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Mastery Problem: Receivables

Fan-Tastic Sports Gear Inc.

You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 20Y7, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 20Y8. The following journal shows some of the accounts receivable transactions that you are reviewing.

Journal

Date Description Debit Credit

Jan. 17 Sales 9,700

Bad Debt Expense 9,700

17 Bad Debt Expense 9,700

Accounts Receivable-CJs Sports Corp. 9,700

21 Cash 10,600

Bad Debt Expense 2,300

Accounts Receivable-Four Seasons Sportswear Co. 12,900

Feb. 15 Accounts Receivable-Healthy Running Inc. 3,000

Bad Debt Expense 500

Sales 3,500

Mar. 4 Accounts Receivable-Four Seasons Sportswear Co. 2,300

Bad Debt Expense 2,300

4 Cash 2,300

Bad Debt Expense 2,300

13 Cash 5,540

Accounts Receivable-Barbs Best Gear 5,540

31 Bad Debt Expense 20,870

Accounts Receivable-Healthy Running Inc. 5,250

Accounts Receivable-The Locker Room 4,100

Accounts Receivable-CJs Sports Corp. 2,780

Accounts Receivable-Get Your Gear Inc. 7,050

Accounts Receivable-Ready-2-Go 1,690

Note Receivable In the trial balance for March, you see that Notes Receivable-Fast Feet Co. has a negative balance of $105, which would seem to indicate that Fast Feet paid too much. Looking back through the lournal entries for March, you find that on March 19 the accounting intern recorded receipt of $3,605 in payment of this note receivable. Further investigation reveals that on November 19, 2017, this note receivable was received from Fast Feet Co. for $3,500. You can find no additional information about this note in the accounting records. Assume a 360 day year. Using the preceding information, compute the term and the interest rate of the note receivable from Fast Feet. 1. Term of the note: 2. Interest rate of the note: days 3. Journalize the entry needed to record information about the note receivable from Fast Feet for the year 2017. Assume that the entry on November 19, 2017 is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Dec. 4. Journalize the entry needed to record collection of the note at maturity on March 19, 2018. Assume that the entry on November 19, 2017 is correct. If an amount box does not require an entry, leave it blank. Round all amounts to the nearest dollar. Mar. 19 Final Questions Fan-Tastic Sports Gear Inc. recorded $2,900,000 of sales last year and projects sales to increase by $350,000 in the current year. Last year, 70% of sales were on account, with over 300 customer accounts. Bad debt expense was $26,187. 1. Assume that Fan-Tastic Sports Gear Inc. used the allowance method last year, and the allowance account at the end of the year had a debit balance of $2,240. The company estimated uncollectible accounts expense using the percent of credit sales method and expected 0.75% of credit sales to be uncollectible. What is the amount of the adjusting entry to provide for doubtful accounts on December 317 Round all computations to the nearest dollar. Sl 2. How much higher (lower) would Fan-Tastic Sports Gear Inc.'s net income have been under the allowance method assumption previously shown in (1) than under the direct write-off method? (Enter "0" if there is no change.) Higher by SI Mastery Problem: Receivables Fan-Tastic Sports Gear Inc. You have just been hired as the accountant for Fan-Tastic Sports Gear Inc., a wholesaler of sporting goods and apparel. The previous accountant left abruptly in late December, 2017, and an accounting intern has been drafting the journal entries since January. You are examining the accounting records before finalizing the journal entries for the first quarter of 20Y8. The following journal shows some of the accounts receivable transactions that you are reviewing. Journal Date Description Debit Credit Jan. 17 Sales 9,700 Bad Debt Expense 9,700 17 Bad Debt Expense Accounts Receivable-Ci's Sports Corp. 9,700 9,700 21 Cash Bad Debt Expense Accounts Receivable-Four Seasons Sportswear Co. 10,600 2,300 12,900 Feb. 15 Accounts Receivable-Healthy Running Inc. Bad Debt Expense Sales 3,000 500 3,500 Mar. 4 Accounts Receivable-Four Seasons Sportswear Co. Bad Debt Expense 2,300 2,300 4 Cash Bad Debt Expense 2,300 2,300 13 Cash Accounts Receivable-Barb's Best Gear 5,540 5,540 20,870 31 Bad Debt Expense Accounts Receivable-Healthy Running Inc. Accounts Receivable-The Locker Room Accounts Receivable-CI's Sports Corp. Accounts Receivable-Get Your Gear Inc. Accounts Receivable-Ready-2-Go 5,250 4,100 2,780 7,050 1,690