I am having major difficulty with these. I just don't seem to understand this. Help on these is very much appreciated.

Question 1 Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 interest on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 2 Borke Company has a credit balance of $3,200 in Allowance for Doubtful Accounts. The estimated bad debt expense under the percentage-of-sales basis is $4,210. The total estimated uncollectibles under the percentage-of-receivables basis is $5,820. Prepare the adjusting entry under each basis. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (Under the percentage-of-sales basis.) (Under the percentage-of-receivables basis.) Question 3 Record the following transactions on the books of RAS Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,400, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise worth $4,400 to RAS Co. On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation Debit Credit (a) (b) (c) Question 4 During its first year of operations, Gavin Company had credit sales of $3,244,100; $636,200 remained uncollected at year-end. The credit manager estimates that $41,000 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the balance sheet for Gavin Company. Assume that in addition to the receivables it has cash of $93,900, inventory of $139,900, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) GAVIN COMPANY Balance Sheet (Partial) $ $ : $ Question 5 At the end of 2017, Carpenter Co. has accounts receivable of $765,600 and an allowance for doubtful accounts of $54,300. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2018, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To reverse write-off) (To record collection from Gray) Question 6 Debit Credit Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimates that 4% of net credit sales will become uncollectible. Sales revenues are $830,000 for 2017, sales returns and allowances are $50,500, and the allowance for doubtful accounts has a credit balance of $9,500. Prepare the adjusting entry to record bad debt expense in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Question 7 Kingston Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 2% of accounts receivable will become uncollectible. Accounts receivable are $519,000 at the end of the year, and the allowance for doubtful accounts has a credit balance of $1,700. Prepare the adjusting journal entry to record bad debt expense for the year. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit If the allowance for doubtful accounts had a debit balance of $950 instead of a credit balance of $1,700, determine the amount to be reported for bad debt expense. $ Bad Debts Expense Question 8 The ledger of Costello Company at the end of the current year shows Accounts Receivable $112,000, Sales Revenue $853,000, and Sales Returns and Allowances $28,000. If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole's $2,300 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Dec. 31 If Allowance for Doubtful Accounts has a credit balance of $3,200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Date . (1) Dec. 31 (2) Dec. 31 Account Titles and Explanation Debit Credit If Allowance for Doubtful Accounts has a debit balance of $320 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Date . (1) Dec. 31 (2) Dec. 31 Question 9 Account Titles and Explanation Debit Credit Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31. Nov. 1 Dec. 11 Loaned $30,000 cash to Manny Lopez on a 12-month, 10% note. Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. Received a $87,840, 180 day, 10% note in exchange for Joe Fernetti's outstanding accounts receivable. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) 16 Date Account Titles and Explanation Debit Credit Nov. 1 Dec. 11 Dec. 16 Dec. 31 Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Question 10 Presented below is an aging schedule for Halleran Company. Number of Days Past Due Customer Anders Not Yet Due Total $ 21,900 1-30 31-60 $10,100 $11,800 Blake 38,500 $ 38,500 Coulson 55,300 15,000 6,300 61-90 Over 90 $34,000 Deleon 33,100 Others 135,100 96,800 16,600 15,100 $283,900 $150,300 $33,000 $26,900 $34,000 $39,700 1% 5% 13% 27% 40% $ 1,503 $ 1,650 $ 3,497 $ 9,180 $15,880 Estimated Percentage Uncollectible Total Estimated Bad Debts $ 31,710 $33,100 6,600 At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,100. Journalize and post the adjusting entry for bad debts at December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 Bad Debts Expense Date Explanation Ref . Debit Credit Balance Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Ref . Debit Credit Balance Dec. 31 Balance Dec. 31 Adjusting Journalize and post to the allowance account the following events and transactions in the year 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) On March 31, a $1,200 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,200 is received from the customer whose account was written off as uncollectible on March 31. No. (1). Date Account Titles and Explanation Debit Credit Mar. 31 (2). May 31 (To reverse write-off) May 31 (To record collection of write off.) Allowance for Doubtful Accounts Date Explanation Dec. 31 2017 Balance Dec. 31 2017 Adjusting Mar. 31 2018 Ref . Debit Credit Balance 12,100 19,610 31,710 May 31 2018 Journalize the adjusting entry for bad debts on December 31, 2018, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $860 and the aging schedule indicates that total estimated bad debts will be $31,200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 Question 11 Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Accounts receivable % uncollectibl e Total 0-30 31-60 61-90 91-120 Over 120 320,700 102,500 69,600 63,000 46,400 $39,200 1% 4% 5% 8% 20% $ $ $ $ $ $ Estimated Bad debts (b) (c) (d) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $8,300 debit. Of the above accounts, $4,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No (b) Account Titles and Explanation Debit Credit (c) (d) (To reverse write-off.) (To record collection of write off.) Question 12 Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable Interest Receivable $46,800 303 Notes Receivable include the following. Date Aug. 16 Aug. 25 Sept. 30 Maker K. Goza Inc. Holt Co. Noblitt Corp. Face $ 15,600 12,000 19,200 Term 60 days 60 days 6 months Interest 10% 9% 11% Interest is computed using a 360-day year. During October, the following transactions were completed. Oct. 7 12 15 15 24 Made sales of $6,700 on Farwell credit cards. Made sales of $900 on MasterCard credit cards. The credit card service charge is 2%. Added $460 to Farwell customer balances for finance charges on unpaid balances. Received payment in full from K. Goza Inc. on the amount due. Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation Debit Credit Oct. 12 Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Date Explanatio Ref n . Balance Debit Credit Balance Debit Credit Balance Debit Credit Balance Accounts Receivable Date Explanatio Ref n . Interest Receivable Date Explanatio Ref n . Balance Show the balance sheet presentation of the receivable accounts at October 31. (List Current Assets in order of liquidity.) FARWELL COMPANY Balance Sheet (Partial) $ $ The following are the questions that have parts that are incorrect. Italic green sentence is what was wrong. Question 3 Record the following transactions on the books of RAS Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,400, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise worth $4,400 to RAS Co. On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation (a) Accounts Receiv Debit 17,400 Sales Revenue (b) Sales Returns and 17,400 4,400 Accounts Receiv (c) Cash cash discount Credit 4,400 12,480 520 Accounts Receiv 13,000 Cash discount was not one of my options. Question 5 At the end of 2017, Carpenter Co. has accounts receivable of $765,600 and an allowance for doubtful accounts of $54,300. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2018, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Dou 6,200 Accounts Receiv 6,200 (To reverse write-off) Cash 6,200 Bad Debt Expens 6,200 (To record collection from Gray) Allowance for Doubtful Accounts, Accounts Receivable, and Bad Debt Expense were incorrect. Question 8 If Allowance for Doubtful Accounts has a debit balance of $320 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Date . (1) Dec. 31 Account Titles and Explanation Bad Debt Expens Debit 8,570 Allowance for Dou (2) Dec. 31 Bad Debt Expens Allowance for Dou Credit 8,570 7,040 7,040 Both 8,570's are wrong. (Only including the part of the question that is wrong.) Question 9 Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Account Titles and Explanation Date Debit Credit EAT_1415257081 Cash 33,000 Nov. 1 Interest Revenue 1,754 Interest Receivab 1,246 Notes Receivable 30,000 The 1,754 and 1,246 are both wrong. (Again only included part of the question that is wrong.) Question 10 Journalize and post to the allowance account the following events and transactions in the year 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) On March 31, a $1,200 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,200 is received from the customer whose account was written off as uncollectible on March 31. No. (1). Date Mar. 31 Account Titles and Explanation Allowance for Dou Debit 1,200 Accounts Receiv (2). May 31 Cash 1,200 1,200 Bad Debt Expens 1,200 (To reverse write-off) May 31 Bad Debt Expens Credit 1,200 Cash 1,200 (To record collection of write off.) Allowance for Doubtful Accounts Date Explanation Dec. 31 2017 Balance Dec. 31 2017 Adjusting Mar. 31 2018 Ref . Debit Credit Balance 12,100 19,610 1,200 31,710 30,510 May 31 2018 30,510 Cash and Bad Debt Expense in both areas are wrong. Also the Credit space that is blank on May 31, 2018 and the Balance for that same one are both wrong. Question 11 (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $8,300 debit. (c) Of the above accounts, $4,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No (b) Account Titles and Explanation Bad Debt Expens Debit 26,811 Allowance for Dou (c) Allowance for Dou Accounts Receiv Credit 26,811 4,800 4,800 (d) Cash 4,800 Bad Debt Expens 4,800 (To reverse write-off.) (To record collection of write off.) (d) Cash and Bad Debit Expense are wrong - amounts are correct. Also the bottom ones were missing. Question 12 Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable Interest Receivable $46,800 303 Notes Receivable include the following. Date Aug. 16 Aug. 25 Sept. 30 Maker K. Goza Inc. Holt Co. Noblitt Corp. Face $ 15,600 12,000 19,200 Term 60 days 60 days 6 months Interest 10% 9% 11% Interest is computed using a 360-day year. During October, the following transactions were completed. Oct. 7 12 15 15 24 Made sales of $6,700 on Farwell credit cards. Made sales of $900 on MasterCard credit cards. The credit card service charge is 2%. Added $460 to Farwell customer balances for finance charges on unpaid balances. Received payment in full from K. Goza Inc. on the amount due. Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation EAT_1415265972 Oct. 7 Debit Accounts Receiv 6,700 Credit Oct. 7 Sales Revenue Oct. 12 Accounts Receiv Interest Revenue 6,700 882 18 Sales Revenue 900 EAT_1415265995 Accounts Receiv 460 Oct. 15 Accounts Payable 460 EAT_1415266005 Cash 15,860 Oct. 15 Notes Receivable 15,600 Interest Receivab 195 Interest Revenue EAT_1415266017 Accounts Receiv 65 12,180 Oct. 24 Interest Revenue 72 72 Interest Receivab 108 Notes Receivable EAT_1415266028 12,000 Interest Receivab 176 Oct. 31 Interest Revenue 176 For this part all amounts were correct. The following were the incorrect parts: Oct. 12 Accounts Receivable and Interest Revenue Oct. 15 Accounts Payable Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 46,800 Oct. 1 EQAT_14267701 15,600 31,200 12,000 19,200 Oct. 15 EQAT_14267701 Oct. 24 Accounts Receivable Date Explanatio Ref n . Debit Credit Balance Oct. 1 EQAT_14267701 460 460 12,180 12,640 Oct. 15 EQAT_14267701 Oct. 24 Interest Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 303 Oct. 1 EQAT_14267701 195 108 Oct. 15 EQAT_14267701 108 Oct. 24 EQAT_14267701 176 176 Oct. 31 The following parts were incorrect: Accounts Receivable Oct. 1 Debit and Balance Balance only on Oct. 15 and Oct. 24 Show the balance sheet presentation of the receivable accounts at October 31. (List Current Assets in order of liquidity.) FARWELL COMPANY Balance Sheet (Partial) EAT_1415266192 October 31 EQAT_14267701 Current Assets $ Accounts Receiv Interest Receivab Notes Receivable 176 19,200 $ Total Assets Everything on this was wrong except the October 31 and Current Assets. The following are the questions that have parts that are incorrect. Italic green sentence is what was wrong. Question 3 Record the following transactions on the books of RAS Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,400, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise worth $4,400 to RAS Co. On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation (a) Accounts Receiv Debit 17,400 Sales Revenue (b) Sales Returns and 17,400 4,400 Accounts Receiv (c) Cash cash discount Credit 4,400 12,480 520 Accounts Receiv 13,000 Cash discount was not one of my options. Question 5 At the end of 2017, Carpenter Co. has accounts receivable of $765,600 and an allowance for doubtful accounts of $54,300. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2018, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Dou 6,200 Accounts Receiv 6,200 (To reverse write-off) Cash 6,200 Bad Debt Expens 6,200 (To record collection from Gray) Allowance for Doubtful Accounts, Accounts Receivable, and Bad Debt Expense were incorrect. Question 8 If Allowance for Doubtful Accounts has a debit balance of $320 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Date . (1) Dec. 31 Account Titles and Explanation Bad Debt Expens Debit 8,570 Allowance for Dou (2) Dec. 31 Bad Debt Expens Allowance for Dou Credit 8,570 7,040 7,040 Both 8,570's are wrong. (Only including the part of the question that is wrong.) Question 9 Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Account Titles and Explanation Date Debit Credit EAT_1415257081 Cash 33,000 Nov. 1 Interest Revenue 1,754 Interest Receivab 1,246 Notes Receivable 30,000 The 1,754 and 1,246 are both wrong. (Again only included part of the question that is wrong.) Question 10 Journalize and post to the allowance account the following events and transactions in the year 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) On March 31, a $1,200 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,200 is received from the customer whose account was written off as uncollectible on March 31. No. (1). Date Mar. 31 Account Titles and Explanation Allowance for Dou Debit 1,200 Accounts Receiv (2). May 31 Cash 1,200 1,200 Bad Debt Expens 1,200 (To reverse write-off) May 31 Bad Debt Expens Credit 1,200 Cash 1,200 (To record collection of write off.) Allowance for Doubtful Accounts Date Explanation Dec. 31 2017 Balance Dec. 31 2017 Adjusting Mar. 31 2018 Ref . Debit Credit Balance 12,100 19,610 1,200 31,710 30,510 May 31 2018 30,510 Cash and Bad Debt Expense in both areas are wrong. Also the Credit space that is blank on May 31, 2018 and the Balance for that same one are both wrong. Question 11 (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $8,300 debit. (c) Of the above accounts, $4,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No (b) Account Titles and Explanation Bad Debt Expens Debit 26,811 Allowance for Dou (c) Allowance for Dou Accounts Receiv Credit 26,811 4,800 4,800 (d) Cash 4,800 Bad Debt Expens 4,800 (To reverse write-off.) (To record collection of write off.) (d) Cash and Bad Debit Expense are wrong - amounts are correct. Also the bottom ones were missing. Question 12 Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable Interest Receivable $46,800 303 Notes Receivable include the following. Date Aug. 16 Aug. 25 Sept. 30 Maker K. Goza Inc. Holt Co. Noblitt Corp. Face $ 15,600 12,000 19,200 Term 60 days 60 days 6 months Interest 10% 9% 11% Interest is computed using a 360-day year. During October, the following transactions were completed. Oct. 7 12 15 15 24 Made sales of $6,700 on Farwell credit cards. Made sales of $900 on MasterCard credit cards. The credit card service charge is 2%. Added $460 to Farwell customer balances for finance charges on unpaid balances. Received payment in full from K. Goza Inc. on the amount due. Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation EAT_1415265972 Oct. 7 Debit Accounts Receiv 6,700 Credit Oct. 7 Sales Revenue Oct. 12 Accounts Receiv Interest Revenue 6,700 882 18 Sales Revenue 900 EAT_1415265995 Accounts Receiv 460 Oct. 15 Accounts Payable 460 EAT_1415266005 Cash 15,860 Oct. 15 Notes Receivable 15,600 Interest Receivab 195 Interest Revenue EAT_1415266017 Accounts Receiv 65 12,180 Oct. 24 Interest Revenue 72 72 Interest Receivab 108 Notes Receivable EAT_1415266028 12,000 Interest Receivab 176 Oct. 31 Interest Revenue 176 For this part all amounts were correct. The following were the incorrect parts: Oct. 12 Accounts Receivable and Interest Revenue Oct. 15 Accounts Payable Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 46,800 Oct. 1 EQAT_14267701 15,600 31,200 12,000 19,200 Oct. 15 EQAT_14267701 Oct. 24 Accounts Receivable Date Explanatio Ref n . Debit Credit Balance Oct. 1 EQAT_14267701 460 460 12,180 12,640 Oct. 15 EQAT_14267701 Oct. 24 Interest Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 303 Oct. 1 EQAT_14267701 195 108 Oct. 15 EQAT_14267701 108 Oct. 24 EQAT_14267701 176 176 Oct. 31 The following parts were incorrect: Accounts Receivable Oct. 1 Debit and Balance Balance only on Oct. 15 and Oct. 24 Show the balance sheet presentation of the receivable accounts at October 31. (List Current Assets in order of liquidity.) FARWELL COMPANY Balance Sheet (Partial) EAT_1415266192 October 31 EQAT_14267701 Current Assets $ Accounts Receiv Interest Receivab Notes Receivable 176 19,200 $ Total Assets Everything on this was wrong except the October 31 and Current Assets. The following are the questions that have parts that are incorrect. Italic green sentence is what was wrong. Question 3 Record the following transactions on the books of RAS Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,400, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise worth $4,400 to RAS Co. On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation (a) Accounts Receiv Debit 17,400 Sales Revenue (b) Sales Returns and 17,400 4,400 Accounts Receiv (c) Cash cash discount Credit 4,400 12,480 520 Accounts Receiv 13,000 Cash discount was not one of my options. Question 5 At the end of 2017, Carpenter Co. has accounts receivable of $765,600 and an allowance for doubtful accounts of $54,300. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2018, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Dou 6,200 Accounts Receiv 6,200 (To reverse write-off) Cash 6,200 Bad Debt Expens 6,200 (To record collection from Gray) Allowance for Doubtful Accounts, Accounts Receivable, and Bad Debt Expense were incorrect. Question 8 If Allowance for Doubtful Accounts has a debit balance of $320 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Date . (1) Dec. 31 Account Titles and Explanation Bad Debt Expens Debit 8,570 Allowance for Dou (2) Dec. 31 Bad Debt Expens Allowance for Dou Credit 8,570 7,040 7,040 Both 8,570's are wrong. (Only including the part of the question that is wrong.) Question 9 Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Account Titles and Explanation Date Debit Credit EAT_1415257081 Cash 33,000 Nov. 1 Interest Revenue 1,754 Interest Receivab 1,246 Notes Receivable 30,000 The 1,754 and 1,246 are both wrong. (Again only included part of the question that is wrong.) Question 10 Journalize and post to the allowance account the following events and transactions in the year 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) On March 31, a $1,200 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,200 is received from the customer whose account was written off as uncollectible on March 31. No. (1). Date Mar. 31 Account Titles and Explanation Allowance for Dou Debit 1,200 Accounts Receiv (2). May 31 Cash 1,200 1,200 Bad Debt Expens 1,200 (To reverse write-off) May 31 Bad Debt Expens Credit 1,200 Cash 1,200 (To record collection of write off.) Allowance for Doubtful Accounts Date Explanation Dec. 31 2017 Balance Dec. 31 2017 Adjusting Mar. 31 2018 Ref . Debit Credit Balance 12,100 19,610 1,200 31,710 30,510 May 31 2018 30,510 Cash and Bad Debt Expense in both areas are wrong. Also the Credit space that is blank on May 31, 2018 and the Balance for that same one are both wrong. Question 11 (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $8,300 debit. (c) Of the above accounts, $4,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No (b) Account Titles and Explanation Bad Debt Expens Debit 26,811 Allowance for Dou (c) Allowance for Dou Accounts Receiv Credit 26,811 4,800 4,800 (d) Cash 4,800 Bad Debt Expens 4,800 (To reverse write-off.) (To record collection of write off.) (d) Cash and Bad Debit Expense are wrong - amounts are correct. Also the bottom ones were missing. Question 12 Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable Interest Receivable $46,800 303 Notes Receivable include the following. Date Aug. 16 Aug. 25 Sept. 30 Maker K. Goza Inc. Holt Co. Noblitt Corp. Face $ 15,600 12,000 19,200 Term 60 days 60 days 6 months Interest 10% 9% 11% Interest is computed using a 360-day year. During October, the following transactions were completed. Oct. 7 12 15 15 24 Made sales of $6,700 on Farwell credit cards. Made sales of $900 on MasterCard credit cards. The credit card service charge is 2%. Added $460 to Farwell customer balances for finance charges on unpaid balances. Received payment in full from K. Goza Inc. on the amount due. Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation EAT_1415265972 Oct. 7 Debit Accounts Receiv 6,700 Credit Oct. 7 Sales Revenue Oct. 12 Accounts Receiv Interest Revenue 6,700 882 18 Sales Revenue 900 EAT_1415265995 Accounts Receiv 460 Oct. 15 Accounts Payable 460 EAT_1415266005 Cash 15,860 Oct. 15 Notes Receivable 15,600 Interest Receivab 195 Interest Revenue EAT_1415266017 Accounts Receiv 65 12,180 Oct. 24 Interest Revenue 72 72 Interest Receivab 108 Notes Receivable EAT_1415266028 12,000 Interest Receivab 176 Oct. 31 Interest Revenue 176 For this part all amounts were correct. The following were the incorrect parts: Oct. 12 Accounts Receivable and Interest Revenue Oct. 15 Accounts Payable Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 46,800 Oct. 1 EQAT_14267701 15,600 31,200 12,000 19,200 Oct. 15 EQAT_14267701 Oct. 24 Accounts Receivable Date Explanatio Ref n . Debit Credit Balance Oct. 1 EQAT_14267701 460 460 12,180 12,640 Oct. 15 EQAT_14267701 Oct. 24 Interest Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 303 Oct. 1 EQAT_14267701 195 108 Oct. 15 EQAT_14267701 108 Oct. 24 EQAT_14267701 176 176 Oct. 31 The following parts were incorrect: Accounts Receivable Oct. 1 Debit and Balance Balance only on Oct. 15 and Oct. 24 Show the balance sheet presentation of the receivable accounts at October 31. (List Current Assets in order of liquidity.) FARWELL COMPANY Balance Sheet (Partial) EAT_1415266192 October 31 EQAT_14267701 Current Assets $ Accounts Receiv Interest Receivab Notes Receivable 176 19,200 $ Total Assets Everything on this was wrong except the October 31 and Current Assets. The following are the questions that have parts that are incorrect. Italic green sentence is what was wrong. Question 3 Record the following transactions on the books of RAS Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) (b) (c) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,400, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise worth $4,400 to RAS Co. On July 11, Waegelein Inc. paid for the merchandise. Account Titles and Explanation (a) Accounts Receiv Debit 17,400 Sales Revenue (b) Sales Returns and 17,400 4,400 Accounts Receiv (c) Cash cash discount Credit 4,400 12,480 520 Accounts Receiv 13,000 Cash discount was not one of my options. Question 5 At the end of 2017, Carpenter Co. has accounts receivable of $765,600 and an allowance for doubtful accounts of $54,300. On January 24, 2018, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. On March 4, 2018, Carpenter Co. receives payment of $6,200 in full from Megan Gray. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Dou 6,200 Accounts Receiv 6,200 (To reverse write-off) Cash 6,200 Bad Debt Expens 6,200 (To record collection from Gray) Allowance for Doubtful Accounts, Accounts Receivable, and Bad Debt Expense were incorrect. Question 8 If Allowance for Doubtful Accounts has a debit balance of $320 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales and (2) 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Date . (1) Dec. 31 Account Titles and Explanation Bad Debt Expens Debit 8,570 Allowance for Dou (2) Dec. 31 Bad Debt Expens Allowance for Dou Credit 8,570 7,040 7,040 Both 8,570's are wrong. (Only including the part of the question that is wrong.) Question 9 Record the collection of the Lopez note at its maturity in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Account Titles and Explanation Date Debit Credit EAT_1415257081 Cash 33,000 Nov. 1 Interest Revenue 1,754 Interest Receivab 1,246 Notes Receivable 30,000 The 1,754 and 1,246 are both wrong. (Again only included part of the question that is wrong.) Question 10 Journalize and post to the allowance account the following events and transactions in the year 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) On March 31, a $1,200 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,200 is received from the customer whose account was written off as uncollectible on March 31. No. (1). Date Mar. 31 Account Titles and Explanation Allowance for Dou Debit 1,200 Accounts Receiv (2). May 31 Cash 1,200 1,200 Bad Debt Expens 1,200 (To reverse write-off) May 31 Bad Debt Expens Credit 1,200 Cash 1,200 (To record collection of write off.) Allowance for Doubtful Accounts Date Explanation Dec. 31 2017 Balance Dec. 31 2017 Adjusting Mar. 31 2018 Ref . Debit Credit Balance 12,100 19,610 1,200 31,710 30,510 May 31 2018 30,510 Cash and Bad Debt Expense in both areas are wrong. Also the Credit space that is blank on May 31, 2018 and the Balance for that same one are both wrong. Question 11 (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $8,300 debit. (c) Of the above accounts, $4,800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No (b) Account Titles and Explanation Bad Debt Expens Debit 26,811 Allowance for Dou (c) Allowance for Dou Accounts Receiv Credit 26,811 4,800 4,800 (d) Cash 4,800 Bad Debt Expens 4,800 (To reverse write-off.) (To record collection of write off.) (d) Cash and Bad Debit Expense are wrong - amounts are correct. Also the bottom ones were missing. Question 12 Farwell Company closes its books monthly. On September 30, selected ledger account balances are: Notes Receivable Interest Receivable $46,800 303 Notes Receivable include the following. Date Aug. 16 Aug. 25 Sept. 30 Maker K. Goza Inc. Holt Co. Noblitt Corp. Face $ 15,600 12,000 19,200 Term 60 days 60 days 6 months Interest 10% 9% 11% Interest is computed using a 360-day year. During October, the following transactions were completed. Oct. 7 12 15 15 24 Made sales of $6,700 on Farwell credit cards. Made sales of $900 on MasterCard credit cards. The credit card service charge is 2%. Added $460 to Farwell customer balances for finance charges on unpaid balances. Received payment in full from K. Goza Inc. on the amount due. Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.) Date Account Titles and Explanation EAT_1415265972 Oct. 7 Debit Accounts Receiv 6,700 Credit Oct. 7 Sales Revenue Oct. 12 Accounts Receiv Interest Revenue 6,700 882 18 Sales Revenue 900 EAT_1415265995 Accounts Receiv 460 Oct. 15 Accounts Payable 460 EAT_1415266005 Cash 15,860 Oct. 15 Notes Receivable 15,600 Interest Receivab 195 Interest Revenue EAT_1415266017 Accounts Receiv 65 12,180 Oct. 24 Interest Revenue 72 72 Interest Receivab 108 Notes Receivable EAT_1415266028 12,000 Interest Receivab 176 Oct. 31 Interest Revenue 176 For this part all amounts were correct. The following were the incorrect parts: Oct. 12 Accounts Receivable and Interest Revenue Oct. 15 Accounts Payable Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) Notes Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 46,800 Oct. 1 EQAT_14267701 15,600 31,200 12,000 19,200 Oct. 15 EQAT_14267701 Oct. 24 Accounts Receivable Date Explanatio Ref n . Debit Credit Balance Oct. 1 EQAT_14267701 460 460 12,180 12,640 Oct. 15 EQAT_14267701 Oct. 24 Interest Receivable Date Explanatio Ref n . Debit Credit Balance EQAT_14267701 Balance 303 Oct. 1 EQAT_14267701 195 108 Oct. 15 EQAT_14267701 108 Oct. 24 EQAT_14267701 176 176 Oct. 31 The following parts were incorrect: Accounts Receivable Oct. 1 Debit and Balance Balance only on Oct. 15 and Oct. 24 Show the balance sheet presentation of the receivable accounts at October 31. (List Current Assets in order of liquidity.) FARWELL COMPANY Balance Sheet (Partial) EAT_1415266192 October 31 EQAT_14267701 Current Assets $ Accounts Receiv Interest Receivab Notes Receivable 176 19,200 $ Total Assets Everything on this was wrong except the October 31 and Current Assets