Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 9, Problem 4E
To determine
Journalize the transaction made on April 2.
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Entries for uncollectable receivables using method. journalize the following transactions in the accounts of zippy interiors company a restaurant supply company that uses the allowance method of accounting for uncollectablr receivables.
Read the following statements carefully:
Recalculate the allowance of accounts receivables.
Vouch sales journal entries to sales invoices.
Inspect the Bank statement in the client’s file.
Trace sales invoices to accounting receivable ledger.
Ask the payroll department to make a report about the calculating criteria of the overtime.
Inspect the disclosure of inventories in the financial statements.
Ask management about inventories the client has a legal title on it.
Observe that Inventory quantities include all products, materials, and supplies on hand.
Instructions:
1-Indicate the type of Procedure for each statement.
2-Indicate the type of Evidence for each statement.
3-Indicate the type of Assertion for each statement.
4-Indicate the source of Document for each statement (obtained directly by the auditor, external circulated internally, internally circulated externally, entirely internal).
No.
Type of Procedure
Type of Evidence
Type of Assertion
The source of…
Describe the nature of the following documents and records andexplain their use in the sales and collection cycle: bill of lading, sales invoice, creditmemo, remittance advice, and monthly statement to customers.
Chapter 9 Solutions
Financial Accounting
Ch. 9 - What are the three classifications of receivables?Ch. 9 - Dans Hardware is a small hardware store in the...Ch. 9 - What kind of an account (asset, liability, etc.)...Ch. 9 - After the accounts are adjusted and closed at the...Ch. 9 - A firm has consistently adjusted its allowance...Ch. 9 - Which of the two methods of estimating...Ch. 9 - Neptune Company issued a note receivable to...Ch. 9 - If a note provides for payment of principal of...Ch. 9 - The maker of a 240,000, 6%, 90-day note receivable...Ch. 9 - The note receivable dishonored in Discussion...
Ch. 9 - Prob. 1PEACh. 9 - Journalize the following transactions, using the...Ch. 9 - Prob. 2PEACh. 9 - Journalize the following transactions, using the...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - At the end of the current year, Accounts...Ch. 9 - Guzman Company received a 60-day, 5% note for...Ch. 9 - Prefix Supply Company received a 120-day, 8% note...Ch. 9 - Financial statement data for years ending December...Ch. 9 - Prob. 6PEBCh. 9 - Prob. 1ECh. 9 - MGM Resorts International owns and operates hotels...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Prob. 4ECh. 9 - Creative Solutions Company, a computer consulting...Ch. 9 - At the end of the current year, the accounts...Ch. 9 - Toot Auto Supply distributes new and used...Ch. 9 - The accounts receivable clerk for Waddell...Ch. 9 - Waddell Industries has a past history of...Ch. 9 - Using data in Exercise 9-9, assume that the...Ch. 9 - Selbys Bike Co. is a wholesaler of motorcycle...Ch. 9 - Using the data in Exercise 9-11, assume that the...Ch. 9 - The following selected transactions were taken...Ch. 9 - The following selected transactions were taken...Ch. 9 - Prob. 15ECh. 9 - Using the data in Exercise 9-15, assume that...Ch. 9 - Casebolt Company wrote off the following accounts...Ch. 9 - Seaforth International wrote off the following...Ch. 9 - Determine the due date and the amount of interest...Ch. 9 - Master Designs Decorators issued a 180-day, 6%...Ch. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Journalize the following transactions of Trapper...Ch. 9 - Journalize the following transactions in the...Ch. 9 - Prob. 25ECh. 9 - Polo Ralph Lauren Corporation designs, markets,...Ch. 9 - Prob. 27ECh. 9 - Prob. 28ECh. 9 - Prob. 29ECh. 9 - The following transactions were completed by The...Ch. 9 - Trophy Fish Company supplies flies and fishing...Ch. 9 - Call Systems Company, a telephone service and...Ch. 9 - Flush Mate Co. wholesales bathroom fixtures....Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - The following transactions were completed by The...Ch. 9 - Wig Creations Company supplies wigs and hair care...Ch. 9 - Prob. 3PBCh. 9 - Gen-X Ads Co. produces advertising videos. During...Ch. 9 - The following data relate to notes receivable and...Ch. 9 - The following were selected from among the...Ch. 9 - Prob. 1CPCh. 9 - For several years, Xtreme Co.s sales have been on...Ch. 9 - Prob. 3CPCh. 9 - Prob. 4CPCh. 9 - Prob. 5CP
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- If one of NetSolution's customers returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will inform the customer that the return has been authorized as indicated by a _______ memo. Group of answer choices credit memo debit memo sales return memo sales memoarrow_forwardThe journal entry to be recorded by the seller upon receiving payment from a customer who had previously purchased the goods on account would include which of the following? Assume the payment was made within the discount period. A. a debit to Sales Discounts. B. a credit to Inventory. C. a debit to Inventory. D. a debit to Accounts Receivable.arrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? Elaborate in your response asides from choosing the correct choice. A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forward
- Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe, $19,100. The cost of goods sold was $13,800. Sept. 30 Received $4,400 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $14,700 cash in full payment. May 24-sale Accounts receivable-old town cafe sales May 24-cost Cost of goods sold Inventoru Sep 30 Cash Allowance for doubtful accounts accounts receivable old town cafe Dec 7-reinstate Accounts receivable old town cafe Allowance for doubtful accounts Dec 7-collection cash accounts receivable old town cafearrow_forwardIf a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction? A. Cost of Goods Sold, Merchandise Inventory, Sales Revenue B. Sales Revenue, Credit Card Expense, Accounts Receivable C. Accounts Receivable, Merchandise Inventory, Credit Card Expense D. Cost of Goods Sold, Credit Card Expense, Sales Revenuearrow_forwardCOLLECTION OF ACCOUNTS WRITTEN OFFALLOWANCE METHOD Julia Alvarez, owner of Alvarez Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forward
- Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).arrow_forwardNOTES RECEIVABLE DISCOUNTING Marienau Suppliers had the following transactions: REQUIRED Record the transactions in a general journal.arrow_forwardCOLLECTION OF ACCOUNT WRITTEN OFFALLOWANCE METHOD Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:arrow_forward
- What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts receivable, merchandise inventory B. accounts payable, merchandise inventory C. accounts payable, cash D. sales, accounts receivablearrow_forwardPURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS PAYABLE LEDGER The purchases journal of Ryans Rats Nest, a small retail business, is as follows: REQUIRED 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter. 2. Post the individual purchase amounts to the accounts payable ledger.arrow_forwardBrown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.arrow_forward
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