+ Chapter 8 Graded HWQuestion 2 of 4< >-/ 1View PoliciesCurrent Attempt in ProgressAt the end of 2016, Swifty Corporation has accounts receivable of $673,200 and an allowance for doubtful accounts of $24,010. OnJanuary 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore managementauthorizes a write-off of $4,147.(a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do notindent manually.)Account Titles and ExplanationDebitCredit(b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off?Before Write-OffAfter Write-OffCash realizable value$$List of Accounts激活Windows转到“设置“以激活Windows.Save for LaterAttempts: 0 of 2 usedSubmit Answer

Answered: + Chapter 8 Graded HW Question 2 of 4 <…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Brief Exercise 8-4 (Part Level Submission) At the end of 2019, Sheffield Corp. has accounts receivable of $739,200 and an allowance for doubtful accounts of $67,900. On January 24, 2020, the company learns that its receivable from Megan Gray is not collectible, and managernent authorizes a write-off of $6,500. > (a) v (b) X Your answer is incorrect. Try again. What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off? Before Write-Off After WWrite-Off Cash realizable value 671100 671100 SHOW LIST OF ACCOUNTS
0.13 / 1 View Policies Show Attempt History Current Attempt in Progress At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubtful Accounts of $9,510 (credit). During the period, it had credit sales of $864,300 and collections of $687,610. It wrote off as uncollectible accounts receivable of $6,804. However, a $3,219 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost of goods sold entries.) (a) - (d) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is partially correct. (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries…
View Policies Current Attempt in Progress On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,500, Sheffield Corp. estimates that 11% of its accounts receivable balance of $64,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Sheffield Corp. determined that B. Jared's account was uncollectible and wrote off $1,100. On June 12, 2022, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To reverse write-off) (To record collection of write-off)
Brief Exercise 8-03 a-b At the end of 2021, Larkspur Co. has accounts receivable of $675,100 and an allowance for doubtful accounts of $24,370. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,127.(a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amount
11 The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022 Total Accounts Receivable $ 126,800 89,500 53,900 32,100 Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past duel Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,037 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,111 of uncollectible accounts on August 15, 2022. Prepare the required adjusting en to record the write-off c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022 Complete this question by entering your answers in the tabs below. Historical Uncollectible View transaction list Required A Required B Required C The unadjusted balance of the Allowance for Doubtful…
a. 8,200,000 b. 6,200,000 c. 2,000,000 d. 4,200,000 Problem 4-15 (AICPA Adapted) 81 molde Steven Company provided the following information during the first year of operations: 0913410000 Total merchandise purchases for the current year Merchandise inventory on December 31 Collections from customers bgodno ode All merchandise was marked to sell at 40% above cost. All Isales are on a credit basis and all accounts are collectible, What amount should be reported as accounts receivable on December 31? od ove arlo batable pore ab a. 1,000,000 b. 3,840,000 c. 5,000,000 d. 5,800,000 7,000,000 1,400,000 4,000,000 120 000 030 000,000 at amount was received b remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,000 Problem 4-17 (PHILCPA A Germany Company started busines year. The entity established an all- estimated at 5% of credit sales. wrote off P50,000 of uncollectible Further analysis showed th amounted to P9,000,000 and e was P1,500,000. Goods were s The total sales…
Blossom Company unadjusted trial balance includes the following balances (assume normal balances): • Accounts Receivable $1130000 • Allowances for Doubtful Accounts $21400 Bad debts are estimated to be 5% of outstanding receivables. What amount of bad debt expense will the company record? $56500 $35100 $33822 $57678
PAGE 467 PE9-4B At the end of the current year, Accounts Receivable has a balance of $3,460,000. Allowance for Doubtful Accounts has a debit balance of $12,500 and sales for the year total $46,300,000 Using the aging method the balance of Allowance for Doubtful Accounts is estimated as S245,000 Determine the net realizable value of Accounts Receivable 3,215,000 3,460,000 245,000 O 12,500
Question 8 At January 1, 2025, XYZ Company had an allowance for doubtful accounts with a $39,300 credit balance. XYZ Company reported the following information for 2025: 4 Sales revenue Cash collections from customers Write-offs of uncollectible accounts Recoveries of previously written-off accounts Bad debt expense In order to estimate the bad debt expense, XYZ Company prepared the following aging schedule at December 31, 2025: not past due 1-30 days past due 31-60 days past due 61-90 days past due over 90 days past due total accounts receivable $392,800 $307,500 ? Accounts Receivable % Uncollectible 3% 7% 11% 24% 46% $181,000 $ 36,000 $ 42,000 $ 14,600 $ 31,090 $ 21,000 $ 13,000 $293,000 Calculate XYZ Company's accounts receivable balance at January 1, 2025.
At the end of its first year of operations, December 31, 2021 Nickle Inc. reported the following information: Accounts receivable, net of allowance for doubtful accounts P 9,500,000 Customer accounts written off as uncollectible during 2021 240,000 Bad debt expense for 2021 840,000 What should be the balance of accounts recievable mat December 31, 2021 before substracting allowance for doubtful accounts? A. P 10,100,000 B. P 9,740,000 C. P 10,340,000 D. P 10,580,000
PLEASE ANSWER ASAP Problem No. 3 You are auditing the accounts receivable and the related allowance for bad debts account of AACA Company. The following data are available: General Ledger Accounts Receivable 2022 Dec. 31 381,600 Allowance for Bad Debts 2022 2022 Jul. 31 GJ Write-off 7,200 Jan. 1 Balance 9,000 Dec. 31 GJ - Provision 21,600 Summary of Aging Schedule The summary of the subsidiary ledger balances as of December 31, 2022, is shown below: Debit balances Under one month P 162,000 One to six months 165,600 Over six months 68,400 P 396,000 Credit balances Mark Co. P 3,600 OK; additional billing in Jan. 2023 Lady Co. 6,300 Should have been credited to Ivan Co.* 8,100 Advance on a sales contract P 18,000 *Account is in “one to six months” classification. The…
D l. 3:56 Done a1961caa318d9983..._¿JWIÇ̟IJI Q2- Expand Furniture Store has credit sales of $400,000 in 2016 and a debit balance of $600 in the Allowance for Doubtful Accounts at year end. As of December 31, 2016, $130,000 of accounts receivable remain uncollected. The credit manager prepared an aging schedule of accounts receivable and estimates that $7,000 will prove to be uncollectible. On March 4, 2017, the credit manager authorizes a write-off of the $1,200 balance owed by Ahmad Instructions (а) Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2016. (b) Show the balance sheet presentation of accounts receivable on December 31, 2016. (c) On March 4, before the write-off, assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $3,000. Make the appropriate entry to record the write-off of the Ahmad account. Also show the balance sheet presentation of accounts receivable before…

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