Mastery Problem: Receivables Recording Uncollectible Receivables Fantastic Sports Gear You have been hired as the accountant for Fan Tasters Gew, aw of sporting Goods and apparel The previous contant b inter has been writing the journal entre since January You are coming the accounting records before the maleries for the firs accom a nacions that you are reviewing a nd an accounting some of the t 17 Sales Badet 11 to Account cables Sports 24 Cash Bad DE Feb. 15 Accounts Receivable Healthy Running Bad Debit Expense Sales Mar 4 Accounts Receivable Four Seasons Sportswear 7200.00 Bad Det Espen Cash 4 2.700.00 15 sh Accounts Rec Barts Best Gear Det er Accounts Receive Healthy Running 10000 2 Account c e s Sports Cd. Hy work more they w ere Chart of Accounts CHART OF ACCOUNTS Fan-Tastic Sports Gear General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable Healthy Running 122 Accounts Recent The Lode Room 123 Account Rec Soorts 124 Accounts Rece -Get Your Gear 125 Accounts Receivable Four Seasons Sport 126 Accounts Rece -Ready2-00 127 Accounts Receivable-Barb's Best Gear 112 Notes Receivable Fast Feet C 135 Interest Recente et tech Oce Su EXPENSES 510 Cost of Merchanded 520 Sale Salaries Expense 521 Advertising Expense 521 Delivery one 524 Repairs Expense 529 Selling Expenses 500 Office Sales Expense 51 Rente 512 Decrecione Ock My Work 1 more Check My Works remaining Next > SOTAM BN ME 136 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Office Equipment 194 Accumulated Depreciation Office Equipment 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense Ofice Equipment 533 Insurance Expense 534 Ofice Supplies Experse 536 Credit Card Expense 537 Cash Short and Over 538 Bad Det Expense 539 Miscellaneous Expense 710 interest Expense LIABILITIES 210 Accounts Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Rama Gupta Capital 311 Rama Gupta. Drawing Next Check My Workmore Check My Works remaining 907 AM 70HK R OUTCOLTELLINGENDE Review the accounts receivable transactions shown in the general joumal on the Pan Tol Sport Cewwel we the own to How does the company spear to be handing unclete reces? direct we off method aging of accounts receivable method percent of sales method r ect ring records in deciding whether Fassic Sports Gears handing co 2. You have made the following observations during your review of the An analysis of the com 's receive show more accounts were note than a year Badi pense Como ya 40 and deciding whether Fan Sports ears and 2. You have made the long bervations during your review of the accounting prope , which of these servations are key factors in your de ect al The company els primarily lo smaller business, who are more likely to have cash flow problems An analysis of the company's accounts receivable Show more accounts will be no t e than last year Collection agencies are routinely used Bad is a n expense Company year were 2.900.000 de e n e by 500 000 Most of the comm ent 3. Aber mange ervations in you have recommended Fans Sports et the Revised Journal Choose M 1. Assume that Fan-Tastic Sports Gear will be using the allowance method this year. Select any oms) from the following list that should be added to the existing chart of accounts. Check all that apply Net Realable Value of Receivables Total Cred Sales Estimate for Uncolectible Accounts Balance of Aging Accounts Allowance for Dout Accounts 2. Finalize the journal entries shown on the Fan-Tastic Sports Gear panel and make any necessary changes Refer to the Chart Accounts 16. You may also use any come from the preceding is needed ACCOUNTING EQUATION ET UTS QUITY Check My Work 1 more Check My Wortes remaining SOBAM 4 2013 to the Chart of Accounts for the awarding of account 2. Fake the journal entre shown on the Fan-Tastic Sports Oew panel and make any necessary changes es You may also use any tems from the preceding but feeded COUNTING EOLATION Calculator Not Receivable in the balance for you to Recetas Change lance of w which a s oad vestition reves that on November 19, 2011. This declared from alle for 54,500 You can down the counting records 350 day year Une preceding information comm ander Om My work more Checkor semang Not Receivable in the trial balance for March, you see that Notes Recet as Feet Co has a negative balance of $135, which would seem to indicate that Fast Feet paid too much Looking back through the journal entries for March, you find that on March 19 the accounting code of Sin payment of this ne u ther investigation reveal to November 19, 2011, was rec om e t Color 4500 You can find a woman bout these the accounting records. Assume a 360 day year, Using the preceding information compute them and the interest rate of the role receive from Fast Feet 1. Tom the Gays y et domo Refer to the Chart of Account of exact wording of Round out to the ACCOUNTING EQUATION H Journace the n eeded to record information about the role cable from Fed Feed for the year 2071. Assume that the only on November 19, 2011.com Refer to the Chair of Accounts of exact wording of accounties. Round all amounts to the real do ACCOUNTING EQUATION e om the door and on Accounts of each wording of account the Round al amount to the 4 Jornate the entry needed to record collection of the role at maturity on March 19, 2072. Assume that the entry on November 19, 2011 .com Accounts of exact wording of account titles. Round al amounts to the newest dolar b u ro ACCOUNTING SOLUTION Final Questions were on account Fan-Tastic Sports recorded 12 000 000 f a st year and press sales to increase by 150.000 in the current year Last year, 30% of over 300 customer accounts Badett expense was 25.187 we and end of the yea ance 2.100 Theory 1. AuthT ic Sports Geared the towane med sty Oh My Workmore Check My Worker A 9:09 AM CAU 40 W Final Queens year Lay o u t Fan Sports et de 900 000 f ast year and project sales to increase by 5350000th over 300 customer accounts Bade p te was 137 1. Fastic Sports Gears the method last year and the towance account at the end of the year had dobb e 100 The company c e account the percent of a method and species of the n ew s of the ting to provide for accounts on December 317 Round all computations to the name s 2. How much higher we would Fan-Tastic Sports Gear's income have been under the ance methodsumtion in under the directe Ethere is no change s 3 Ung the towance method the other s would appear on which financial Check the work more Check My Work uses remaining e Swe AV t Ammet for bra 4 30019 B NM Mastery Problem: Receivables Recording Uncollectible Receivables Fantastic Sports Gear You have been hired as the accountant for Fan Tasters Gew, aw of sporting Goods and apparel The previous contant b inter has been writing the journal entre since January You are coming the accounting records before the maleries for the firs accom a nacions that you are reviewing a nd an accounting some of the t 17 Sales Badet 11 to Account cables Sports 24 Cash Bad DE Feb. 15 Accounts Receivable Healthy Running Bad Debit Expense Sales Mar 4 Accounts Receivable Four Seasons Sportswear 7200.00 Bad Det Espen Cash 4 2.700.00 15 sh Accounts Rec Barts Best Gear Det er Accounts Receive Healthy Running 10000 2 Account c e s Sports Cd. Hy work more they w ere Chart of Accounts CHART OF ACCOUNTS Fan-Tastic Sports Gear General Ledger ASSETS 110 Cash REVENUE 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable Healthy Running 122 Accounts Recent The Lode Room 123 Account Rec Soorts 124 Accounts Rece -Get Your Gear 125 Accounts Receivable Four Seasons Sport 126 Accounts Rece -Ready2-00 127 Accounts Receivable-Barb's Best Gear 112 Notes Receivable Fast Feet C 135 Interest Recente et tech Oce Su EXPENSES 510 Cost of Merchanded 520 Sale Salaries Expense 521 Advertising Expense 521 Delivery one 524 Repairs Expense 529 Selling Expenses 500 Office Sales Expense 51 Rente 512 Decrecione Ock My Work 1 more Check My Works remaining Next > SOTAM BN ME 136 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Office Equipment 194 Accumulated Depreciation Office Equipment 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense Ofice Equipment 533 Insurance Expense 534 Ofice Supplies Experse 536 Credit Card Expense 537 Cash Short and Over 538 Bad Det Expense 539 Miscellaneous Expense 710 interest Expense LIABILITIES 210 Accounts Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Rama Gupta Capital 311 Rama Gupta. Drawing Next Check My Workmore Check My Works remaining 907 AM 70HK R OUTCOLTELLINGENDE Review the accounts receivable transactions shown in the general joumal on the Pan Tol Sport Cewwel we the own to How does the company spear to be handing unclete reces? direct we off method aging of accounts receivable method percent of sales method r ect ring records in deciding whether Fassic Sports Gears handing co 2. You have made the following observations during your review of the An analysis of the com 's receive show more accounts were note than a year Badi pense Como ya 40 and deciding whether Fan Sports ears and 2. You have made the long bervations during your review of the accounting prope , which of these servations are key factors in your de ect al The company els primarily lo smaller business, who are more likely to have cash flow problems An analysis of the company's accounts receivable Show more accounts will be no t e than last year Collection agencies are routinely used Bad is a n expense Company year were 2.900.000 de e n e by 500 000 Most of the comm ent 3. Aber mange ervations in you have recommended Fans Sports et the Revised Journal Choose M 1. Assume that Fan-Tastic Sports Gear will be using the allowance method this year. Select any oms) from the following list that should be added to the existing chart of accounts. Check all that apply Net Realable Value of Receivables Total Cred Sales Estimate for Uncolectible Accounts Balance of Aging Accounts Allowance for Dout Accounts 2. Finalize the journal entries shown on the Fan-Tastic Sports Gear panel and make any necessary changes Refer to the Chart Accounts 16. You may also use any come from the preceding is needed ACCOUNTING EQUATION ET UTS QUITY Check My Work 1 more Check My Wortes remaining SOBAM 4 2013 to the Chart of Accounts for the awarding of account 2. Fake the journal entre shown on the Fan-Tastic Sports Oew panel and make any necessary changes es You may also use any tems from the preceding but feeded COUNTING EOLATION Calculator Not Receivable in the balance for you to Recetas Change lance of w which a s oad vestition reves that on November 19, 2011. This declared from alle for 54,500 You can down the counting records 350 day year Une preceding information comm ander Om My work more Checkor semang Not Receivable in the trial balance for March, you see that Notes Recet as Feet Co has a negative balance of $135, which would seem to indicate that Fast Feet paid too much Looking back through the journal entries for March, you find that on March 19 the accounting code of Sin payment of this ne u ther investigation reveal to November 19, 2011, was rec om e t Color 4500 You can find a woman bout these the accounting records. Assume a 360 day year, Using the preceding information compute them and the interest rate of the role receive from Fast Feet 1. Tom the Gays y et domo Refer to the Chart of Account of exact wording of Round out to the ACCOUNTING EQUATION H Journace the n eeded to record information about the role cable from Fed Feed for the year 2071. Assume that the only on November 19, 2011.com Refer to the Chair of Accounts of exact wording of accounties. Round all amounts to the real do ACCOUNTING EQUATION e om the door and on Accounts of each wording of account the Round al amount to the 4 Jornate the entry needed to record collection of the role at maturity on March 19, 2072. Assume that the entry on November 19, 2011 .com Accounts of exact wording of account titles. Round al amounts to the newest dolar b u ro ACCOUNTING SOLUTION Final Questions were on account Fan-Tastic Sports recorded 12 000 000 f a st year and press sales to increase by 150.000 in the current year Last year, 30% of over 300 customer accounts Badett expense was 25.187 we and end of the yea ance 2.100 Theory 1. AuthT ic Sports Geared the towane med sty Oh My Workmore Check My Worker A 9:09 AM CAU 40 W Final Queens year Lay o u t Fan Sports et de 900 000 f ast year and project sales to increase by 5350000th over 300 customer accounts Bade p te was 137 1. Fastic Sports Gears the method last year and the towance account at the end of the year had dobb e 100 The company c e account the percent of a method and species of the n ew s of the ting to provide for accounts on December 317 Round all computations to the name s 2. How much higher we would Fan-Tastic Sports Gear's income have been under the ance methodsumtion in under the directe Ethere is no change s 3 Ung the towance method the other s would appear on which financial Check the work more Check My Work uses remaining e Swe AV t Ammet for bra 4 30019 B NM