Question
In: Accounting
March 11 Dexter determines that it cannot collect $9,200 of its accounts receivable from Leer Co....
| March | 11 | Dexter determines that it cannot collect $9,200 of its accounts receivable from Leer Co. | ||
| 29 | Leer Co. unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. |
Prepare journal entries to record the above transactions.
- Record write off of Leer Co. account.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Mar 11 | |||
Record the reinstatement of an account previously written off.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Mar 29 | |||
Record the cash received on account.
| Date | General Journal | Debit | Credit |
|---|---|---|---|
| Mar 29 | |||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Solstice Company determines on October 1 that it cannot collect $63,000 of its accounts receivable from...
Solstice Company determines on October 1 that it cannot collect
$63,000 of its accounts receivable from its customer, P. Moore.
Apply the direct write-off method to record this loss as of October
1.
Record the write off an account.
Record the write off an account.
Date
General Journal
Debit
Credit
Oct 01
Prepare journal entries for the following credit card sales
transactions (the company uses the perpetual inventory
system).
Sold $32,000 of merchandise, which cost $24,600, on Mastercard
credit cards....
What amount does a company expect to collect from Accounts Receivable? A) gross amount of Accounts...
What amount does a company expect to collect from Accounts
Receivable?
A) gross amount of Accounts Receivable
B) net realizable value of Accounts Receivable
C) gross amount of Accounts Receivable minus Allowance for
Uncollectible Accounts
D) B and C
Emma Jones Company has the following information available:
Account
12/31/2019
12/31/2018
Accounts Payable
$76,500
$80,000
Accounts Receivable, net
42,300
49,000
Cash and Cash Equivalents
43,700
70,000
Inventories
100,000
99,000
Long-Term Investments
20,000
100,000
Short-Term Investments
27,000
44,000
Income Taxes Payable
2,000...
(Pro forma accounts receivable balance calculation) The accounts receivable for Pastors Brewing Company on March ...
(Pro forma accounts receivable balance calculation)
The accounts receivable for Pastors Brewing Company on March
31, 2016 was $23,000. Firm sales are roughly evenly split between
credit and cash sales, with 40 percent of the credit sales
collected in the month after the sale and the remainder 2 months
after the sale. Historical and projected sales for the brewing
company are given here:
MONTH
SALES
MONTH
SALES
January
$19,000
March
$31,000
February
$25,000
April (projected)
$35,000
.
a. Under...
On May 1, Dexter, Inc. factored $1,600,000 of accounts receivable with Quick Finance on a without...
On May 1, Dexter,
Inc. factored $1,600,000 of accounts receivable with Quick Finance
on a without recourse basis. Under the arrangement, Dexter was to
handle disputes concerning service, and Quick Finance was to make
the collections, handle the sales discounts, and absorb the credit
losses. Quick Finance assessed a finance charge of 6% of the total
accounts receivable factored and retained an amount equal to 2% of
the total receivables to cover sales discounts.
Instructions
Prepare the journal entry required...
On May 1, Dexter, Inc. factored $1,600,000 of accounts receivable with Quick Finance on a without...
On May 1, Dexter, Inc.
factored $1,600,000 of accounts receivable with Quick Finance on a
without recourse basis. Under the arrangement, Dexter was to handle
disputes concerning service and returns of purchases. Quick Finance
was to make the collections, and absorb any credit losses for bad
debts. Quick Finance assessed a finance charge of 6% of the total
accounts receivable factored and retained an amount equal to 2% of
the total receivables to cover sales discounts.
Instructions
(a)
Prepare the...
On May 1, Dexter, Inc. factored $1,600,000 of accounts receivable with Quick Finance on a without...
On May 1, Dexter, Inc.
factored $1,600,000 of accounts receivable with Quick Finance on a
without recourse basis. Under the arrangement, Dexter was to handle
disputes concerning service and returns of purchases. Quick Finance
was to make the collections, and absorb any credit losses for bad
debts. Quick Finance assessed a finance charge of 6% of the total
accounts receivable factored and retained an amount equal to 2% of
the total receivables to cover sales discounts.
(d) Prepare the entry...
Kyla Co. prepared an aging of its accounts receivable at December 31, 2020 and determined that...
Kyla Co. prepared an aging of its accounts receivable at
December 31, 2020 and determined that the net realizable value of
the receivables was $580,000. Additional information for calendar
2020 follows:
Allowance for doubtful accounts, Jan 1
$68,000 (cr.)
Uncollectible account written off during year
46,000
Bad debt expense for 2020
28,000
Uncollectible accounts recovered during year
10,000
At the year end December 31, 2020, Kyla Co.’s Accounts
receivable balance should be
1)
$640,000.00
2)
$658,000.00
3)
$644,000.00
4)...
– Problem – Accounts Receivable Blair Co. makes most of its sales on a credit basis....
– Problem –
Accounts Receivable
Blair Co. makes most of its sales on a credit basis. Blair uses
the allowance method to account for credit losses. The company
adjusts its accounts just once a year, at the December 31 year-end.
Consider the following balances available from the company’s
unadjustedtrial balance at year-end 2018:
Account
Debit
Credit
Accounts receivable
2,571,500
Allowance for doubtful accounts
21,065
Blair prepared an aging of accounts at year-end 2018, as
follows:
Age Group
Amount
Estimated %...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
Concrete Consulting Co. has the following accounts in its
ledger: Cash; Accounts Receivable; Supplies; Office Equipment;
Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense;
Miscellaneous Expense.
Transactions
Oct.
1
Paid rent for the month, $2,200.
3
Paid advertising expense, $550.
5
Paid cash for supplies, $1,200.
6
Purchased office equipment on account, $9,300.
10
Received cash from customers on account, $16,950.
15
Paid creditors on account, $3,000.
27
Paid cash for miscellaneous...
Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment;...
Concrete Consulting Co. has the following accounts in its
ledger: Cash; Accounts Receivable; Supplies; Office Equipment;
Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Fees
Earned; Rent Expense; Advertising Expense; Utilities Expense;
Miscellaneous Expense.
Transactions
Oct.
1
Paid rent for the month, $2,100.
3
Paid advertising expense, $650.
5
Paid cash for supplies, $1,350.
6
Purchased office equipment on account, $9,300.
10
Received cash from customers on account, $15,600.
15
Paid creditors on account, $3,360.
27
Paid cash for miscellaneous...
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