Please help me fill out this journal entry sheet. I really appreciate the help!!
Chapter 8 Practice Problems Problem #1: Direct Write Off Method Mar 3, sold merchandise on account to Johnson, Inc., $25,800. The merchandise had a cost of $12,650 Date Accounts Dr Cr April 10 received $20,000 cash from Johnson, Inc. and wrote off the balance as uncollectible. Date Accounts Dr Cr Aug 25, reinstated the Johnson, Inc, account that was previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8 Practice Problems Problem #2: Allowance Method Jan 20, sold merchandise on account to ABC Company for $5,000. The merchandise had a cost of $3,000 Date Accounts Dr Cr Jan 30, received 2,500 cash from ABC Company and wrote off the balance as uncollectible. Date Accounts Dr Cr April 1, reinstated the ABC Company account that had been previously written off. Received the full amount due on the account. Date Accounts Dr Cr Date Accounts Dr Cr Chapter 8 Practice Problems Problem #3 - Percent of sales method At the end of the current year, Accounts Receivable has a balance of $2,500,000; Allowance for Doubtful Accounts has a debit balance of $10,000; and Net Sales for the year total $6,500,000. Bad Debt Expense is estimated at of 1% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Problem #4 - Percent of sales method At the end of the current year, Accounts Receivable has a balance of $3,000,000: Allowance for Doubtful Accounts has a debit balance of $5,000; and Net Sales for the year total $6,500,000. Bad Debt Expense is estimated at 3/4 of 1% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Chapter 8 Practice Problems Problem #5 - Percentage of sales method At the end of the current year, Accounts Receivable has a balance of $4,000,000; Allowance for Doubtful Accounts has a credit balance of $50,000; and Net Sales for the year total $7,500,000. Bad Debt Expense is estimated at 3/4 of 1% of Net Sales 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Problem #6 - Percentage of sales method At the end of the current year, Accounts Receivable has a balance of $2,500,000: Allowance for Doubtful Accounts has a credit balance of $10,000; and Net Sales for the year total $6,500,000. Bad Debt Expense is estimated at 1 of 1% of Net Sales. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Chapter 8 Practice Problems Problem #7 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $6,000,000; Allowance for Doubtful Accounts has a debit balance of $50,000; and Net Sales for the year total $18,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $125,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Problem #8 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $1,800; and Net Sales for the year total $6,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $80,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Chapter 8 Practice Problems Problem #9 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $6,000,000; Allowance for Doubtful Accounts has a credit balance of $50,000; and Net Sales for the year total $18,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $125,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Problem #10 - Analysis of Accounts Receivable Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a credit balance of $1,800; and Net Sales for the year total $6,000,000. Using the Analysis of Accounts Receivable Method the balance for the Allowance for Doubtful Accounts is estimated as $80,000. 1) Calculate the dollar amount required to record the allowance amount. 2) Prepare the adjusting journal entry for the Allowance for Doubtful Accounts: Date Accounts Dr Cr 3) Calculate the Net Accounts Receivable Balance Chapter 8 Practice Problems Problem #11 - Notes Receivable ABC Company had a 90-day, 4.5% note for $600,000, dated January 10 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on January 10, and the receipt of the cash on the maturity date of the note. Problem #12 - Notes Receivable ABC Company had a 180-day, 5% note for $950,000, dated April 3 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the maturity value of the note. 3) Prepare journal entries for the receipt of the note on April 3, and the receipt of the cash on the maturity date of the
