- Exercise 8 4write Off And Subsequent Partial Recovery Lo2 Foster Company Uses The Allowance Method To Account For Uncoll 1 (242.14 KiB) Viewed 57 times
- Exercise 8 4write Off And Subsequent Partial Recovery Lo2 Foster Company Uses The Allowance Method To Account For Uncoll 2 (242.14 KiB) Viewed 57 times
- Exercise 8 4write Off And Subsequent Partial Recovery Lo2 Foster Company Uses The Allowance Method To Account For Uncoll 3 (242.14 KiB) Viewed 57 times
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Exercise 8-4Write-off and subsequent partial recovery LO2 Foster Company uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,200 account of a customer, Gwen Rowe. On December 9, it received an $800 payment from Rowe. Make the appropriate entry or entries for October 31. b. Make the appropriate entry or entries for December 9. a. Exercise 8-5Allowance for doubtful accounts LO2,3 At the end of its annual accounting period, Midi Company estimated its bad debts as 0.75% of its $1,750,000 of credit sales made during the year. On December 31, Midi made an addition to its Allowance for Doubtful Accounts equal to that amount. On the following February 1, management decided that the $2,600 account of Catherine Hicks was uncollectible and wrote it off as a bad debt. Four months later, on June 5, Hicks unexpectedly paid the amount previously written off. Give the journal entries required to record these transactions I Exercise 8-7 Receivables, allowance for doubtful accounts, write-off, and subsequent recovery L01,2,3 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful account had a credit balance of $5,000. Journalize the remaining journal entries for the 2017 year. Dec. 2. Sold tents for $5.000 on account with a cost of $2,500. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,200 and Grouse Co. with an accounts receivable balance of $2.500 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,500. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Draw and fill in the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account
Exercise 8-4Write-off and subsequent partial recovery LO2 Foster Company uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,200 account of a customer, Gwen Rowe. On December 9, it received an $800 payment from Rowe. Make the appropriate entry or entries for October 31. b. Make the appropriate entry or entries for December 9. a. Exercise 8-5Allowance for doubtful accounts LO2,3 At the end of its annual accounting period, Midi Company estimated its bad debts as 0.75% of its $1,750,000 of credit sales made during the year. On December 31, Midi made an addition to its Allowance for Doubtful Accounts equal to that amount. On the following February 1, management decided that the $2,600 account of Catherine Hicks was uncollectible and wrote it off as a bad debt. Four months later, on June 5, Hicks unexpectedly paid the amount previously written off. Give the journal entries required to record these transactions I Exercise 8-7 Receivables, allowance for doubtful accounts, write-off, and subsequent recovery L01,2,3 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful account had a credit balance of $5,000. Journalize the remaining journal entries for the 2017 year. Dec. 2. Sold tents for $5.000 on account with a cost of $2,500. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,200 and Grouse Co. with an accounts receivable balance of $2.500 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,500. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Draw and fill in the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account
Exercise 8-4Write-off and subsequent partial recovery LO2 Foster Company uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,200 account of a customer, Gwen Rowe. On December 9, it received an $800 payment from Rowe. Make the appropriate entry or entries for October 31. b. Make the appropriate entry or entries for December 9. a. Exercise 8-5Allowance for doubtful accounts LO2,3 At the end of its annual accounting period, Midi Company estimated its bad debts as 0.75% of its $1,750,000 of credit sales made during the year. On December 31, Midi made an addition to its Allowance for Doubtful Accounts equal to that amount. On the following February 1, management decided that the $2,600 account of Catherine Hicks was uncollectible and wrote it off as a bad debt. Four months later, on June 5, Hicks unexpectedly paid the amount previously written off. Give the journal entries required to record these transactions I Exercise 8-7 Receivables, allowance for doubtful accounts, write-off, and subsequent recovery L01,2,3 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful account had a credit balance of $5,000. Journalize the remaining journal entries for the 2017 year. Dec. 2. Sold tents for $5.000 on account with a cost of $2,500. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,200 and Grouse Co. with an accounts receivable balance of $2.500 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,500. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Draw and fill in the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account