please anwer complete and correct Date2018bAccounts and ExplanationAAAANA/ADebit CreditJan. 1aDec. 31Jan. 1Dec. 31BalJan. 1abeDec. 31BalJan. 1CDec. 31Bal.Accounts Receivable50,000Current AssetsInventory186.000Cash90,000Bad Debt ExpensebdAccounts ReceivableLess Allowance for Doubtful AccountsNet Accounts Receivabled0a Jan. 1aDec. 31BalAllowance for Doubtful AccountsABC COMPANYBalance Sheet-PartialDecember 31, 2018Assets5,000Cost of good SoldSalesJan. 1CeDec. 31 Bal.Jan.Dec. 31 Bal On January 1st, ABC company had accounts receivables of $50,000 and Allowancefor Doubtful Accounts credit balance of $5,000 Cash balance of $90,000, Inventorybalance of 186,000. During the year ABC had the following transactions:a) Sales of 500,000 (400,000 on account and $100,000 cash). The cost of the goodssold equaled 135,000.b) ABC had collections on Accounts receivable of 122,000c) ABC recorded the bad debt expense using the % of sales method. 2% of creditsales.d) ABC determined one of its customers would not pay and wrote off $1,200 ofoutstanding receivables.e) The customer later paid the $900 of the $1,200 outstanding receivables.Using the information above, please calculate the following balances after all journalentries are recorded:Note: Do not use commas or periods in your answer.1) Accounts Receivable2) Allowance for Doubtful Accounts3)Inventory4)Cost of goods sold5) Cash6) Sales7) Bad Debt Expense8) Net Accounts Receivable

The first record of any transaction in a business is a journal entry. A book or collection of…

Date 2014 . A A A A A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a Dec. 31 w Bal Jan. 1 Dec. 31 Bal Accounts Receivable 50,000 Inventory 186.000 Cash 90,000 Bad Debt Expense bd Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable Jan. 1 Dec. 31 Bal Allowance for Doubtful Accounts ABC COMPANY Balance Sheet-Partial Balance December 31, 2018 Assets 5,000 Cost of good Sold Sales Jan. Dec. 31 Bal Jan Dec. 31 Bal

Date 2014 . A A A A A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a Dec. 31 w Bal Jan. 1 Dec. 31 Bal Accounts Receivable 50,000 Inventory 186.000 Cash 90,000 Bad Debt Expense bd Accounts Receivable Less Allowance for Doubtful Accounts Net Accounts Receivable Jan. 1 Dec. 31 Bal Allowance for Doubtful Accounts ABC COMPANY Balance Sheet-Partial Balance December 31, 2018 Assets 5,000 Cost of good Sold Sales Jan. Dec. 31 Bal Jan Dec. 31 Bal

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance. Required: Calculate the amount of credit sales during the period.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
On January 1st, ABC company had accounts receivables of $50,000 and Allowance for Doubtful Accounts credit balance of $5,000 Cash balance of $90,000, Inventory balance of 186,000. During the year ABC had the following transactions: a) Sales of 500,000 (400,000 on account and $100,000 cash). The cost of the goods sold equaled 135,000. b) ABC had collections on Accounts receivable of 122,000 c) ABC recorded the bad debt expense using the % of sales method. 2% of credit sales. d) ABC determined one of its customers would not pay and wrote off $1,200 of outstanding receivables. e) The customer later paid the $900 of the $1,200 outstanding receivables. Using the information above, please calculate the following balances after all journal entries are recorded: Note: Do not use commas or periods in your answer. 1) Accounts Receivable 2) Allowance for Doubtful Accounts 3)Inventory 4)Cost of goods sold 5) Cash 6) Sales 7) Bad Debt Expense 8) Net Accounts Receivable
Mifflin Co. reported the following for the current year: net sales of $60,000; cost of goods sold of $38,000; beginning balance in accounts receivable of $14,000; and ending balance in accounts receivable of $6,000. Compute (a) accounts receivable turnover and (b) days’ sales uncollected. Round to one decimal. Hint: Recall that accounts receivable turnover uses average accounts receivable and days’ sales uncollected uses the ending balance in accounts receivable.
Assume the following information for Marin Corp. Accounts receivable (beginning balance) $136,000 Allowance for doubtful accounts (beginning balance) 11,480 Net credit sales 938,000 Collections 905,000 Write-offs of accounts receivable 5,000 Collections of accounts previously written off 1,900 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period. Prepare the entries to record the recovery of the uncollectible account during the period. Determine the ending balance in Accounts Receivable and the unadjusted balance in Allowance for Doubtful Accounts. Prepare the entry to record bad debt expense for the period. Determine the ending (adjusted) balance in Allowance for Doubtful Accounts. Ending (adjusted) balance in Allowance for Doubtful Accounts…
Assume the following information for Sage Hill Corp. Accounts receivable (beginning balance) $162,000 Allowance for doubtful accounts (beginning balance) 11,450 Net credit sales 930,000 Collections 904,000 Write-offs of accounts receivable 5,700 Collections of accounts previously written off 1,900 Uncollectible accounts are expected to be 7% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
The income statement approach to estimating uncollectible accounts expense is used by Burgess Wholesale. On March 31 the firm had accounts receivable in the amovnt of $630,000. The Allowance for Doubtful Accounts had a credit balance of $3,950. The controller estimated that uncollectible accounts expense would amount to one-half of 1% of the $5,200,000 of net sales made during March. This estimate was entered in the accounts by an adjusting entry on March 31. On April 12, an account receivable from Conrad Stern of $3,110 was deter- mined to be worthless and was written off. However, on April 24, Stern won several thousand dollars on a TV game show and immediately paid the $3,110 past-due EXERCISE 8-3 Accounting for Uncollectible Accounts-The "Income State- ment" Method account. INSTRUCTIONS Prepare four journal entries in general journal form to record the above events.