FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
9th Edition
ISBN: 9781119595724
Author: Kimmel
Publisher: WILEY C
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Chapter 8, Problem 8.3E
(a)
To determine
Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.
To Prepare: The journal entries for recording the sales and collections made during the period.
(b)
To determine
To Prepare: The
(c)
To determine
To Prepare: The journal entries to record the recovery of the uncollectible account during the period.
(d)
To determine
To Prepare: The journal entry to record the
(e)
To determine
The ending balances in accounts receivable and allowance for doubtful accounts.
(f)
To determine
To calculate: The net realizable value of the receivables at the end of the period.
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At the beginning of the current period, Waterway Industries had balances in Accounts Receivable of $190,800Â and in Allowance for Doubtful Accounts of $9,670Â (credit). During the period, it had net credit sales of $730,800Â and collections of $749,620. It wrote off as uncollectible accounts receivable of $7,511. However, a $3,339Â account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $23,000Â at the end of the period. (Omit cost of goods sold entries.)
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Prepare the entries to record sales and collections during the period.
(b)
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Prepare the entry to record the write-off of uncollectible accounts during the period.
(c)
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Prepare the entries to record the recovery of the uncollectible account during the period.
(d)
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Prepare the entry to record bad debt expense for the period.
(Credit account titles are automatically indented when…
At the beginning of period, Ammar Co. had balances in account receivable of $ 400,000 and
allowance for doubtful accounts of $ 12,000 (credit). During the period, it had net credit sales of $
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However, a $4,500 account previously written off as uncollectible was recovered at the end of
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A:Prepare the entry to record bad debt expense for the period?
B: Determine the ending balances in account receivable and allowance for doubtful accounts?
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At the beginning of the current period, Blue had balances in Accounts Receivable of $ 219,000 and in Allowance for Doubtful Accounts of $ 8,700 (credit). During the period, it had net credit sales of $ 830,000 and collections of $ 788,500. It wrote off as uncollectible accounts receivable of $ 6,500. However, a $ 3,300 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $ 25,100 at the end of the period. (Omit cost of goods sold entries.)
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I need help calculating the ending balance in Accounts Receivable and in Allowace for Doutful Accounts?
Chapter 8 Solutions
FIN. ACCT.-TOOLS FOR BUS.DEC.MAKING-CODE
Ch. 8 - What is the difference between an account...Ch. 8 - What are some common types of receivables other...Ch. 8 - What are the essential features of the allowance...Ch. 8 - Prob. 4QCh. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Tawnya Dobbs, the vice president of sales for...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11QCh. 8 - Prob. 12QCh. 8 - How may the maturity date of a promissory note be...Ch. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - General Motors Company has accounts receivable and...Ch. 8 - Prob. 17QCh. 8 - Prob. 18QCh. 8 - Prob. 19QCh. 8 - Prob. 20QCh. 8 - Prob. 21QCh. 8 - Prob. 22QCh. 8 - Prob. 23QCh. 8 - Prob. 24QCh. 8 - Presented below are three receivables...Ch. 8 - Prob. 8.2BECh. 8 - Byrd Co. uses the percentage-of-receivables basis...Ch. 8 - Prob. 8.7BECh. 8 - Compute interest and find the maturity date for...Ch. 8 - Prob. 8.9BECh. 8 - Prob. 8.11BECh. 8 - Prob. 8.13BECh. 8 - Prob. 8.1DIECh. 8 - Prob. 8.2aDIECh. 8 - Prob. 8.2bDIECh. 8 - Prob. 8.3DIECh. 8 - Prob. 8.1ECh. 8 - Prob. 8.2ECh. 8 - Prob. 8.3ECh. 8 - Prob. 8.5ECh. 8 - Prob. 8.8ECh. 8 - Prob. 8.9ECh. 8 - Prob. 8.10ECh. 8 - Prob. 8.11ECh. 8 - Prob. 8.15ECh. 8 - Prob. 8.18ECh. 8 - Prob. 8.19ECh. 8 - Prob. 8.1APCh. 8 - Prob. 8.7APCh. 8 - Prob. 8.8APCh. 8 - Prob. 8.1EYCTCh. 8 - Prob. 8.2EYCTCh. 8 - Prob. 8.3EYCTCh. 8 - Prob. 8.8EYCTCh. 8 - Prob. 8.9EYCTCh. 8 - Prob. 8.1IFRS
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