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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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