Record the necessary adjusting journal entry at December 31, 2020 for Purple Company using the blanks provided. The debit entry is the first line and credit entry is second line. You need to type the full accounting name AND the dollar amount. (You do not need to record transactions made during the year). Assume that no financial statements were prepared during the year and no adjusting entries were recorded during that year. Purple received $19,000 from Customer A on September 1 for services to be performed in the future. By the end of the year, Purple still owed Customer A $4,000 of services.
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- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months andwants you to update her records on August 31, 2020.On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr withan Allowance for Doubtful Debts of $462 Cr. In the last two monthsSales (net of GST)S4 800Sales Returns & Allowances (net of GST) 400Cash Collected3 550Bad Debts to be written off (Including GST) 660The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED:Prepare the following General Journal entries to1. account for the write off of the bad debt during the past two months2. the adjusting entry on August 31 using the information Minnie has provided. b. Update the Accounts Receivable and Allowance for doubtful debts accounts.
- Spring Garden Flowers had the following balances at December 31, 2024, before the year-end adjustments: E (Click the icon to view the balances.) The aging of accounts receivable yields the following data: E (Click the icon to view the accounts receivable aging schedule.) Requirements Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. 1. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Spring's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts Debit Credit Dec. 31 Data Table Accounts Receivable Allowance for Bad Debts 66,000 1,615 Requirement 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Allowance for Bad Debts Print Done Data Table Age of Accounts Receivable 0-60 Days Over 60 Days Total…Adams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24Sunshine and Rainbows Resort had the following balances at December 31, 2025, before the year-end adjustments: View the balances. The aging of accounts receivable yields the following data: View the accounts receivable aging schedule. Requirements 1. Journalize Sunshine and Rainbows Resort's entry to record bad debts expense for 2025 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Sunshine and Rainbows Resort's entry to record bad debts expense for 2025 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec. Date 31 Accounts and Explanation Debit Credit Balances - ☑ Accounts Receivable Aging Schedule Age of Accounts Receivable 0-60 Days Over 60 Days Total Receivables Accounts Receivable 75,000 $ 3,000 $ 78,000 Estimated percent uncollectible × 4% * 24% - ☑ Accounts Receivable Allowance for Bad…
- At December 31, 2018, the Accounts Receivable balance of Solar Energy Manufacturing is $205,000. The Allowance for Bad Debts account has a $8,050 debit balance. Solar Energy Manufacturing prepares the following aging schedule for its accounts receivable: Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by determining the target balance of Allowance for Bad Debts by using the age of each account. Age of Accounts 1-30 31-60 61-90 Over 90 Total Days Days Days Days Balance Accounts Receivable $70,000 $85,000 $45,000 $5,000 Estimated percent uncollectible 0.5 % 5.0 % 7.0 % 46.0 % Estimated total uncollectible Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and…At December 31, 2021, Blossom Company had a credit balance of $19,100 in Allowance for Doubtful Accounts. During 2022, Blossom wrote off accounts totaling $14,500. One of those accounts of $3,400 was later collected. At December 31, 2022, an aging schedule indicated that the balance in Allowance for Doubtful Accounts should be $24,700.Prepare journal entries to record the 2022 transactions of Blossom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record amount written off enter a debit amount enter a credit amount enter an account title to record amount written off enter a debit amount enter a credit amount (To record amount written off) enter an account title to reverse write-off enter a debit amount enter a credit amount…Bennett Company uses the allowance method to account for uncollectible accounts. Prepare the appropriate journal entries to record the following transactions during 2010. You may omit journal entry explanations. June 20 The account of Ken Watts for $1,000 was deemed to be uncollectible and is written off as a bad debt. Received a check for $1,000 from Ken Watts, whose account had previously been written off as uncollectible. Oct. 14 Dec. 31 Use the following information for year-end adjusting entries: The balance of Accounts Receivable and Allowance for Doubtful Accounts at year end are $131,000 and $2,900, respectively. It is estimated that bad debts will be 4% of accounts receivable.
- CAN SOMEONE HELP ME FILL OUT THIS CHART ? (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a).Assume the current balance in Allowance for Doubtful Accounts is a $8,500 debit. (c) Of the above accounts, $4,700 is determined to be specifically uncollectible.Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,700 subsequently on a specific account that had previously been determined to be uncollectible in (c).Prepare the journal entries necessary to restore the account and record the cash collection.Minnie has asked you to review the methods Min Armin Wastege uses when dealing with Accounts Receivable. Minnie has compiled the following information for the past 2 months and wants you to update her records on August 31, 2020. On June 30, 2020 the Account Receivable balance for Min Armin Wastege was $13,585 Dr with an Allowance for Doubtful Debts of $462 Cr. In the last two months $4 800 Sales (net of GST) Sales Returns & Allowances (net of GST) 400 Cash Collected 3 550 Bad Debts to be written off (Including GST) 660 The bad debts listed above have not been written off as yet. Minnie has also calculated based on past experience that 7% of net credit sales go bad. All sales are made on credit. REQUIRED: A. Prepare the following General Journal entries to 1. account for the write off of the bad debt during the past two months 2. the adjusting entry on August 31 using the information Minnie has provided В. Update the Accounts Receivable and Allowance for doubtful debts accounts using…For a business that uses the allowance method of accounting for uncollectible receivables: Journalize the entries to record the following: Use correct journal format. Just use the month for the date. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200. In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible. In November of the next year, $400 of the Fronk Co. account 1s reinstated and payment of that amount is received. In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.