On january 1,2018 carly company has account receivable $109,000 and allowance for doubtful accounts $10,000. carly...

On january 1,2018 carly company has account receivable $109,000 and allowance for doubtful accounts $10,000. carly prepares financial statement annually. During the year the following selected transactions occurred.

Jan 5 Sold $12,000 of merchandise to Sam company terms n/30

Feb 2 Accepted a $12,000, 4-month, 10% promissory note from sam company for the balance due.

Feb 12 Sold$15,000 of merchandise to Neville company and accepted neville $15,000, 2-month , 10% note for the balance due.

Apr 12 Collected Neville company note in full

Jun 2 Collected sam company note in full

July 15 Sold $11,000 of merchandise to Hut co. and accepted Hut $11,000, 3-month, 12% note for the amount due.

Oct 15 Hut Co's note was dishonored. Hut Co. is bankrupt, and there is no hope of future settlement.

A) Journalize the transaction?

Expert Solution

ekkarill92 answered 9 months ago

Winstead & Company has Accounts receivable of $120,000 and a Debit balance of Allowance for Doubtful...

Winstead & Company has Accounts receivable of $120,000 and a Debit balance of Allowance for Doubtful Accounts $1,000 in the Allowance for Doubtful Accounts. and .The firm estimates that two percent of the current accounts and five percent of the past due account will prove to be uncollectible. The adjusting entry to provide for the bad debts expenses under the aging method should be for what amount?

Panamerican Foods has Accounts Receivable of $230,000 and an Allowance for Doubtful Accounts of $13,000. If...

Panamerican Foods has Accounts Receivable of $230,000 and an Allowance for Doubtful Accounts of $13,000. If it writes-off a customer account balance of $1,300, what is the amount of its net accounts receivable? Multiple Choice $217,000 None of the other answers are correct. $215,700 $228,700 $230,000

ABC Company reported accounts receivable of $225,000 and an allowance for doubtful accounts with a $28,000...

ABC Company reported accounts receivable of $225,000 and an allowance for doubtful accounts with a $28,000 credit balance on January 1, 2017. ABC Company records bad debt expense using the net credit sales method. The following information was available for ABC Company for the years 2017 and 2018: 2017 2018 Cash collections from customers ? 275,870 Recoveries 3,600 6,760 Net realizable value at December 31 127,180 154,240 Accounts receivable turnover ratio 2.4 1.80 Sales revenue 468,000 ? % of sales...

Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts...

Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts of $99,500 as of 12/31/18. In 2019, Donovan has credit sales of $2,900,000 and collections on account of $3,020,000. They write-off $103,000 in uncollectible accounts in 2019. Their financial manager estimates 14% of their accounts receivable will be uncollectible as of 12/31/19. REQUIRED : Provide the journal entry for Donovan for the account write-offs for 2019. REQUIRED : Provide the adjusting journal entry for...

Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts...

Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts of $99,500 as of 12/31/18. In 2019, Donovan has credit sales of $2,900,000 and collections on account of $3,020,000. They write-off $103,000 in uncollectible accounts in 2019. Their financial manager estimates 14% of their accounts receivable will be uncollectible as of 12/31/19. REQUIRED : Provide the journal entry for Donovan for the account write-offs for 2019. REQUIRED : Provide the adjusting journal entry for...

What is the difference between Accounts Receivable and the Allowance for Doubtful Accounts and when the...

What is the difference between Accounts Receivable and the Allowance for Doubtful Accounts and when the relationship can be considered reasonable

Oakwood Company had accounts receivable of $758,000 and an allowance for doubtful accounts of $27,000 just prior to writing off as worthless a customer’s $10,500 account receivable.

Oakwood Company had accounts receivable of $758,000 and an allowance for doubtful accounts of $27,000 just prior to writing off as worthless a customer’s $10,500 account receivable. The net realizable value of Oakwood’s accounts receivable as shown by the accounting records before and after the write off was as follows: Multiple ChoiceBeforeAfter$731,000$720,500BeforeAfter$735,000$741,500BeforeAfter$731,000$731,000BeforeAfter$758,000$747,500

Accounts Debits Credits cash $41,150 Account Receivable 4,806 Allowance for Doubtful Accounts 58 Inventory 2,670...

Accounts Debits Credits cash $41,150 Account Receivable 4,806 Allowance for Doubtful Accounts 58 Inventory 2,670 Prepaid Insurance 2,200 Land 20,000 Accounts Payable 1,500 Interest Payable 90 Payroll Taxes Payable 113 Wages Payable 817 Mortgage Payable 18,000 Owners investment 50,000 Retained Earnings - Sales 11,680 Repair revenue 20 Cost of goods sold 3,504 Advertising 200 Bad debt expense 58 Bank charges 50 Insurance expense 200 Payroll taxes 603 Rent 2,240 Supplies 150 Wages 4,357 Interest...

Would an increase tax payable or allowance for doubtful accounts has increased and gross accounts receivable...

Would an increase tax payable or allowance for doubtful accounts has increased and gross accounts receivable remains the same make net income exceed operating cash flows at year end

On Dec 31, 2016, Rawda Company had accounts receivable of $750,000 and allowance for doubtful accounts...

On Dec 31, 2016, Rawda Company had accounts receivable of $750,000 and allowance for doubtful accounts that had a debit balance of $10,000. The company uses an aging schedule (aging method) to estimate its uncollectible accounts as shown in the following table: # of Days Outstanding Amounts Estimated % Uncollectible 0-30 $ 200,000 2% 31-60 200,000 4% 61-90 200,000 6% Over 90 150,000 8% Requirements: What is the required balance for the allowance of doubtful accounts on Dec 31, 2016?...

Question

On january 1,2018 carly company has account receivable $109,000 and allowance for doubtful accounts $10,000. carly...

Solutions

Expert Solution

Related Solutions

Winstead & Company has Accounts receivable of $120,000 and a Debit balance of Allowance for Doubtful...

Panamerican Foods has Accounts Receivable of $230,000 and an Allowance for Doubtful Accounts of $13,000. If...

ABC Company reported accounts receivable of $225,000 and an allowance for doubtful accounts with a $28,000...

Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts...

Donovan Carrier Corp has an Accounts Receivable Balance of $1,065,000 and an Allowance for Doubtful Accounts...

What is the difference between Accounts Receivable and the Allowance for Doubtful Accounts and when the...

Oakwood Company had accounts receivable of $758,000 and an allowance for doubtful accounts of $27,000 just prior to writing off as worthless a customer’s $10,500 account receivable.

Accounts Debits Credits cash $41,150 Account Receivable 4,806 Allowance for Doubtful Accounts 58 Inventory 2,670...

Would an increase tax payable or allowance for doubtful accounts has increased and gross accounts receivable...

On Dec 31, 2016, Rawda Company had accounts receivable of $750,000 and allowance for doubtful accounts...