The trial balance before adjustment for Marigold Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Dr. 4. $84,600 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 2,650 Cr. $447,400 To obtain additional cash, Marigold factors without recourse $29,200 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. To obtain a 1-year loan of $57,500, Marigold pledges $71,400 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain Allowance for Doubtful Accounts at 7% of gross accounts receivable. Based on an aging analysis, an allowance of $5,717 should be reported. Assume the allowance has a credit balance of $998. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

The trial balance before adjustment for Marigold Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Dr. 4. $84,600 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 2,650 Cr. $447,400 To obtain additional cash, Marigold factors without recourse $29,200 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. To obtain a 1-year loan of $57,500, Marigold pledges $71,400 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain Allowance for Doubtful Accounts at 7% of gross accounts receivable. Based on an aging analysis, an allowance of $5,717 should be reported. Assume the allowance has a credit balance of $998. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 10E: Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries...

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Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
The trial balance before adjustment for Concord Company shows the following balances. Accounts Receivable. Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Dr. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) To obtain additional cash, Concord factors without recourse $25,700 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 4. $82,900 2,480 Cr. $430,000 To obtain a 1-year loan of $56,600, Concord pledges $67,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan: the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. Based on an aging analysis, an allowance of $5,385 should be reported. Assume the allowance has a credit balance of $1,156.
The trial balance before adjustment for Wildhorse Company shows the following balances. Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2 3. Dr. 4. $85,600 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 2,940 Cr. $475,600 To obtain additional cash, Wildhorse factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Wildhorse pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577 should be reported. Assume the allowance has a credit balance of $1,181. (If no entry is required, select "No Entry" for the account…
The trial balance before adjustment for Skysong Company shows the following balances. Dr. Cr. Accounts Receivable $86,400 Allowance for Doubtful Accounts 2,450 Sales Revenue $462,200 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. 2. To obtain additional cash, Skysong factors without recourse $22,300 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. To obtain a 1-year loan of $60,800, Skysong pledges $71,300 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain Allowance for Doubtful Accounts at 6% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,749 should be reported. Assume the allowance has a credit balance of $1.149. (If no entry is required, select "No Entry" for the account titles and…
The following account balances come from the records of Ourso Company: Accounts receivable Allowance for doubtful accounts During the accounting period, Ourso recorded $11,850 of sales revenue on account. The company also wrote off a $194 account receivable. Required Beginning Balance Ending Balance $3,198 $3,549 134 203 a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
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The trial balance before adjustment for Flounder Company shows the following balances. Dr. Cr. Accounts Receivable $84,500 Allowance for Doubtful Accounts 2,980 Sales Revenue $457,000 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Flounder factors without recourse $27,700 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $55,400, Flounder pledges $66,900 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 6% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,909 should be reported. Assume the allowance has a credit balance of $1,099.
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $ 10,550 debit Accounts receivable Allowance for doubtful accounts 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1a. Current assets: %24
Required information [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. $2,181,050 $3,134,000 Cash sales Credit sales In addition, its unadjusted trial balance includes the following items. $949,602 debit $10,550 debit Accounts receivable Allowance for doubtful accounts 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet given the facts in part 1c. (Do not round intermediate calculations.) Current assets.
The trial balance before adjustment for Martinez Company shows the following balances. Dr. Cr. Accounts Receivable $84,600 Allowance for Doubtful Accounts 2,650 Sales Revenue $447,400 Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Martinez factors without recourse $29,200 of accounts receivable with Stills Finance. The finance charge is 12% of the amount factored. 2. To obtain a 1-year loan of $57,500, Martinez pledges $71,400 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. The company wants to maintain the Allowance for Doubtful Accounts at 7% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,717 should be reported. Assume the allowance has a credit balance of $998. 3.
The following account balances come from the records of Ourso Company: Beginning Balance Ending Balance Accounts receivable Allowance for doubtful accounts $ 2,570 128 $ 3,414 187 During the accounting period, Ourso recorded $12,450 of sales revenue on account. The company also wrote off a $192 account receivable. Required: 1. Determine the amount of cash collected from receivables. 2. Determine the amount of uncollectible accounts expense recognized during the period. a. Collections of accounts receivable b. Uncollectible accounts expense
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