Jelai Hardware transactions as of Dec. 31, 2019 P130,115.00 30,000.00 125,750.00 4,835.00 785,345.00 6,000.00 3,750.00 120,000.00 36,000.00 60,000.00 18,000.00 48,000.00 335,535.00 50,000.00 10,550.00 586,230.00 1,950,345.00 16,750.00 24,820.00 1,320,500.00 12,585.00 20,350.00 31,475.00 115,600.00 18,000.00 Cash Note Receivable Account Receivable Allowable for Doubtful Accounts Merchandise inventory Prepaid Insurance Office Supplies Store Equipment Accumulated Dep-Eqpt. Office Equipment Accumulated Dep. Office eqpt. Grace Zamora Drawing Accounts Payable Notes Payable VAT Payable Grace Zamora Capital Sales Sales Return & allowances Sales discounts Purchases Purchase Return & allowances Purchase discounts Transportation In Sales salary expense Advertisement expense

Jelai Hardware transactions as of Dec. 31, 2019 P130,115.00 30,000.00 125,750.00 4,835.00 785,345.00 6,000.00 3,750.00 120,000.00 36,000.00 60,000.00 18,000.00 48,000.00 335,535.00 50,000.00 10,550.00 586,230.00 1,950,345.00 16,750.00 24,820.00 1,320,500.00 12,585.00 20,350.00 31,475.00 115,600.00 18,000.00 Cash Note Receivable Account Receivable Allowable for Doubtful Accounts Merchandise inventory Prepaid Insurance Office Supplies Store Equipment Accumulated Dep-Eqpt. Office Equipment Accumulated Dep. Office eqpt. Grace Zamora Drawing Accounts Payable Notes Payable VAT Payable Grace Zamora Capital Sales Sales Return & allowances Sales discounts Purchases Purchase Return & allowances Purchase discounts Transportation In Sales salary expense Advertisement expense

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

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Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following information: Required: 1. Prepare the journal entries necessary for Upham to record the preceding transactions. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Uphams June 30, 2020, balance sheet.
the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger control
company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?
Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method I added more imformation in the image for the background data and imformation. Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) -attached is an image to the context the journal entries should be placed in
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000Refer to Question 10. Using the aging-of-receivables method, the balance of the Allowanceaccount after the adjusting entry at year-end 2018 would bea. $1,260.b. $2,160.c. $360.d. $9,260
Which one of the following journal entry is Correct on 1st January 2020? a. Debit Purchase OMR 11,400 Credit Accounts payable OMR 11,400 b. Debit Accounts receivable OMR 11,400 Credit Sales OMR 11,400 c. Debit Purchase OMR 12,000 Credit Accounts payable OMR 12,000 d. Debit Accounts payable OMR 12,000 Credit Purchase returns and allowances OMR 12,000
Ace Company uses the Aging of receivables method to account for uncollectible accounts. Thecompany had the following balances on January 01, 2019.Part AAccounts receivable...........................................$2,800,000Allowance for uncollectible accounts...................$88,800 (credit)The company completed the following transactions during 2019. April 20-- Wrote off the balance of $1,000 from Shari Wickham’s account asuncollectible. November 27- Re-instated the account of Louis Benn and recorded the collection of$1,500 as payment in full for her account which had been written off earlier. December 31sti. Recorded the uncollectible account expense based on the aging schedule. Theschedule showed that $124,500 of accounts receivable was estimated asuncollectible.ii. Made the closing entry for the uncollectible expense account.Requirements:1. Prepare journal entries for each transaction (No narrations required)2. Prepare the Allowance for Uncollectible and the Accounts…
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
Required: Assume credit sales for 2019 were $312,000 and that on December 31, 10% of credit sales are estimated to be uncollectible. Using the percentage of sales method:Determine the amount to be charged to the uncollectible expense account.Prepare the Allowance for uncollectible account. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31 Journal Entries Date Particulars Debit($) Credit($) 10.1.20 Accounts Receivable 11000 To sales 11000 15.5.20 Allowance for uncollectible accounts(2500+400) 2900 To accounts receivable 2900 4.8.20 Cash(70% of 11000) 7700 Allowance for uncollectible accounts(30% of $11000) 3300 To Accounts Receivable 1100 26.10.20 Accounts Receivable(30% of $400) 120 To allowance for uncollectible accounts 120 26.10.20 Cash 120 To accounts receivable 120…
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,000If uncollectible accounts are determined by the aging-of-receivables method to be $1,260,the uncollectible-account expense for 2018 would bea. $2,160.b. $1,260.c. $360.d. $900.
Which one of the following journal entry is Correct on 20th February 2020? a. Debit Cash OMR 150 Credit Sales return and allowances OMR 150 b. Debit Accounts receivable OMR 150 Credit Cash OMR 150 c. Debit Sales return and allowances OMR 150 Credit Accounts receivable OMR 150 d. Debit Accounts payable OMR 150 Credit Purchase returns and allowances OMR 150
An invoice dated May 5, 2019 has terms of sale 3/15, n60 ROG for goods received onJune 15, 2019. Find the end dates of the discount period and the credit period. Be sure to include the year. Discount Period_______________________ Credit Period_________________________