Question: 5

5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT ? 6 - 2x Sign in INSERT DESIGN REVIEW FILE A VIEW # Find - Copy Paste Format Painter Clipboard Times New Ro - 12-AA Aa E 21 1AaBbCcDc AabbCcDc AaBbc AaBbcc AaB AaBbccc AabCD ABCD BIU - . x. x A * 2 A = = = = $ 19 11 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis Font Paragraph Styles 671 At January 1, 2018. Foress Imports Inc. reported the following on its statement of financial position: Editing A Accounts receivable $1,759,000 Allowance for doubtful accounts 122,000 During 2018, the company had the following summary transactions for receivables: 1. Sales on account. $5,383,000: Cost of goods sold. $2,960,000 2. Sales returns and allowances, $86,000; Cost of goods returned to inventory, $47,000 3. Collections of accounts receivable. $5.383.000 4. Interest added to overdue accounts, $406,000 5. Write offs of accounts receivable deemed uncollectible, $145,000 6. Collection of accounts previously written off as uncollectible, $69.000 After considering all of the above transactions, total estimated uncollectible accounts, $111,000 PAGE 5 OF 10 1272 WORDS DE B . + 100% ? X TABLE TOOLS DESIGN LAYOUT FILE REVIEW VIEW DE Copy Homework 8 - Microsoft Word HOMEINSERT DESIGN PAGE LAYOUT REFERENCES MAILINGS X Cut Times New Ro 12 - AAA Format Painter BIU X , Ady A s s Clipboard Font Paragraph 2 3. AaBb CcDc AaBbCcDc AaBbc Aabbcc AaBl AaBCC AaBbCD ABCD 1 Normal 11 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis - 5 Sign in H. Find - 4ac Replace Select - Editing Paste - * Styles A Prepare journal entries to record each of the above summary transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) A No. Account Titles and Explanation Debit Credit 1. (To record sales) PAGE 5 OF 10 1272 WORDS B E ES -- + 100% 5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT FILE INSERT DESIGN REVIEW VIEW ? 6 - 2x Sign in # Find - R - 4ac Replace Copy Times New Ro - 12-AA Aa BIU . x. x A A 3 = 21 1AaBbCcDc AabbCcDc AaBbc AaBbccc AaB AaBbccc AaBCD ABCDE 19 11 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis Paste = = $ Clipboard Font Paragraph Styles Editing A (To record cost of goods sold) (To record sales returns) (To record cost of goods returned) (To reverse write-off of account receivable) (To record collection of account cocavablar PAGE 6 OF 10 1272 WORDS LE B E ES -- + 100% 5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT INSERT DESIGN REVIEW FILE A VIEW ? 6 - 2x Sign in # Find - - 4ac Replace Re B Copy Times New Ro - 12 - AA A BIU - . x. x A * Font 21 1AaBbCcDc AaBbCcDc AaBb 19 11 Normal 1 No Spac... Heading 1 AaBbcc AaB AaBbccc ABCD ABCD Heading 2 Title Subtitle Subtle Em... Emphasis 2 A Paste Format Painter Clipboard = = = = $ Paragraph Styles Editing A (To record collection of account receivable) (1) Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts, (2) enter the opening balances, (3) post the above summary entries, and (4) determine the ending balances (Post entries in the order of journal entries presented in the previous question.) Accounts Receivable PAGE 6 OF 10 1272 WORDS LE B E ES -- + 100% 5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT ? 6 - 2x Sign in INSERT DESIGN REVIEW FILE A VIEW # Find - Copy Times New Ro - 12-AA Aa BIU - * x. x' A * y A 2 E s Paste Format Painter Clipboard = s Paragraph 21 1AaBbCcDc AabbCcDc AaBbc AaBbcc AaB AaBbccc AabCD ABCD 9 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis Styles Font Editing A Allowance for Doubtful Accounts Determine the carrying amount of the accounts receivable as at January 1 and December 31. Carrying amount at January 1 Carrying amount at December 31 S PAGE 7 OF 10 1272 WORDS LE B E ES -- + 100% 5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT ? 6 - 2x Sign in INSERT DESIGN REVIEW FILE A VIEW # Find - Copy Paste Times New Ro - 12-AA Aa E 21 1AaBbCcDc AabbCcDc AaBbc AaBbcc AaB AaBbccc AabCD ABCD BIU x x x A A E E E 9 11 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis Font Paragraph Styles Carrying amount at December 31 S Select Sele Editing Clipboard A B/ how the statement of financial position presentation of the receivables as at December 31. FORESS IMPORTS INC. Statement of Financial Position (partial) Assets PAGE 7 OF 10 1272 WORDS LE B E ES -- + 100% 5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT ? 6 - 2x Sign in INSERT DESIGN REVIEW FILE A VIEW # Find - E Copy Times New Ro - 12-AA Aa BIU x x x A A Paste E E E Paragraph 21 1AaBbCcDc AabbCcDc AaBbc AaBbcc AaB AaBbccc AabCD ABCD 9 11 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Subtle Em... Emphasis Styles Select Sele Editing Clipboard Font A c/Show the income statement presentation of the revenue and expense accounts for the year ended December 31. FORESS IMPORTS INC. Income Statement (partial) PAGE 8 OF 10 1272 WORDS LE B E ES -- + 100% 5.0 HOME X Cut Homework 8 - Microsoft Word PAGE LAYOUT REFERENCES MAILINGS TABLE TOOLS DESIGN LAYOUT FILE INSERT DESIGN REVIEW VIEW ? 6 - 2x Sign in # Find - - 4ac Replace Re B Copy Times New Ro - 12 - AA A BIU - . x. x A * Font 21 1AaBbCcDc AaBbCcDc AaBb 19 11 Normal 1 No Spac... Heading 1 AaBbcc AaB AaBbccc ABCD ABCD Heading 2 Title Subtitle Subtle Em... Emphasis 2 A Paste Format Painter Clipboard = = = = $ Paragraph Styles Editing A c/Show the income statement presentation of the revenue and expense accounts for the year ended December 31. FORESS IMPORTS INC. Income Statement (partial) PAGE 8 OF 10 1272 WORDS LE B E ES -- + 100%