.4E

(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 8.4E

(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 8.4E

(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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Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

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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.

Chapter 8 Solutions