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- E7.16 (LO 2, 3, 5) (Journalizing Various Receivable Transactions) The trial balance before adjustment for Phil Collins Company shows the following balances. Dr. Cr. Accounts Receivable $82,000 Allowance for Doubtful Accounts 2,120 Sales Revenue $430,000 Instructions Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 1. To obtain additional cash, Collins factors without recourse $25,000 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. 2. To obtain a 1-year loan of $55,000, Collins pledges $65,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. 3. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. 4. Based on an aging analysis, an allowance of $5,800 should be…E7.9 (LO3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Estefan Inc. shows the following balances. Accounts Receivable $80.000 (D) Allowance for Doubtful Accounts $1.750 (D) Sales Revenue (net, all on credit) $580.000 (K) Instructions Give the entry for estimated bad debts assuming that the allowance is to providefor doubtful accounts on the basis of (a) 4% of gross accounts receivable and (b)5% of gross, accounts receivables and allowance for Doubtful accounts has a$1,700 credit balance.E7.9 (LO 3) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Taylor Swift Inc. shows the following balances. Dr. Cr.Accounts Receivable $90,000 Allowance for Doubtful Accounts 1,750Sales Revenue (all on credit) $680,000Instructions:Give the entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts on the basis of (a) 4% of gross accounts receivable (b) 5% of gross accounts receivable and Allowance for Doubtful Accounts has a $1,700 credit balance. (c) Company uses percentage of sales method. Bad debts are estimated at 2% of net credit sales. AFDA has a credit balance of 1,700. (d) Based on (c), what will be the ending balance in AFDA? What is net realizable value of A/R?
- 1. What amount was received from the note receivable discounting? a. 4,017,000b. 4,120,000c. 4,103,000d. 3,965,500 2. What amount should be reported as loss on note receivable discounting? a. 40,000b. 23,000c. 17,000d. 20,000PA6. 9.2 Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. Record the year-end adjusting entry for 2018 bad debt using the income statement method. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,888; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.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…
- Hh4. Account The allowance for doubtful debts account had a debit opening balance of $1,000 before bad debts of $900 were written off. If the allowance was adjusted to 5% of the accounts receivable balance of $44,000 inclusive GST, at the end of the period, the new amount of the allowance for doubtful debts that is deducted from accounts receivable in the balance sheet is $__________. Group of answer choices 2,200 2,100 2,000 3,000PA8. LO 8.6Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction No Journal Entry Needed Journal Entry Needed Debit Credit Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit Bank chargesThis is a variation of E 7–20 modified to focus on factoring with recourse under IFRS.]Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amountto Mountain High and retains 10% to cover sales returns and allowances. When the bank collects the receivables,it will remit to Mountain High the retained amount (which Mountain estimates has a fair value of $5,000). Mountain High anticipates a $3,000 recourse obligation. The bank charges a 2% fee (2% of $60,000), and requires thatamount to be paid at the start of the factoring arrangement. Mountain High has transferred control over the receivables, but determines that it still retains substantially all risks and rewards associated with them.Required:Prepare the journal entry to record the transfer on the books of Mountain High, considering whether the sale criteria under IFRS have been…
- E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.38. The company’s accounts receivable under “61-90 days” category totaleda. P32,600b. P44,320c. P44,600d. P42,000 39. The allowance for bad debts to be reported on the balance sheet at December 31, 20x7, isa. P13,199b. P6,199c. P9,699d. P9,043 40. What entry should be made on December 31, 20x7, to adjust the allowance for bad debts account?a. Bad debt expense 13,699Allowance for bad debts 13,699b. Bad debt expense 5,199Allowance for bad debts 5,199c. Allowance for bad debts 5,199Bad debts expense 5,199d. Bad debt expense 9,699Allowance for bad debts 9,699E7.8 (LO 3) (Recording Bad Debts) At the end of 2020, Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2021, Aramis Company determined that its receivable from Ramirez Company of $6,000 will not be collected, and management authorized its write-off. Instructions: a. Prepare the journal entry for Aramis Company to write off the Ramirez receivable. b. Prepare the entries if Ramirez later pays back half of what he owed.