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- eBook Show Me How Calculator Entries for Uncollectible Accounts, using Direct writeOff Method Journalize the following transactions in the accounts of Champion Medical Co, a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to De Dale Van Dyken, $63,600. The cost of the merchandise sold was $34,300. July 7. Received $14,000 from Di Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $49,600 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 [ll Nov. 2-reinstate Nov. 2-collection 1 1-10 Academy Industries Inc 5.000 Ascent Company 3.400 Zoot Company Subtotals 764,200 461.000 68.100 73.400 m ine The following counts were unintentionally Balance Cenever Industries $10.700 Keystone Com 7.600 Merce Creek 15.300 9.200 20.600 from the wind che Due Date Buy 9 September 19 October December 21 Determine theme of days pastoreach of the precedin t as of November 30. 1 Number of Days Paste Canover Trustres Keystone Company Movie Cream Rainbow Company S on Company De Date July September 19 October 18 November 5 December 21 b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and wing hoft Industries Aging of Receivables Schedule feat the Pas De 10 Days PD O Das Paut Art Com ook Company Merck Inc Random Comenty Swanson Company Checy W eCheck My Wat een Entries for Bad Debt Expense Under the Direct Write-off and Allowance Methods The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31 June 8. Wrote off account of Kathy Quantel, $6,510. Aug. 1. Received $4,620 as partial payment on the $11,650 account of Rosalie Oakes. Wrote off the remaining balance as uncollectibles Oct. 16. Received the $6,510 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $1,890 Greg Gagne 1,170 Amber Kisko 4,490 Shannon Poole 2,600 Niki Spence 720 Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $312,000 31-60 days 117,000 61-90 days 37,000 91-120 days 14,000 More than 120 days 19,000 Total receivables $499,000 For those amount boxes in which no entry is required, leave the box blank. If an account is not required, select "No entry from the dropdown box(es). Check My Work 3 more Check My Work uses remaining a. Journalize the transactions under the direct write-off method. June 8. Aug. 14 Oct.16-reinstate Oct. 16 collection 001 1 1 1 000 1 1111111 1 Dec. 31 write-off Dec. 31-adjusting b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning credit balance of $19,530 on January 1 and the company uses the analysis of receivables methel June B. Check My Work 3 more Check My Work uses remaining CH 9 Homework b e eBook the transactions under the allowance m Show Me How Calculator a lowance en begr ance of $19,50 on January I and the company uses the analy June 8. Aug. 14 Oct.16-reinstate Oct. 16-collection 100 l l 100001 Dec. 31-write-off Dec. 31-adjusting C. How much higher (lower) would Rustic Tables' net income have been under the direct wnte-off method than under the allowance method by Check My Work 3 more Check My Work uses remaining CH 9 Homework eBook Calculator Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated an of the day they are received.) Assume 360 days in a year. Mar. 8. 31. May 7. 16. June 11. Received a $78,000,7%, 60-day note on account: Received a $22,800, 10%, 90-day note on account. Received $78,910 on note of March 8. Received a $68,400,9%, 90-day note on account. Received a $42,000, 12%, 30-day note on account. Received $23,370 on note of March 31. Received $42,420 on note of June 11. Received a $2,400, 8%, 30-day note on account. Received $69,939 on note of May 16. Received $2,416 on note of August 4. 29. July 26. Aug. 4. Dec. 2. Required: Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank. Mar. 8 Mar. 31 May 16 & Co https://v2. eBook Calculat CH 9 Homework May 16 June 11 June 29 1 UUU LJILJU 11 July 26 Aug. 14 Dec. 2 Check My Work 3 more Check My Work uses remaining Assignment Score: 0.0% - eBook Show Me How Calculator Entries for Uncollectible Accounts, using Direct writeOff Method Journalize the following transactions in the accounts of Champion Medical Co, a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to De Dale Van Dyken, $63,600. The cost of the merchandise sold was $34,300. July 7. Received $14,000 from Di Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $49,600 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 [ll Nov. 2-reinstate Nov. 2-collection 1 1-10 Academy Industries Inc 5.000 Ascent Company 3.400 Zoot Company Subtotals 764,200 461.000 68.100 73.400 m ine The following counts were unintentionally Balance Cenever Industries $10.700 Keystone Com 7.600 Merce Creek 15.300 9.200 20.600 from the wind che Due Date Buy 9 September 19 October December 21 Determine theme of days pastoreach of the precedin t as of November 30. 1 Number of Days Paste Canover Trustres Keystone Company Movie Cream Rainbow Company S on Company De Date July September 19 October 18 November 5 December 21 b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and wing hoft Industries Aging of Receivables Schedule feat the Pas De 10 Days PD O Das Paut Art Com ook Company Merck Inc Random Comenty Swanson Company Checy W eCheck My Wat een Entries for Bad Debt Expense Under the Direct Write-off and Allowance Methods The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31 June 8. Wrote off account of Kathy Quantel, $6,510. Aug. 1. Received $4,620 as partial payment on the $11,650 account of Rosalie Oakes. Wrote off the remaining balance as uncollectibles Oct. 16. Received the $6,510 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $1,890 Greg Gagne 1,170 Amber Kisko 4,490 Shannon Poole 2,600 Niki Spence 720 Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $312,000 31-60 days 117,000 61-90 days 37,000 91-120 days 14,000 More than 120 days 19,000 Total receivables $499,000 For those amount boxes in which no entry is required, leave the box blank. If an account is not required, select "No entry from the dropdown box(es). Check My Work 3 more Check My Work uses remaining a. Journalize the transactions under the direct write-off method. June 8. Aug. 14 Oct.16-reinstate Oct. 16 collection 001 1 1 1 000 1 1111111 1 Dec. 31 write-off Dec. 31-adjusting b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning credit balance of $19,530 on January 1 and the company uses the analysis of receivables methel June B. Check My Work 3 more Check My Work uses remaining CH 9 Homework b e eBook the transactions under the allowance m Show Me How Calculator a lowance en begr ance of $19,50 on January I and the company uses the analy June 8. Aug. 14 Oct.16-reinstate Oct. 16-collection 100 l l 100001 Dec. 31-write-off Dec. 31-adjusting C. How much higher (lower) would Rustic Tables' net income have been under the direct wnte-off method than under the allowance method by Check My Work 3 more Check My Work uses remaining CH 9 Homework eBook Calculator Notes Receivable Entries The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated an of the day they are received.) Assume 360 days in a year. Mar. 8. 31. May 7. 16. June 11. Received a $78,000,7%, 60-day note on account: Received a $22,800, 10%, 90-day note on account. Received $78,910 on note of March 8. Received a $68,400,9%, 90-day note on account. Received a $42,000, 12%, 30-day note on account. Received $23,370 on note of March 31. Received $42,420 on note of June 11. Received a $2,400, 8%, 30-day note on account. Received $69,939 on note of May 16. Received $2,416 on note of August 4. 29. July 26. Aug. 4. Dec. 2. Required: Journalize the entries to record the transactions. For a compound transactions, if an amount box does not require an entry, leave it blank. Mar. 8 Mar. 31 May 16 & Co https://v2. eBook Calculat CH 9 Homework May 16 June 11 June 29 1 UUU LJILJU 11 July 26 Aug. 14 Dec. 2 Check My Work 3 more Check My Work uses remaining Assignment Score: 0.0%