College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter B, Problem 3P
Nillson’s Nursery uses the direct write-off method for recording
Required
Journalize the following selected entries:
2012
Apr. 10 Write off the account of P. A. Seldon as uncollectible, $458.
July 27 Write off the account of J. M. Weller as uncollectible, $268.
Check Figure
Total amount debited to Bad
Debts Expense $726
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Nillson's Nursery uses the direct write-off method for recording bad debts.
Required:
Journalize the following selected entries:
2012
Apr. 10 Write off the account P.A. Seldon as uncollectible, $458.
July. 27 Write off the account of J.M. Weller as uncollectible, $268.
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.
Solstice Company determines on October 1 that it cannot collect $58,000 of its accounts receivable from its customer, P. Moore. Apply
the direct write-off method to record this loss as of October 1.
View transaction list
Journal entry worksheet
**
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Chapter B Solutions
College Accounting (Book Only): A Career Approach
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- Olena Mirrors records bad debt using the allowance, income statement method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On May 10, Olena Mirrors identifies one uncollectible account from Elsa Sweeney in the amount of $2,870. On August 12, Elsa Sweeney unexpectedly pays $1,441 toward her account. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. May 10, 2018 identification entry C. Entry for payment on August 12, 2018arrow_forwardOlena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On June 11, Olena Mirrors identifies one uncollectible account from Nadia White in the amount of $4,265. On September 14, Nadia Chernoff unexpectedly pays $1,732 toward her account. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. June 11, 2018 identification entry C. Entry for payment on September 14, 2018arrow_forwardHardys 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, 1,366.03arrow_forward
- Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. The entry or entries Gideon makes to record the recovery of the bad debt is: Multiple Choice Account Title Credit Accounts Receivable-A. Hopkins Debit 2,000 Allowance for Doubtful Accounts 2,000 Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,000 Bad debts expense 2,000arrow_forwardSolstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Creditarrow_forwardJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:Oct. 2. Received $600 from Rachel Elpel and wrote off the remainder owed of $1,350 as uncollectible.Dec. 20. Reinstated the account of Rachel Elpel and received $1,350 cash in full payment.arrow_forward
- Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $4.300 (cr.) and so. respectively. Remember to update account balances but ignore posting references. Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 17: Sold inventory to Rick Harrison, $900 on account. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Jan 17 Jun 29: Wrote off the Rick Harrison account as uncollectible after repeated efforts to collect from him Journal Entry Date Accounts Debit Credit More Info Jun 29 Jan 17 Sold inventory to Rick Harrison, $900, on account. Ignore cost of goods sold. Jun 29 Wrote off the Rick Harrison account as uncollectible after repeated efforts to collect from him. Aug 6 Received $50 from Rick Harrison, along with a letter…arrow_forwardJournalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb. 20 Received $1,000 from Andrew Warren and wrote off the remainder owed of $4,000 as uncollectible. May 10 Reinstated the account of Andrew Warren and received $4,000 cash in full payment. If an amount box does not require an entry, leave it blank. Feb. 20 Cash Cash Bad Debt Expense Bad Debt Expense Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren May 10 Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warren Bad Debt Expense Bad Debt Expense May 10 Cash Cash Accounts Receivable-Andrew Warren Accounts Receivable-Andrew Warrenarrow_forwardApplying the direct write-off method to account for uncollectibles Shawm Valley is an attorney in Los Angeles. Valley uses the direct write-off method to account for uncollectible receivables. At April 30 2018, Valley’s accounts receivable totaled $1 9,000. During May, she revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirements Use the direct write-off method to journalize Valley’s write-off of the uncollectible receivables. What is Valley’s balance of Accounts Receivable at May 31,2018?arrow_forward
- T.J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118,000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar. 2018 13 Accounts PR Dr. Cocom Cr. More info 2018 Mar. Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800, 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $300. 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Donearrow_forwardBanning Company uses the alowance method to account for uncolectible receivables. At the beginning of the year. Allowance for Bad Debts had a credit balance of $1,400 During the year Banning wrote off uncollectible recevabies of $2.300. Barning recorded Bad Debts Expense of $2,700 What is Barning's year-end balance in Alowance for Bad Debts? OA $1,800 OB $400 OC $4,100 OD $5,000 Time Remaining: 01:17:13 Nextarrow_forwardJournalize the following transactions, using the allowance method of accounting for uncollectible receivables:Oct. 2. Received $600 from Rachel Elpel and wrote off the remainder owed of $1,350 as uncollectible.Dec. 20. Reinstated the account of Rachel Elpel and received $1,350 cash in full payment.arrow_forward
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