How do I solve question #9 QUESTION 9On January 1, Five Star Services has the following balances:Accounts Receivable $26,000 (debit)Bad Debts Expense $0Five Star Services has the following transactions during January: Credit sales of $100,000, collections of credit sales of $87,000, and write-offs of$18,000. Five Star Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable isO A. $21,000O B. $20,690OC.$15,660O D. $39,000QUESTION 10In reconciling a bank statement, the bank balance is $1,800 and the checkbook balance is $1,205. Which of the following is the MOST probable reasonwhy the bank balance is larger than the book balance?O A. There are outstanding checks.O B. A deposit in transit was made at the end of the month.Click Save and Submit to save and submit. Click Save All Answers to save all answers.Close WinSave All AnswersDesktoBUS communicationacc 101 practice fin.GTake Test: ACC 101HomeF12F11

Under direct write off method, accounts receivables are written off by debiting bad debt expenses…

On January 1, Five Star Services has the following balances: Accounts Receivable $26,000 (debit) Bad Debts Expense $0 Five Star Services has the following transactions during January: Credit sales of $100,000, collections of credit sales of $87,000, and write-offs of $18,000. Five Star Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is O A. $21,000 OB. $20,690 OC.$15,660 O D. $39,000

On January 1, Five Star Services has the following balances: Accounts Receivable $26,000 (debit) Bad Debts Expense $0 Five Star Services has the following transactions during January: Credit sales of $100,000, collections of credit sales of $87,000, and write-offs of $18,000. Five Star Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is O A. $21,000 OB. $20,690 OC.$15,660 O D. $39,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 17E: Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of...

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On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
On January 1, Five Star Services has the following balances: Accounts Receivable $24,000 (debit) Bad Debts Expense $0 Five Star Services has the following transactions during January: Credit sales of $100,000, collections of credit sales of $85.000, and write - offs of $17,000. Five Star Services uses the direct write - off method. At the end of January, the balance of Accounts Receivable is OA $14,450 XB. $39,000 C. $20,000 *D. $22,000
On January 1, A Plus Services has the following balances: Accounts Receivable $28,000 (debit) Bad Debts Expense $0 A Plus Services has the following transactions during January: Credit sales of $110,000, collections of credit sales of $87,000, and write-offs of $19,000. A Plus Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is ________.
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 860,000 344,000 68,800 34,400 13,760 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Note: Enter "Percent uncollectible" answers as percent rounded to 2 decimal places. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X X X Percent Uncollectible x = = = = Expected Percent = Uncollectible 1.30% 2.05 6.55 33.00 69.00 Estimated Uncollectible $ 0
The ADA has the below table regarding its account receivable: Age of Accounts Balance, June 30 Estimated Percentage Uncollectible 1-30 days $130,000 2.00% 31-60 days 70,000 5.00% 61-90 days 32,500 20.00% Over 90 days 3,000 50.00% If the opening balance of Allowance for Doubtful accounts is $7,050, the entries to record estimated uncollectible receivables this year will be: Select one: a. Bad debt expense $7,050 Allowance for doubtful accounts $7,050 b. Allowance for doubtful accounts $14,100 Account receivable $14,100 c. Bad debt expense $14,100 Allowance for doubtful accounts $14,100 d. Account receivable $7,100 Bad debt expense $7,100
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $830,000 254,000 86,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.25% 2.00 31 to 60 days past due 6.50 38,000 12,000 61 to 90 days past due Over 90 days past due 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jardent's net income?
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 800,000 320,000 Age of Accounts Receivable Not yet due Expected Percent Uncollectible 1.25% 64,000 32,000 12,800 1 to 30 days past due 31 to 60 days past due 2.00 6.50 61 to 90 days past due Over 90 days past due 32.75 68.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable x Percent Uncollectible (#.##%) Estimated Uncollectible Not due: x 1 to 30: x 31 to 60: 61 to 90: x Over 90: x Estimated balance of allowance for uncollectibles
On January 1 five star services has the following balances accounts receivable $26,000 debit bad debt expense zero dollars. Five star services has the following transactions during January, credit sales of $100,000, collections of credit sales of $87,000, and right off of $18,000. Five star Services used the direct write off method. At the end of January the balance of accounts receivable is?
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected Percent Uncollectible Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Receivable $ 800, 000 320, 000 64, 000 32,000 12, 800 1.30% 2.05 6.55 33.00 69.00 Problem 7-3A (Algo) Part 1 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Percent Estimated Receivable Uncollectible (#.##%) Uncollectible Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles
Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) $151,000 Allowance for doubtful accounts (beginning balance) 11,500 Net credit sales 950,000 Collections 907,000 Write-offs of accounts receivable 5,600 Collections of accounts previously written off 1,600 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Part 1 Prepare the entries to record sales and collections during the period. Account Titles and Explanation Debit Credit (To record sales on account) (To record collection of accounts receivable) Part 2 Prepare the entry to record the write-off of uncollectible accounts during the period. Account Titles and Explanation Debit Credit Part 3 Prepare the entries to record the recovery of the uncollectible account during the period. Account Titles and Explanation Debit Credit (To reverse write-off of accounts…