At the beginning of the current period, Novak Ltd. had balances in Accounts Receivable of 299,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the current period, Novak Ltd. had balances in Accounts Receivable of £299,000 and in Allowance for Doubtful Accounts of £9,500 (credit). During the period, it had net credit sales of £840,000 and collections of £798,000. It wrote off as uncollectible accounts receivable of £6,300. However, a £3,700 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total £24,200 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. No. Account Titles and Explanation Debit Credit (a) (To record sales) (To record cash collected during the period) (b) (c) (To reinstate account previously written off) (To record the recovery of the uncollectible account during the period) (d) der File Edit View Go Window Help Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable £ Ending balance in Allowance for Doubtful Accounts £ What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period £ At the beginning of the current period, Novak Ltd. had balances in Accounts Receivable of £299,000 and in Allowance for Doubtful Accounts of £9,500 (credit). During the period, it had net credit sales of £840,000 and collections of £798,000. It wrote off as uncollectible accounts receivable of £6,300. However, a £3,700 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total £24,200 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. No. Account Titles and Explanation Debit Credit (a) (To record sales) (To record cash collected during the period) (b) (c) (To reinstate account previously written off) (To record the recovery of the uncollectible account during the period) (d) der File Edit View Go Window Help Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. Ending balance in Accounts Receivable £ Ending balance in Allowance for Doubtful Accounts £ What is the net realizable value of the receivables at the end of the period? The net realizable value of the receivables at the end of the period £
Expert Answer:
Answer rating: 100% (QA)
Journal Entry SNo Account title Debit Credit a Accounts Receivable 840000 To sales 840000 To record ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
9. In three separate site-directed mutagenesis experiments, scientists altered a Lys residue in corn PEP carboxylase to an Asn, Glu, or Arg. Which substitution would you expect to have the least...
-
At the beginning of the current season on April 1, the ledger of Thousand Oaks Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during...
-
At the beginning of the current year, two bond issues (X and Y) were outstanding. During the year, bond issue X was redeemed and a significant loss on the redemption of bonds was reported as an...
-
Consider the graph of a function g(x). g(x) 5 f 3 2 1 2 3 4 5 6 Find the point c at which the function has a jump discontinuity but is right-continuous. C = What value should be assigned to g(c) to...
-
Ozark Publishing Company completed the following transactions during 2012: Nov1 Sold 50 six-month subscriptions, collecting cash of $2,400, plus sales tax of 4%. Dec15 Remitted the sales tax to the...
-
The Mansfield School District wants to predict student enrollments for next year. It hires Daniel Mazmanian Educational Consultants to do this work. Using data from 1992 through 2014 (1992 = year 1),...
-
Management at Consulting Inc. has decided to allocate costs of the company's two support departments (administration and information technology) to the two revenue-generating consulting departments...
-
Assume Research In Motion invested $834 million to expand its manufacturing capacity. Assume that these assets have a seven-year life, and that Research In Motion requires a 12% internal rate of...
-
reflect on what have your learned from taking the class American Indian History?
-
Determine the coordinate direction angles of the force. 2 45 -30 F = 75 lb
-
A firm is considering purchasing two assets. Asset A will have a useful life of 12 years and cost $3 million; it will have installation costs of $400,000 and a salvage or residual value of $400,000....
-
Question 3 Comprehensive Manufacturing Budget (20 marks) On your return from China you will undertake a 3 month secondment to wholly-owned subsidiary DairyCo based at their Australian Head Office in...
-
we looked at the Quicksort algorithm. Consider the worst-case scenario for quick- sort in which the worst possible pivot is chosen (the smallest or largest value in the array). Answer the following...
-
Find five self-empowerment tips on Google and cite the source in the response and at the end on Reference. Then, add your own self-empowerment tip. How can these tips help you with your personal and...
-
Oleg Corporation has a beta of 1.2. The market risk premium is 4.7% and the risk-free rate is 4.2%. Using the CAPM approach, what is Oleg's cost of retained earnings?
-
A project that will provde annual cash flows of $3,000 for nine years costs $10,000 today. a. At a required return of 10 percent, what is the NPV of the project? b. At a required return of 28...
-
The following case study is connected to the questions below: Please assist with answering the following questions related to case study: What event precipitated Julie's posttraumatic stress...
-
Do the three planes x + 2x + x 3 = 4, X X 3 = 1, and x + 3x = 0 have at least one common point of intersection? Explain.
-
Plaxton Inc. is a company located in Canada and uses the Canadian dollar as the functional currency. Plaxton began operations January 1, 2012. Its shareholders are American and would like the...
-
Lachlan Corp. establishes Serouya Ltd. for the sole purpose of developing a new product to be manufactured and marketed by Lachlan. Lachlan engages Mr. Jiang to lead the team to develop the new...
-
Below is a set of transactions that are independent of each other: 1. A university receives a collection of ancient Roman history books from a donor. 2. A school receives a contribution to buy land...
-
Number the following activities from 1 to 3 in the order corresponding to the typical flow of cost in a CPA firm. Record the time worked on a client project by professional staff. Record the...
-
At December 31, 2019, the end of its fiscal year, Kelly Metal Products Corporation collected the following data for 2019: Required Prepare a schedule of cost of goods manufactured and sold for Kelly...
-
Brooklyn Company reported the following amounts for October: Use Excel to prepare a schedule of cost of goods manufactured for October. Beginning raw materials inventory. Beginning work-in-process...
Study smarter with the SolutionInn App