Credit sales for the year were $100,000. Collections on account were $88,000. Make the necessary summary journal
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
Accounts Receivab...View the full answer
Answered By
Ashish Bhalla
I have 12 years work experience as Professor for Accounting, Finance and Business related subjects also working as Online Tutor from last 8 years with highly decentralized organizations. I had obtained a B.Com, M.Com, MBA (Finance & Marketing). My research interest areas are Banking Problem & Investment Management. I am highly articulate and effective communicator with excellent team-building and interpersonal skills; work well with individuals at all levels.
4.80+
17+ Reviews
46+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Question Posted:
Students also viewed these Accounting questions
-
Credit sales for the year were $150,000. Collections on account were $101,000. Make the necessary summary journal entries to record this information.
-
Camden Hardware's credit sales for the year were $320,000. Accounts receivable at the beginning and end of the year were $50,000 and $70,000, respectively. Calculate the accounts receivable turnover...
-
The company had sales for the year of $100,000. Expenses (except for income taxes) for the year totaled $80,000. Of this $80,000 in expenses, $5,000 is bad debt expense. The tax rules applicable to...
-
The following is a sufficient condition, the Laplace-Liapounoff condition, for the central limit theorem: If X 1 , X 2 , X 3 , . . . is a sequence of independent random variables, each having an...
-
The drawing shows a wire tooth brace used by orthodontists. The topmost tooth is protruding slightly, and the tension in the wire exerts two forces T(vector) and T(vector) on this tooth in order to...
-
Smythe Crystal makes fine tableware in its Ireland factory. The following data are taken from its production plans for the year. Direct labor costs..................................5,870,000 Setup...
-
Would you rather receive \($1,000\) today or \($2,000\) in 10 years if the discount rate is 8 percent?
-
Southeast Soda Pop, Inc., has a new fruit drink for which it has high hopes. John Mittenthal, the production planner, has assembled the following cost data and demand forecast: Quarter Forecast 1...
-
ACME ($ in millions) Corporation Wayne Enterprises Current assets: Cash and cash equivalents $446 $315 Current investments 7 543 Net receivables 853 236 Inventory 10,539 8,909 Other current assets...
-
The following table presents the price, output and profits for identical firms at industry and firm level. Suppose there are currently four firms in the market and two are proposing to merge (firm 3...
-
What is meant by imputing a rate of interest? How is such a rate determined?
-
On January 16, two credit sales were made, one for $300 and one for $400. Terms for both sales were 3/15, n/30. Cash for the $300 sale was collected on January 25; cash for the $400 sale was...
-
In Exercises use a power series to approximate the value of the integral with an error of less than 0.0001. Assume that the integrand is defined as 1 when x = 0. 1/2 0 arctan x X - dx
-
States and local governments across the country are attempting to make changes to their retirement systems. In some states where only employers were required to contribute to retirement systems, now...
-
What three assurances can auditors give to the parties that rely on financial statements?
-
Governor Andrew Cuomo of New York State issued regulations that would require the top wage earners of human service and health care agencies to apply for a waiver to justify their compensation if...
-
What is the difference between overall planned audit risk and the individual audit risks?
-
The Institute for Women s Policy Research (2012) found that the ratio of women s to mens median weekly full-time earnings rose by 1 percentage point since 2010 and reached a high of 82.2 percent....
-
Why is it that economists often refer to the interest rate, while there are many interest rates in any economy?
-
After Theorem 1.5 we note that multiplying a row by 0 is not allowed because that could change a solution set. Give an example of a system with solution set S0 where after multiplying a row by 0 the...
-
You plan to buy a common stock and hold it for one year. You expect to receive both $1.50 from dividends and $26 from the sale of the stock at the end of the year. If you wanted to earn a 15 percent...
-
The company purchased a ship for $600,000. The ship has an estimated residual value of $50,000. Compute the amount of MACRS depreciation deduction for the first two years of the life of the ship.
-
Lyman Construction purchased a concrete mixer on July 15, 2008. Company officials revealed the following information regarding this asset and its acquisition: Purchase price . . . . . . . . . . . . ....
-
Holdaway, Inc., a small furniture manufacturer, purchased the following assets at the end of 2007. Compute the following amounts for 2008 using group depreciation on a straight-line basis: 1....
-
Please read NPV should be 83,010 . Eric Griffey, manager of the Household Products Division of the Dudley Company is trying to decide whether to launch a new model of food blender, BF97. Griffey is...
-
8.32 (LO 1) Identifying relevant costs and decision making It had been a quiet Monday morning for Anna Hogue, senior project manager at Flagstone Consulting. Everything seemed to be falling into...
-
Abraham Company had revenues of $830,000 last year with total variable costs of $647,400 and fixed costs of $110,000. Required: 1. What is the variable cost ratio for Abraham? fill in the blank 1 o...
Study smarter with the SolutionInn App