Accounts receivable : The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account. To prepare: The journal entry to write off the accounts receivable.

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Answer 1

Question

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

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On December 31, 2020, Extreme Fitness has adjusted balances of $960,000 in Accounts Receivable and $87,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $26,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020?

At the end of 2020, Oriole Company has accounts receivable of $912,000 and an allowance for doubtful accounts of $45,600. On January 16, 2021, Oriole Company determined that its receivable from Ramirez Company of $6,840 will not be collected, and management authorized its write-off. (a) Prepare the journal entry for Oriole Company to write off the Ramirez receivable. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Jan. 16, 2021 Account Titles and Explanation Debit Credit

At the end of 2021, Shamrock Co. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. 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 $4,480. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Doubtful Accounts 4480 Accounts Receivable 4480 (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $ $

Answer 2

Question

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

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Answer 3

Question

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

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Answer 4

Question

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

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Answer 5

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

Answer 6

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

Answer 7

Chapter 7, Problem 8E

a.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.

Answer 8

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

Answer 9

b.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s account receivable before the write-off of person R’s receivables.

Answer 10

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

Answer 11

c.

To determine

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

The net amount of expected collection of A company’s accounts receivable after the write-off of Person R’s receivables.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 7 - Prob. 1Q Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - 7. Discuss the accounting for sales allowances and...Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Accounts receivable : The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account. To prepare: The journal entry to write off the accounts receivable.

Introduction: Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account. To prepare: The journal entry to write off the accounts receivable.

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Chapter 7 Solutions

Introduction:

Accounts receivable: The accounts receivable are the current assets of the company. The accounts receivable is the amount that an organization has to receive from others for selling services and goods on account.

To prepare: The journal entry to write off the accounts receivable.