A ezto.mheducation.comData Sales.xlsx: fa21cob204 Computer Information SystemsDashboSavedHelpSaThe fo"owing account balances come from the records of Ourso Company.Accounts receivableAllowance for doubtful accountsBeginning Balance$ 2,914Ending Balance$ 3,805208104During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 accountreceivable.Requireda. Determine the amount of cash collected from receivables.b. Determine the amount of uncollectible accounts expense recognized during the period.Complete this question by entering your answers in the tabs below.Required ARequired BDetermine the amount of cash collected from receivables.Collections of accounts receivableK Required ARequired B>< Prev1 of 1NextMacBook Pro#3$&46.78.Vくo

Cash collected from accounts receivables refers to cash to be collected from debtors when credit…

Answered: Saved Help Sa The fotowing account…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 8E

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Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
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.
4.The following data were available for ABC Company at Dec 31, 20X2:Accounts Receivable, beg P15,000Accounts Receivable, end P10,000Collection of accounts 450,000Sales returns, P8,000 (25% is related to cash sales)Sales discounts, P5,000How much were the credit sales during the period? 451,000 453,000 456,000 458,000
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
Co. provided some information on their financial records on December 31, 2022: Accounts receivable, January 1 – P19,200; Collections of account receivable – P62,400; Bad Debts – P2,000; Inventory, January 1 – P28,800; Inventory, December 31 – P26,400; Accounts payable, January 1 – P10,000; Accounts payable, December 31 – P15,000; Cash sales – P12,000; Purchases – P48,000; Gross profit on sales – P21,600. What is the ending balance of accounts receivable on December 31, 2022?
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
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…
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
Enter the information below from the chart of accounts and schedules as an Opening Entry into the General Journal and post the relevant information to the General Ledger Accounts 090 Bank 8295 091 Petty Cash 150 610 Accounts Receivable Control 11913 611 Allowance for Bad and Doubtful Debts 1193 111 Inventory 14300 113 Stationery on Hand 80 115 Prepaid Insurance 3600 116 Prepaid Rent 6000 140 Equipment 12800 141 Acc. Depreciation – Equipment 3552 150 Warehouse 90000 151 Accumulated Depreciation – Warehouse 14000 160 Delivery Vehicle 45000 161 Acc. Depreciation – Delivery Vehicle 3375 800 Accounts Payable Control 22330 205 Accrued Advertising 1320 210 Internet and Telephone Expenses Payable 726 220 Accrued Wages Expense 1150 299 Bank Loan (5-year) 95000 820 GST (947)…
The following Purchases Ledger Control Account PLCA was prepared for the year: Bal b/d 45,000 Bank 285,000 Credit Purchases * ? 145,000 Return outwards 12,500 Discount received 24,000 Bal c/d 78,500 297,500 297,500 It was suspected that there are some errors in the preparation of the PLCA, although the numerical values are correct except for the credit purchases. What would be the amount for credit purchases if the PLCA was to be written up correctly? 355,000 360,000 450,000 517,000
27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data: Customer A, P3,700 with invoice # 34 dated June 7 Customer F, P6,300 with invoice # 20 dated May 3 Customer M, P2,000 with invoice # 29 dated May 28 Customer R, P10,000 with invoice # 16 dated March 31 Customer X, P11,000 with invoice # 40 dated June 17ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days. Allowance for bad debts, June 1, P1,000 How much is the net realizable amount of accounts receivable at June 30? 34,874 33,000 32,000
Indicate the missing posting reference and amount in the control account, and the missing ending balance in the subsidiary ledger. GENERAL LEDGER Accounts Payable Feb. 15 General journal 1,400 Feb. 1 Balance 26,005 Feb. 28 General journal cash receipts cash paymentsSalespurchases Feb. 5 General journal 270 Feb. 11 General journal 530 Feb. 28 Purchases 13,350 Feb. 28 Balance 9,430 ACCOUNTS PAYABLE LEDGER Benton Feb. 28 Bal. 4,520 Dooley Feb. 28 Bal. 2,210 Parks Feb. 28 Bal. Indicate the amounts in the control account that were dual-posted (i.e., posted to the control account and the subsidiary accounts). Amounts in the control account (Dr.) $ (Cr.) $ (Cr.) $

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