A ezto.mheducation.comsijon 17A - ConnectData_Sales.xlsx: fa21cob204 Computer Information SystemsDashbon 1-7-6A - ConnectSavedHelpThe accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowancefor Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renueunexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on accountduring Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated tobe 1 percent of the sales on account for the period.Requireda. Record the transactions in general journal form and post to T-accounts.b. Based on the preceding information, compute (after year-end adjustment):(1) Balance of allowance for doubtful accounts at December 31, Year 2.(2) Balance of accounts receivable at December 31, Year 2.(3) Net realizable value of accounts receivable at December 31, Year 2.c. What amount of uncollectible accounts expense will Renue report for Year 2?Complete this question by entering your answers in the tabs below.Required AGeneralRequired A TAccountsRequired BRequired CJournalRecord the transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)View transaction listJournal entry worksheetABDF>Prev1 of 1Next >MacBook Pro@#$&46.7* CO3.

General Journal: Date General Journal Debit Credit Year 2 Uncollectable Accounts Expense...Dr.…

Answered: The accounts receivable balance for…

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

See similar textbooks

Similar questions

Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
At December 1, 2022, Swifty Corporation Accounts Receivable balance was $12770. During December, Swifty had credit sales of $34200 and collected accounts receivable of $27360. At December 31, 2022, the Accounts Receivable balance is $19610 credit $19610 debit $12770 debit $46970 debit
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.
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
Fill in the missing amounts in the accounts receivable subsidiary ledgers for Willis Spas and Pools. If required, round your intermediate and final answers to the nearest cent. ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 3 J60 3,816.00 3,816.00 Aug. 18 J60 4,589.80 fill in the blank 1 J60 105.00 fill in the blank 2
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
REVENUE JOURNAL Date InvoiceNo. Account Debited Post.Ref. Accounts Rec. Dr.Fees Earned Cr. 20Y3 May 1 112 Hazmat Safety Co. (a) $2,725 May 10 113 Masco Co. (b) 1,020 May 20 114 Alpha GenCorp (c) 1,660 May 27 115 Tillman Inc. (d) 1,835 May 31 $7,240 (e) a. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below. b. Post to the T accounts. c. Determine the balance in the accounts. Accounts Receivable May 1 Bal. May 31 Bal. Alpha GenCorp May 31 Bal. Hazmat Safety Co. May 31 Bal. Masco Co. May 31 Bal. Tillman Inc. May 31 Bal. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3. Gamma Services Inc. Accounts Receivable Customer Balances May 31, 20Y3 Alpha GenCorp $ Hazmat…
Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivableaccountconsisting of $1,060 from Champion Co. and $1,450 from Wayfarer Co. Transactionsrelated to revenue and cash receipts completed by Lasting Summer Inc. during themonth of October 20Y5 are as follows:Oct. 3. Issued Invoice No. 622 for services provided to Palace Corp., $2,890.5. Received cash from Champion Co., on account, for $1,060.8. Issued Invoice No. 623 for services provided to Sunny Style Inc., $1,940.12. Received cash from Wayfarer Co., on account, for $1,450.18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,970.23. Received cash from Palace Corp. for Invoice No. 622 of October 3.28. Issued Invoice No. 625 to Wayfarer Co., on account, for $900.30. Received cash from Rogers Co. for services provided, $120.a. Prepare a single-column revenue journal and a cash receipts journal to record thesetransactions. Use the following column headings for the cash receipts journal:…
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
Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? EA6. LO 7.3Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

College Accounting, Chapters 1-27 (New in Account…

Accounting

ISBN:

9781305666160

Author:

James A. Heintz, Robert W. Parry

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting, Chapters 1-27

Accounting

ISBN:

9781337794756

Author:

HEINTZ, James A.

Publisher:

Cengage Learning,

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

SEE MORE TEXTBOOKS