Last week, I paid my balance in full with a personal cheque. However, the enclosed statement shows current balance of AED 300. Will you please correct my account balance to the correct figure – zero?” Write a “no” response to this letter explaining why the request cannot be granted.
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Last week, I paid my balance in full with a personal cheque. However, the enclosed statement shows current balance of AED 300. Will you please correct my account balance to the correct figure – zero?” Write a “no” response to this letter explaining why the request cannot be granted.
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- I have entered every answer for Dec 31, and it keeps telling me i am wrong. Can you help me solve?On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,315, Wildhorse Co. estimates that 11% of its accounts receivable balance of $107,400 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Wildhorse Co. determined that B. Jared’s account was uncollectible and wrote off $1,207. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Choose a transaction date December 31, 2021May 11, 2022June 12, 2022 Enter an account title Enter a debit amount Enter a credit…Judy Smith owed the Flower Company $3,200 on account by February 25. After several attempts to the collect the money that was owed, Flower Company wrote off Judy's account as uncollectible on August 31. On December 15 Flower Company received a check from Judy Smith for the full $3,200 that she had owed the company. The company's fiscal year ended on December 31. Which of the following journal entries is recorded to reinstate the account when using the direct write-off method? a.Debit Accounts Receivable $3,200 and credit Uncollectible Accounts Recovered $3,200 b.Debit Bad Debt Expense $3,200 and credit Accounts Receivable $3,200 c.Debit Accounts Receivable $3,200 and credit Bad Debt Expense $3,200 d.Debit Allowance for Doubtful Accounts $3,200 and credit Bad Debt Expense $3,200On February 1, 2022, Hoya Kentinana Co. owed money to it’s supplier, the money tree, Inc. in the amount of $1,200. Hoya knows it will not be able to pay the amount by the invoice due date of 2/15, s it asks to issue a 2 month note payable to the money tree for the amount due. The money tree accepts, and Hoya’s entry will include a credit to which account? Cash Note payable accounts receivable interest expense
- Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000 on August 1. On December 31, Bank Enterprises uses the allowance method and determines the loan to be uncollectible. Larson had not paid anything toward the balance due on account. Record the journal entry recording the bad debt write-off?You received an invoice dated April 20th in the amount of $14,200 with terms 5/15, 1/30, n/40, 2.8% penalty per month for late payments. The merchandise is received on May 9th. You sent in a partial payment of $7,100 on May 15th with the intention to pay the remaining balance before the credit period expired. However, you forgot about the invoice and realized your mistake on June 29th, when you submit payment in full for the invoice. What amount is the final payment?Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $7,200. On September 9, the customer unexpectedly pays the $7,200 balance. Determine the financial statement effects of collecting cash from an account previously written off as uncollectible. (Amounts to be deducted should be entered with minus sign.)
- Can you explain how properly complete this problem, I keep gtting it incorrect. At the end of 2021, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. 1. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,210. 2. On March 4, 2022, Nash's Trading Post, LLC receives payment of $4,210 in full from Madonna Inc. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 2. Enter an account title to record recovery of accounts receivable Enter a debit amount…Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months andwants you to update her records on August 31, 2020.On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr withan Allowance for Doubtful Debts of $462 Cr. In the last two monthsSales (net of GST)S4 800Sales Returns & Allowances (net of GST) 400Cash Collected3 550Bad Debts to be written off (Including GST) 660The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED:Prepare the following General Journal entries to1. account for the write off of the bad debt during the past two months2. the adjusting entry on August 31 using the information Minnie has provided. b. Update the Accounts Receivable and Allowance for doubtful debts accounts.Mr Jacky has not kept proper bookkeeping records, but he has kept notes in diary form of the trasactions of his business as at 31 May 2021. THe following transactions relate to financial year ended on 31 May 2021. a. THe sales are mosly on credit basis. No record of sales has been made, but N$ 14 200 has been received, N$ 9 700 by cheque and N$ 4 500 by cash, from debtors. b. Amount paid by cheque to suppliers during the year amounted to N$ 5 500. c. Mr. Jacky took N$ 2 600 cash for the year for personal use. d. The following payments was made for the year by cheque, Telephone Expense N$ 1 250, Transport Expenses N$ 840, Rent Expense N$ 2 200 and by cash, General Expense N$ 250 and Municipal Expense N$ 450. e. Assets was acquired on 31 March 2020, as: Motor Vehicle N$ 24 600 and Furniture and Fittings N$ 18 400. Depreciation of 10% straight line for 31 May 2021 f. THe following information is available: at 31.05.2020…
- At the end of the year, Syer Associates had a debit balance in its allowance for uncollectible accounts of $12,000 before adjustment. The balance in Syer's gross accounts receivable is $600,000. Syer's management estimates that 10% of its accounts receivable balance will not be collected.What journal entry should Syer record to adjust its allowance for uncollectible accounts? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)A cheque for $3,000 received from a debtor was deposited at the bank but no journalentry was made to record the transaction in the cash book.ii. The repayment of a mortgage is made on behalf ofthe business by the bank on the authority of astanding order. The payment of $18,000 for themonth of November 2010 was not recorded in thecash book.iii. A $36,900 deposit made to the bank on November30, 2010, did not appear on the bank statement.iv. A cheque for $67,000 which was paid to a creditorwas incorrectly recorded in the cash book as$76,000.v. Bank charges of $2,400 appeared on the bank statement only.vi. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was notrecorded in the cash book.vii. Cheques amounting to $41,000 that were paid to suppliers and creditors did not appearon the bank statement.viii. A deposit of $25,000 made by Federal Trading appeared on the bank statement of FidelTrading.ix. The bank account in the cash book of Fidel Trading reflected an…On Aug 1, ABC received a 60 day, 10% note for 12,000 from McAnn’s Auto in settlement of an existing Accounts Receivable. On Oct 1, when asked to pay, McAnn Dishonored the Note. The Journal entry to record that the note was dishonored is:
