On January 31, 2021, the Term Deposit Account is closed and the balance is transferred to the Demand Deposit Account.
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Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
On January 31, 2021, the Term Deposit Account is closed and the balance is transferred to the Demand Deposit Account.
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- You are the accountant for Speedy Company and are preparing the financial statements for 2019. Near the end of 2019, Speedy loaned its president 100,000 (a material amount) because she was having financial difficulties. The note was properly recorded as a note receivable by Speedy. You are unsure of how to classify this note on the 2019 ending balance sheet and ask the president when the note is due. She replies, We never really set a due date; I might repay it in 2020 or maybe in a couple of years when I get more financially secure. It would be best to classify this note as a current asset in the usual manner because that will increase our working capital and current ratio, which will make our creditors and shareholders happy. Required: From financial reporting and ethical perspectives, what do you think of the presidents suggestion?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…One of the checks returned on January 15, 2022, dated December 31, 2021 for P2,000.00, for a 2021 operating expenses, was actually not written until January 3, 2022. This check appeared as one of the outstanding checks in the company’s bank reconciliation as at December 31, 2021. Requirement: Prepare adjusting entries
- On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Pina Co. estimated that 3% of its net accounts receivable of $435,200 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Pina Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,176. On June 12, 2022, Shoemaker paid the amount previously written off.1. 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.)On 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 expenseOn 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 Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable
- Chris Nelson, the new assistant controller for Grand Company, is preparing for the firm’s year-end closing procedures. On December 30, 2019,a memorandum from the controller directed Nelson to make a journal entry debiting Cash and crediting Long-Term Advances to Officers for $1,000,000 . Not finding the $1,000,000 in the cash deposit prepared for the bank that day, Nelson went to the controller for a further explanation. In response, the controller took from her desk drawer a check for $1,000,000 payable to Grand Company from Jason Grand, chief executive officer of the firm. Attached to the check was a note from Jason Grand saying that if this check were not needed to return it to him next week. “This check is paying off a$1,000,000 advance the firm made to Jason Grand six years ago,”stated the controller.“ Mr.Grand has done this every year since the advance; each time we have returned the check to him in January of the following year. We plan to do so again this time. In fact, when…I need help with the final step. It says i have everything else correct but im at a loss for the final step On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,316. The balance shown on the bank statement on the same date was $13,217. Notes The firm’s records indicate that a $1,490 deposit dated August 30 and a $705 deposit dated August 31 do not appear on the bank statement. A service charge of $7 and a debit memorandum of $340 covering an NSF check have not yet been entered in the firm’s records. (The check was issued by Art Corts, a credit customer.) The following checks were issued but have not yet been paid by the bank: Check 712, $ 114 Check 713, $ 129 Check 716, $ 242 Check 736, $ 581 Check 739, $ 82 Check 741, $ 124 A credit memorandum shows that the bank collected a $2,104 note receivable and interest of $67 for the firm. These amounts have not yet been entered in the…On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,413, Vaughn Manufacturing estimates that 11% of its accounts receivable balance of $93,300 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Vaughn Manufacturing determined that B. Jared’s account was uncollectible and wrote off $1,255. 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 Credi
- On October 1, 2024, Ogneva Corporation loans one of its employees $43,000 and accepts a 12-month, 8% note receivable. Required: Record (a) lending of $43,000 cash to an employee on October 1, 2024, (b) the adjusting entry for interest on December 31, 2024, and (c) collection of cash for the note and interest on October 1, 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)During 2021, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron provides services to a customer on account. The customer signs a fourmonth, 9% note for $7,000. 2. On June 1, LeBron lends cash to one of the company’s vendors by accepting a six-month, 10% note for $11,000. 3. On November 1, LeBron accepts payment for prior services by having a customer with a past-due account receivable sign a three-month, 8% note for $6,000. Required: Record the acceptance of each of the notes receivable.At December 31, 2021, Blossom Company had a credit balance of $19,100 in Allowance for Doubtful Accounts. During 2022, Blossom wrote off accounts totaling $14,500. One of those accounts of $3,400 was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $24,700.Prepare journal entries to record the 2022 transactions of Blossom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record amount written off enter a debit amount enter a credit amount enter an account title to record amount written off enter a debit amount enter a credit amount (To record amount written off) enter an account title to reverse write-off enter a debit amount enter a credit amount…
