During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. . Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. Requirements Credit 1. 2. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. Requirement 1. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Date Accounts and Explanation Debit Aug

During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. . Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. Requirements Credit 1. 2. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. Requirement 1. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Date Accounts and Explanation Debit Aug

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of days sales in receivables ratio for 2018 (round all answers to two decimal places)?
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.
During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.
During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. • Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2.
During August 2024, Yond Company recorded the following: • Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold. • Collections on account, $33,800. • Write-offs of uncollectible receivables, $1,900. • Recovery of receivable previously written off, $200. Date Aug. Accounts and Explanation Debit Credit Requirements Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 1. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method.
During August 2024, Link Company recorded the following Sales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold Collections on account, $60,500. .Write-offs of uncollectible receivables, $1,820 • Recovery of receivable previously written off, $500. Debit Requirements 1. Journalize Link's transactions during August 2024, assuming Link uses the direct write-off method Credit 2 Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off method Sales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry) Date Accounts and Explanation Aug Journalize Link's transactions during August 2024, assuming Link uses the allowance method
During May 2020, Kaili Company recorded the following: a. Sales totaled $60,300 of which sales on account totaled $53,600 with cash sales totaling $6,700. Ignore Cost of Goods Sold. b. Collections on account totaled, $34,700. c. Write-offs of uncollectible receivables, $1,760. d. Recovery of receivable previously written of totaled, $470. Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the direct write-off method. Date TO C Description Debit Credit I Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the allowance method.
The Accounts Receivable balance for Wedge Company at December 31, 2023, was $27,000. During 2024, Wedge earned revenue of $461,000 on account and collected $324,000 on account. Wedge wrote off $5,800 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 2% of accounts receivable. Read the reguirements. Requirement 1. Assume Wedge had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Requirement 2. Assume Wedge had an unadjusted $1,800 debit balance in Allowance for Bad Debts at December 31, 2024. Journalize Wedge's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first,…
The following information is related to December 31, 2024 balances. • Accounts receivable . Allowance for doubtful accounts (credit) . Cash realizable value $1430000 (103000) 1327000 During 2025 sales on account were $390000 and collections on account were $217000. The company wrote off $21100 in uncollectible accounts. An analysis of outstanding receivable accounts at year-end indicated that uncollectibles should be estimated at $144000. Bad debt expense for 2025 is: O $62100. O $144000. O $41000. O $19900
The accounts receivable balance on the records of of P38,000 were written off during the year as uncollectible. eud was P283,000. In going over the records, you found accounts reccivable REQUIRED: How much cash was received from the sale of the machine? during the year ended December 31, 2020. The accounts receivable at year- REQUIRED: How much cash was collected on credit sales during the year. Luneta Company of January 1, 2020. Credit sales were recorded at P1,060.000 P245,000 on durine p283.000. In going over the records, you found accounts reccivable PEOUIRED: How much cash was collected on credit sales during the year 2020 ? The manager of the Pansol Company is planning for the qaurter ending Narch 31, 2020, and wants to know how much cash must be paid for merchandise purchases. The inventory of merechandise is to be deereased by P46,000 during the quarter. Sales have been estimated at P360,000. The cost of saies is equal to 30% of sales. Accounts payable is expected to inerease…