Presented below is information for Vaughn Company.1.Beginning-of-the-year Accounts Receivable balance was $24,900.2.Net sales (all on account) for the year were $105,300. Vaughn does not offer cash discounts.3.Collections on accounts receivable during the year were $84,300.All Boo(a)Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually.)No. Account Titles and Explanation1.DebitCredit2.3.

Answer information:Step 1:Journal entries are formal recordings of financial transactions in a…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Beginning-of-the-year Accounts Receivable balance was $20,800. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. Collections on accounts receivable during the year were $81,000. 2. 3. (a) Prepare (summary) journal entries to record the items noted above. (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.) No. Account Titles and Explanation 1. Your answer is partially correct. 2. 3. Accounts Receivable Sales Revenue mpany. Cash Accounts Receivable Debit 20,800 109,600 81000 Credit 20,800 109,600 81000
Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…
Presented below is information for Waterway Company. 1. Beginning-of-the-year Accounts Receivable balance was $22,100. 2. Net sales (all on account) for the year were $101,300. Waterway does not offer cash discounts. Collections on accounts receivable during the year were $86,000. 3. (a) Prepare (summary) journal entries to record the items noted above. (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. List all debit entries before credit entries.).
Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
Presented below is information for Jones Company. 1. Beginning-of-the-year Accounts Receivable balance was $15,000. 2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. 3. Collections on accounts receivable during the year were $70,000. Instructions a. Prepare (summary) journal entries to record the items noted above. b. Compute Jones’s accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. c. Use the turnover ratio computed in (b) to analyze Jones’s liquidity. The turnover ratio last year was 6.0.
(Analysis of Receivables) Presented below is information for Jones Company.1. Beginning-of-the-year Accounts Receivable balance was $15,000.2. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts.3. Collections on accounts receivable during the year were $70,000.Instructions(a) Prepare (summary) journal entries to record the items noted above.(b) Compute Jones’s accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts.(c) Use the turnover ratio computed in (b) to analyze Jones’s liquidity. The turnover ratio last year was 6.0.
Presented below is information related to Samhan Trading Corp. Prepare necessary entries in general journal form for Samhan with terms 2/10, n/60. a. Account receivable of OMR 24,000 (gross) are factored with Salem Credit Corp, without guarantee at a financing charge of 7%. Cash is received for the proceeds; collections are handled by the finance company (These accounts were past the discount period). b. Specific account receivable of OMR 12,000 (gross) are pledged to Salem Credit Corp, as a security of a loan of OMR 8,000 at a finance charge of 5% of the amount of loan. The finance company will make the collection (These accounts were past the discount period).
Using the following accounts, complete all journal entries: Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Credit Card Expense Sales Discount Sales Revenue For the year 2019, Bristax Corporation recorded $1,385,660 in credit sales and $732,410 in accounts receivable. The uncollectible percentage is 3.1% for the income statement method and 4.5% for the balance sheet method. PLEASE NOTE: You must enter the account names exactly as written in the table above and all whole dollar amounts using "$" with commas as needed and rounded to two decimal places (i.e. $12,345.67). Record the year-end adjusting entry for 2019 bad debt using the income statement method. DR CR Record the year-end adjusting entry for 2019 bad debt using the balance sheet method. DR CR Assume there was a previous credit balance in Allowance for Doubtful Accounts of $37,430, record the year-end adjusting entry for bad debt using the income…
Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,400. 2. Net sales (all on account) for the year were $104,000. Concord does not offer cash discounts. 3. Collections on accounts receivable during the year were $86,400. Concord is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,800 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,173. I finished the first part which Prepare the journal entry to record the sale of the receivables. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit cash 10502…
Presented below is information for Concord Company. 1. Beginning-of-the-year Accounts Receivable balance was $16,400. 2. Net sales (all on account) for the year were $104,000. Concord does not offer cash discounts. 3. Collections on accounts receivable during the year were $86,400. Concord is planning to factor some accounts receivable at the end of the year. Accounts totaling $11,800 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 6% of the balances for probable adjustments and assesses a finance charge of 5%. The fair value of the recourse obligation is $1,173. I finished the first part which Prepare the journal entry to record the sale of the receivables. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit cash 10502…
Present the journal entry necessary to record each of the following items; assuming King Company uses the Allowance method of accounting for Uncollectible Accounts (Bad Debts). 1. Uncollectible Accounts Expense for the year is estimated to be 6% of Net Sales. Net Sales for the year are $100,000 and the Allowance account has a $600 credit balance 2. A $20,000 note is received from a customer on account. 3. The $800 balance in an individual customer's account is written off as uncollectible. 4. The company received $200 from a customer whose account had been previously written off as uncollectible. 5
During its first year of operations, Crane Company had credit sales of $3,064,300; $655,000 remained uncollected at year-end. The credit manager estimates that $36,900 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts Prepare the current assets section of the balance sheet for Crane Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $135,200, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CRANE COMPANY Balance Sheet (Partial) 24 %24 %24

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