Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 9, Problem 12E
Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Selby’s Bike Co. had a debit balance of $7,200 as of December 31, 2016. Journalize the
Journalize the adjusting entry for uncollectible accounts as of December 31, 2016.
Selby’s Bike Co. is a wholesaler of motorcycle supplies. An aging of the company’s
Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31, 2016.
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The following data were selected from the records of Fluwars Company for the year ended December 31, current year:
Balances at January 1, current year:
Accounts receivable (various customers)
$
111,500
Allowance for doubtful accounts
11,200
The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.
The following transactions occurred during the current year:
Sold merchandise for cash, $252,000.
Sold merchandise to Abbey Corp; invoice amount, $36,000.
Sold merchandise to Brown Company; invoice amount, $47,600.
Abbey paid the invoice in (b) within the discount period.
Sold merchandise to Cavendish Inc.; invoice amount, $50,000.
Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods.
Brown paid its account in full within the discount period.
Sold merchandise to Decca Corporation; invoice amount, $42,400.
Cavendish paid its account in full after the…
None
Chapter 9 Solutions
Financial Accounting
Ch. 9 - What are the three classifications of receivables?Ch. 9 - Dans Hardware is a small hardware store in the...Ch. 9 - What kind of an account (asset, liability, etc.)...Ch. 9 - After the accounts are adjusted and closed at the...Ch. 9 - A firm has consistently adjusted its allowance...Ch. 9 - Which of the two methods of estimating...Ch. 9 - Neptune Company issued a note receivable to...Ch. 9 - If a note provides for payment of principal of...Ch. 9 - The maker of a 240,000, 6%, 90-day note receivable...Ch. 9 - The note receivable dishonored in Discussion...
Ch. 9 - Prob. 1PEACh. 9 - Journalize the following transactions, using the...Ch. 9 - Prob. 2PEACh. 9 - Journalize the following transactions, using the...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - Guzman Company received a 60-day, 5% note for...Ch. 9 - Prefix Supply Company received a 120-day, 8% note...Ch. 9 - Financial statement data for years ending December...Ch. 9 - Prob. 6PEBCh. 9 - Prob. 1ECh. 9 - MGM Resorts International owns and operates hotels...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Prob. 4ECh. 9 - Creative Solutions Company, a computer consulting...Ch. 9 - At the end of the current year, the accounts...Ch. 9 - Toot Auto Supply distributes new and used...Ch. 9 - The accounts receivable clerk for Waddell...Ch. 9 - Waddell Industries has a past history of...Ch. 9 - Using data in Exercise 9-9, assume that the...Ch. 9 - Selbys Bike Co. is a wholesaler of motorcycle...Ch. 9 - Using the data in Exercise 9-11, assume that the...Ch. 9 - The following selected transactions were taken...Ch. 9 - The following selected transactions were taken...Ch. 9 - Prob. 15ECh. 9 - Using the data in Exercise 9-15, assume that...Ch. 9 - Casebolt Company wrote off the following accounts...Ch. 9 - Seaforth International wrote off the following...Ch. 9 - Determine the due date and the amount of interest...Ch. 9 - Master Designs Decorators issued a 180-day, 6%...Ch. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Journalize the following transactions of Trapper...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Prob. 25ECh. 9 - Polo Ralph Lauren Corporation designs, markets,...Ch. 9 - Prob. 27ECh. 9 - Prob. 28ECh. 9 - Prob. 29ECh. 9 - The following transactions were completed by The...Ch. 9 - Trophy Fish Company supplies flies and fishing...Ch. 9 - Call Systems Company, a telephone service and...Ch. 9 - Flush Mate Co. wholesales bathroom fixtures....Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - The following transactions were completed by The...Ch. 9 - Wig Creations Company supplies wigs and hair care...Ch. 9 - Prob. 3PBCh. 9 - Gen-X Ads Co. produces advertising videos. During...Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - Prob. 1CPCh. 9 - For several years, Xtreme Co.s sales have been on...Ch. 9 - Prob. 3CPCh. 9 - Prob. 4CPCh. 9 - Prob. 5CP
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- General accountingarrow_forwardThe following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…arrow_forwardNonearrow_forward
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