Question
Jameson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020: Accounts receivable $395,700 Less: Allowance for
Jameson Corp. is a wholesaler of imported products. The company had the following opening balances at January 1, 2020:
Accounts receivable | $395,700 |
Less: Allowance for doubtful accounts | $-47,484 |
Net realizable value | $348,216 |
During 2020, the company had the following summary transactions:
a. Sales on account, $4,297,000; cost of goods sold, $1,934,000
b. Products returned by customers, $86,000; cost of inventory returned, $39,000
c. Cash collections on accounts receivable, $3,953,000
d. Write-offs of accounts receivable determined to be uncollectable, $59,355
e. A customer that was previously written off sent in a cheque for $5,300
f. You estimate that $71,000 of your accounts receivable will be uncollected next year.
Record all the above transactions and then answer the questions that follow.
The entry to record transaction (a) would include which of the following? Select ALL that apply. (4 points)
increase Cost of Goods Sold
increase Bad Debt Expense
decrease Allowance for Doubtful Accounts
increase Sales
decrease Inventory
decrease Cash
decrease Cost of Goods Sold
increase Cash
increase Inventory
increase Accounts Receivable
decrease Accounts Receivable
increase Allowance for Doubtful Accounts
decrease Sales
no entry required
decrease Bad Debt Expense
The entry to record transaction (b) would include which of the following? Select ALL that apply. (4 points)
increase Sales Returns and Allowances
no entry required
decrease Cost of Goods Sold
decrease Allowance for Doubtful Accounts
increase Accounts Receivable
increase Bad Debt Expense
decrease Inventory
increase Cost of Goods Sold
increase Allowance for Doubtful Accounts
increase Sales
decrease Sales Returns and Allowances
decrease Sales
decrease Accounts Receivable
increase Cash
decrease Bad Debt Expense
increase Inventory
decrease Cash
The entry to record transaction (c) would include which of the following? Select ALL that apply. (2 points)
increase Cost of Goods Sold
increase Cash
decrease Allowance for Doubtful Accounts
increase Bad Debt Expense
decrease Inventory
increase Sales
decrease Cost of Goods Sold
decrease Sales
increase Inventory
no entry required
decrease Accounts Receivable
increase Accounts Receivable
decrease Cash
increase Allowance for Doubtful Accounts
decrease Bad Debt Expense
The entry to record transaction (d) would include which of the following? Select ALL that apply. (2 points)
increase Accounts Receivable
increase Cost of Goods Sold
decrease Inventory
increase Allowance for Doubtful Accounts
increase Inventory
decrease Accounts Receivable
decrease Bad Debt Expense
decrease Sales
decrease Cash
no entry required
increase Sales
decrease Allowance for Doubtful Accounts
increase Cash
increase Bad Debt Expense
decrease Cost of Goods Sold
The entry to record transaction (e) would include which of the following? Select ALL that apply. (4 points)
decrease Allowance for Doubtful Accounts
increase Sales
increase Inventory
increase Allowance for Doubtful Accounts
decrease Cash
decrease Inventory
decrease Bad Debt Expense
decrease Cost of Goods Sold
increase Bad Debt Expense
no entry required
decrease Accounts Receivable
decrease Sales
increase Cost of Goods Sold
increase Accounts Receivable
increase Cash
The entry to record transaction (f) would include which of the following? Select ALL that apply. (2 points)
increase Inventory
decrease Cash
increase Accounts Receivable
no entry required
increase Sales
decrease Inventory
decrease Accounts Receivable
decrease Cost of Goods Sold
increase Cash
decrease Bad Debt Expense
increase Cost of Goods Sold
decrease Allowance for Doubtful Accounts
decrease Sales
increase Allowance for Doubtful Accounts
increase Bad Debt Expense
pls anwer all asap
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