9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of: Problem 9The accounts receivable subsidiary ledger of Olarita Corporation shows the followinginformation:Customer12/31 Account balanceInvoiceDateAmountOne, Inc.P140,72012/06P56,00084,72048,00035,68080,00042,40092,56088,00011/2909/0208/2012/08Two Co.83,680Three Corp.122,400410/25Four Co.180,56011/1710/0912/1212/0209/12Five Co.126,40076,80049,60069,600P723,360Six, Inc.69,600P723,360TotalThe estimated bad debt rates below are based on the Corporation's receivable collectionexperience.Age of accounts0 – 30 days31 – 60 days61 – 90 days91 – 120 daysRate1%1.5%3%10%Over 120 days50%The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020,before adjustment.9. The adjusting journal entry to adjust the allowance for doubtful accounts as ofDecember 31, 2020 will include a debit to doubtful accounts expense of

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Problem 9 The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 11/29 09/02 08/20 12/08 10/25 P56,000 84,720 48,000 35,680 80,000 42,400 92,560 88,000 76,800 49,600 69,600 P723,360 Two Co. 83,680 Three Corp. 122,400 Four Co. 180,560 11/17 10/09 12/12 Five Co. 126,400 12/02 Six, Inc. 69,600 P723,360 09/12 Total The estimated bad debt rates below are based on the Corporation's receivable collection experience. Age of accounts 0 - 30 days 31 – 60 days 61 – 90 days 91 – 120 days Over 120 days Rate 1% 1.5% 3% 10% 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of 4.

Problem 9 The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 11/29 09/02 08/20 12/08 10/25 P56,000 84,720 48,000 35,680 80,000 42,400 92,560 88,000 76,800 49,600 69,600 P723,360 Two Co. 83,680 Three Corp. 122,400 Four Co. 180,560 11/17 10/09 12/12 Five Co. 126,400 12/02 Six, Inc. 69,600 P723,360 09/12 Total The estimated bad debt rates below are based on the Corporation's receivable collection experience. Age of accounts 0 - 30 days 31 – 60 days 61 – 90 days 91 – 120 days Over 120 days Rate 1% 1.5% 3% 10% 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of 4.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...

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The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 P56,000 11/29 84,720 Two Co. 83,680 09/02 48,000 08/20 35,680 Three Corp. 122,400 12/08 80,000 10/25 42,400 Four Co. 180,560 11/17 92,560 10/09 88,000 Five Co. 126,400 12/12 76,800 12/02 49,600 Six, Inc. 69,600 09/12 69,600 Total P723,360 P723,360 The estimated bad debt rates below are based on the Corporation’s receivable collection experience. Age of accounts Rate 0 – 30 days 1% 31 – 60 days 1.5% 61 – 90 days 3% 91 – 120 days 10% Over 120 days 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 1. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
Soriano Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account Balance Invoice December 31, 2024 Date Amount Kaya, Inc. 35,180 12/06/24 14,000 11/29/24 21,180 Nyo Co. 20,920 09/27/24 12,000 08/20/24 8,920 Yan Corp. 30,600 12/08/24 20,000 10/25/24 10,600 Kayo Co. 45,140 11/17/24 23,140 10/09/24 22,000 Pa, Inc. 31,600 12/12/24 19,200 12/02/24 12,400 Ba, Corp. 17,400 09/12/24 17,400 The estimated bad debts rates below are based on Soriano Corp.’s receivable collection experience. Age of Accounts Rate 0 to 30 days 1% 31 to 60 days 1.5% 61 to 90 days 3% 91 to 120 days 10% Over 120 days 50% The allowance for bad debts had a debit balance of P 5,500 on December 31, 2024, before adjustment. Based on the above and the results of your audit, answer the following: The accounts receivable under “91 to 120…
38 BB Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
27.The ABC Co disclosed the following data at Dec 31, 20X1:Account known to be worthless, P37,500Advance payment to creditors on purchase orders P50,000Customers accounts (credit balance due to returns), P5,000Advances to employees, P34,000Trade receivable, P169,000Other non trade receivables, P4,000The amount of receivables at Dec 31, 20X1 is: 173,000 252,000 257,000 289,500
Accounts Receivable Subsidiary Ledger The revenue journal and cash receipts journal for Birmingham Productions Inc. follow. The accounts receivable control account has a January 1, 20Y4, balance of $4,720 consisting of an amount due from Clear Pointe Studios Inc. REVENUE JOURNAL Page 16 Date Invoice No. Account Debited Post. Ref. Accounts Rec. Dr.Fees Earned Cr. 20Y4 Jan. 6 1 Echo Broadcasting Co. ✔ 2,860 14 2 Gold Coast Media Inc. ✔ 6,350 22 3 Echo Broadcasting Co. ✔ 3,710 25 4 Clear Pointe Studios Inc. ✔ 2,050 29 5 Amber Communications Inc. ✔ 4,550 31 19,520 (12) (41) CASH RECEIPTS JOURNAL Page 36 Date Account Credited Post. Ref. Fees Earned Cr. Accounts Rec. Cr. Cash Dr. 20Y4 Jan. 6 Clear Pointe Studios Inc. ✔ — 4,720 4,720 11 Fees Earned 3,990 3,990 18 Echo Broadcasting Co. ✔ — 2,860 2,860…
42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
Post various journals to control and subsidiary accounts.L09, 10, 14On 1 September the balance of the accounts receivable control account in the general ledger of Teone Ltd was $5980. The customers' subsidiary ledger contained account balances as follows: Edmonds $1220, Lee $1320, Roemer $1030, Schulz $2410, Henry $0. At the end of September the various journals contained the following information. Sales journal: Sales to Schulz $400; to Edmonds $675; to Henry $515; to Roemer $550. Cash receipts journal: Cash received from Roemer $655; from Schulz $1150; from Henry $205; from Lee $900; from Edmonds $620. General journal: An allowance is granted to Schulz $110.Required(a) Set up control and subsidiary ledger accounts and enter the beginning balances. Do not construct the journals.(b)Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No discount was given for early payment.)(c)Prepare a list of customers and check…
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200