2) Moonlight Company wrote off the account of one of its customers, X, in 2018 for $500. On January 21, 2019, X unexpectedly repaid his account in full. The company uses the direct write off method to account for uncollectible receivables Journalize the entries required for Moonlight Company on January 21, 2019.

Q: Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000…

A: Bad Debt means expenses related to those accounts receivables, for which it is estimated that due…

Q: Theta Company determines that a $6,300 account receivable from CorpCo is uncollectible and writes…

A: Solution: Under direct write method, Account is written off directly to income statement.

Q: On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing…

A: Date   Accounts and Explanation   Debit   Credit   Aug. 1  Notes Receivable 12,000…

Q: At the end of 2021, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company…

A: Bad debt expense is recognized for the loss of accounts receivable as some of the customers may not…

Q: The F Company uses the allowance method is used to account for uncollectible receivables. It had the…

A: Receivables, loans, and other obligations that are likely to be paid are referred to as…

Q: On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the…

A: Answer are as follows

Q: Perfect Pet Company gave a creditor a 90-day, 6% note payable for $28,000 on December 1, 2019. What…

A: Principal amount = $ 28000 Coupon rate = 6% Time frame = 1 month period

Q: At the end of 2021, Sage Hill Co. has accounts receivable of $704,700 and an allowance for doubtful…

A: Journal: Recording of a business transactions in a chronological order.

Q: Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: At the end of 2021, Kingbird Co. has accounts receivable of $691,500 and an allowance for doubtful…

A: (a)Entry to record the write off.

Q: Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO…

A: Answer: b- (1&iii)

Q: Can you explain why the notes payable amount $250,000 that is due at December 31st, 2021 is not…

A: Introduction: While preparing classified balance sheet, all accounts are presented under classified…

Q: ce Company uses the Aging of receivables method to account for uncollectible accounts. The company…

A: Dear student ,                                        You asked multiple questions…

Q: Magrath Company has an operating cycle of less than one year and provides credit terms for all of…

A: Receivables:   Receivables refer to an amount to be received in future. Receivables are classified…

Q: Last week, I paid my balance in full with a personal cheque. However, the enclosed statement shows…

A: The balance of the account cannot be 0. The disparity is due to the fact that the cheque for the…

Q: on January 1, 2021, dependable, Inc borrows $10,000 from a local bank by signing a 6% note July 1,…

A: The note refers to the amount that the company or individual owned from the bank or suppliers by…

Q: The following transactions took place during 2020 for Webb Industries.

A: Many organisations follow Allowance Method for writing off  Accounts Receivable…

Q: From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan…

A: Solution: As per given - From the following particulars of Al Zahra LLC for the year…

Q: Judy Smith owed the Flower Company $3,200 on account by February 25. After several attempts to the…

A:

Q: From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan…

A: From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan…

Q: On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Pina Co.…

A: Solution:  journal entries on December 31, 2021, May 11, 2022, and June 12, 2022 are as under:

Q: Assume the conditions for to be recorded as a sale are met. Prepare the journal entry on August 15,…

A: Accounts receivable :— Account receivable are shown in the Asset side of the balance sheet. Account…

Q: S9-3 Applying the direct write-off method to account for uncollectibles Shawna Valley is an attorney…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: At December 31, 2018, Oriole Company reported the following information on its balance sheet.…

A: Accounts receivable turnover ratio indicates how many times the customers pay to the firm in an…

Q: The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,…

A: Introduction Bad Debt Expense: Bad Debts are accounts receivable that a company does not expect to…

Q: Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write-off of the RO…

A: The question is related to Accounts Receivables which were written off as bad debts earlier but on…

Q: Brady is hired in 2021 to be the accountant for Anderson Manufacturing, a private company. At the…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: (a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is…

A: 1. Allowance Method - Under Allowance Method company makes the provision for allowance for doubtful…

Q: At December 31, 2019, Blue Spruce Corp. Company had a credit balance of $17,000 in Allowance for…

A: Beginning , Allowance for doubtful debts ( Credit balance ) = $ 17000 Ending , Allowance for…

Q: Gate City Cycles had trouble collecting its account receivable from Sue Ann Noel. On June 19, 2018,…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Maria Rivera, owner of Rivera Pharmacy, uses the direct write off method in accounting for…

A: There are two methods of reporting accounts receivables and bad debt expenses. 1) Allowance method;…

Q: Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company…

A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want…

Q: What amount should be reported as doubtful accounts expense for 2019? Answer: 300,000 2. What…

A: NRV stands for Net Realizable value which is defined as the amount of the cash that the business…

Q: On Jan.1, 2016, Diana opened an account with a P50000 deposit. On Jan.1, 2017, she withdraws P25000…

A: Let 2016 be year 0. CF0 = P 50000 CF1 = - P 25000 CF3 = P 75000 r = 7.5% We need to find the future…

Q: on january 1, cooper company accepted a one-year note for $5,000 at 4% from one of its customers.…

A: Journal entries are the transactions that are recorded in the primary book. They are chronological…

Q: Write off the $3,890 of accounts receivable due from Jacob Marley. If an amount box does not require…

A: The direct-write off method mean writing off a bad debt expense directly against the corresponding…

Q: Assume that the accountant of Diamond Furniture on March 1, 2018, authorizes a write off of the RO…

A: When a bad debt is incurred  Allowance for doubtful debt is debited. Accounts receivable is…

Q: Nash's Trading Post, LLC receives a $9000, 3-month, 6% promissory note from Concord Corporation in…

A: Note​ Receivable : Note ​receivable is an instrument gives the holder right to receive the amount…

Q: From the following particulars of Al Zahra LLC for the year 2019, a. Accounts receivable on 1st Jan…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: At December 31, 2021, Larkspur Company had a credit balance of $16,200 in Allowance for Doubtful…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: On December 31, 2020, Hoosier Inc. establishes an allowance for doubtful accounts of 3% of its…

A: Net realizable value (NRV) of accounts receivable  = Accounts receivable -  Allowance for doubtful…

Q: Bramble Supply Co. has the following transactions related to notes receivable during the last 2…

A: Interest accrued on Nov. 1 notes = 13,200 x 10% x 2/12 = $220 Interest accrued on Dec. 11 notes =…

Q: Following are selected transactions of Youth Inc. during December 2016.   Dec 1:  Youth accepted a…

A: Journal entries (JE) refers to the transactions of the company are recorded in the books of the…

Q: On January 15, 2020, XYZ Company received a two-month, 4%, $7,000 note from ABC Company for the…

A: When the note value is said to be uncollectible, it is called as a dishonored note and entry for…

Q: The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,…

A: Percentage of Uncollectible Method: Under this method, an amount of uncollectible is calculated on…

Q: At the end of 2020, Crane Co. has accounts receivable of $740,200 and an allowance for doubtful…

A: Accounts receivable balance after write off = Accounts receivable balance before write off - amount…

Q: On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his…

A: Interest on notes = Face value of note x rate of interest x days / 360 = $6,000 x 12% x 90/360 =…

Q: Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance…

A: Under Direct write off method, the accounts receivable of the related customer is directly written…

Q: At December 31, 2021, Blossom Company had a credit balance of $19,100 in Allowance for Doubtful…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…