What is the cash realizable value of the accounts receivable (1) before the write-off and (2) after the write-off?
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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.At the end of 2021, Skysong Co. has accounts receivable of $665,400 and an allowance for doubtful accounts of $23,480. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,415. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not in manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $ $At the end of 2021, Shamrock Co. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Doubtful Accounts 4480 Accounts Receivable 4480 (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $ $
- At the end of 2021, Kingbird Co. has accounts receivable of $691,500 and an allowance for doubtful accounts of $25,740. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $3,943. (a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amountAt the end of 2020, Crane Co. has accounts receivable of $740,200 and an allowance for doubtful accounts of $69,900. On January 24, 2021, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,.400. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit List of Accounts What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value List of AccountsAt the end of 2021, Windsor Co. has accounts receivable of $691,000 and an allowance for doubtful accounts of $27,210. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,006. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (b) Cash realizable value What is the cash realizable value of the accounts receivable before the write-off and after the write-off? $ Before Write-Off Debit $ Credit After Write-Off
- At the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (b) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable eTextbook and Media eTextbook List of Accounts Cash realizable value Debit Before Write-Off 6900 What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Credit After Write-Off 6900 Assistance Used Attempts: 1 of 1 usedAt the end of 2022, Sheridan Co. has accounts receivable of $807,800 and an allowance for doubtful accounts of $58,300. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,000. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditAt the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation e Textbook and Media Debit Credit
- On December 31, 2020, Extreme Fitness has adjusted balances of $960,000 in Accounts Receivable and $87,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $26,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b.Prepare the journal entry to write off the accounts on January 2, 2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3, 2021? c-2. Has net accounts receivable changed from December 31, 2020?Can you explain how properly complete this problem, I keep gtting it incorrect. At the end of 2021, Nash's Trading Post, LLC has accounts receivable of $635,600 and an allowance for doubtful accounts of $23,140. 1. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,210. 2. On March 4, 2022, Nash's Trading Post, LLC receives payment of $4,210 in full from Madonna Inc. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 2. Enter an account title to record recovery of accounts receivable Enter a debit amount…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…