Question number 3
Question Number 4
Question 2
Question 1
Question 3 of 5 - / 15 View Policies Current Attempt in Progress Sage Hill Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end. The percentage estimates of bad debts are as follows: SAGE HILL MERCHANDISING Aged Schedule of Accounts Receivable No. of Days Estimated % Outstanding Amount Uncollectible 0-30 days $61,000 0.40% 31-60 days 26,400 6.05% 61-90 days 11,800 19.00% Over 90 days 4,800 51.00% $104.000 Using the information above for Manoir Merchandising, prepare the adjusting entry to record bad debt expense for each of the following independent situations: The Allowance for Doubtful Accounts has an unadjusted $1.710 debit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.76.) Question 3 of 5 -/15 The Allowance for Doubtful Accounts has an unadjusted $1710 debit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.76.) Number of Days Outstanding SAGE HILL MERCHANDISING Aged Schedule of Accounts Receivable Estimated Estimated % Uncollectible Amount Uncollectible Accounts 0-30 days $61.000 0.40% $ 31-60 days 26,400 6.05% 61-90 days 11,800 19.00% Over 90 days 4,800 51.00% $104.000 Question 3 of 5 -15 Date Account Titles and Explanation Debit Credit Dec 31 List of Accounts The Allowance for Doubtful Accounts has an unadjusted $1.710 credit balance and the company uses the aging schedule to determine estimated uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, c.8. 52.76) Date Account Titles and Explanation Debit Credit Dec. 31 The Allowance for Doubtful Accounts has an unadjusted 51.710 debit balance and management estimates that 8% of accounts receivable will be uncollectible. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Question 4 of 5 > /10 E Current Attempt in Progress Schneider Company has a May 31 fiscal year end and adjusts accounts annually Selected transactions in the year included the following Jan 2 Feb 1 Sold $24,600 of merchandise to Sapounas Company terms 30. The cost of the goods sold was 514760. Schneidertes the perpetual inventory system Accepted a $24.600 tve-month, 5% promissory note from Sapounas Company for the balance dut. (See January 2 transaction. Interest is payable at maturity Sold $15.600 of merchandise costing 59,360 to Garrison Company and accepted Garrison's three month 5% note in payment interest is payable at maturity 15 Mar 15 Sold 510.400 of merchandise to Hoffman Co, termn/30. The cost of the merchandise sold was $6.240 April 15 Collected the amount owine from Hoffman Co, in full May 15 Collected the Garrison note in full. (See February 15 transaction 31 July 1 Accrued interest at year end Sapounas Company dishonoured its note of February 1. The company is bankrupt and there is no hope of future settlement Sold $7.200 merchandise costing 54,320 to Weber Enterprises and accepted Weber's $7.200, three-month 7% tote for the amount due with interest payable at maturity The Weber Enterprises note was dishonoured. See July 13 transaction. It is expected that Weber will eventually pay the amount owed 13 Oct 13 Question 4 of s > /10 5,275. Credit occountries are automatically Indented when the amount is entered. Do not indent manually rentry required, select 'No Entry for the account title and enter for the amounts Record journal entries in the ander presented in the problem Debit Credit Date Account Tities and Explanation (To record sale on account) (To record cost of goods sold) + (Accept note for accounts receivable) To record sale on account Question 4 of 5 no to record cost of rood old To record sale on account) To record cost of roods sold) Collection on account) Question 4 of 5 /10 E (To record collection of note receivable and interest.) (To accrue interest earned) (To write off note receivable and interest.) To record sale on account.) . To record cost of goods sold.) 1 (To record dishonouring of note where collection is expected Attempts: 0 of 3 used Submit Answer Save for Liter - / 15 III Question 2 of 5 View Policies Current Attempt in Progress Accounts receivable transactions are provided below for J Blossom Co, Dec 31, 2020 Mar 5.2021 The company estimated that 4% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for oubtful Accounts were $643,000 and $3,000 (debit). respectively The company determined that R. Mirza's $3,200 account and D. Wight's $6,900 account were uncollectible. The company's accounts receivable were $674,300 before the accounts were written off Wight paid the amount that had been written oft on March 5. The company's accounts receivable were $632.900 prior to recording the cash receipt for Wight June 6, 2021 Prepare the journal entries on December 31, 2020, March 5, 2021, and June 6, 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record estimate of uncollectible accounts.) - / 15 III Question 2 of 5 (To record write off of accounts receivable) (To record write off of accounts receivable.) (To reverse write off) (Collection of account that was previously written off) - / 15 Question 2 of 5 il Allowance for Doubtful Accounts Ref. Date Explanation Debit Credit Balance Dee 31. Balance uradjusted Debit 2020 Dec 31 AJE 2020 Mar 5. Write off Mirza 2021 Mar 5. Write of Wight 2021 June Reverse write off 2021 List of Accounts Calculate the carrying amount of the accounts receivable both before and after recording the cash receipt from Wight on June 6, 2021 Carrying amount before recovery $ Carrying amount after recovery $ List of Accounts Question 1 of 5 IN / 10 View Policies Current Attempt in Progress Transactions follow for the Wildhorse Sports Ltd store and four of its customers in the company's first month of business: June 3 6 2 19 Ben Kiddused his Wildhorse Sports credit card to purchase 5900 of merchandise Biljana Pavic used her MasterCard credit card to purchase 5760 of merchandise, MasterCard charges a 2.5% service fet, Nicole Montpetit purchased $379 of merchandise on account, terms 2/10,830 Bonnie Cutcliffe used her debit card to purchase $244 of merchandise. There is a $0.50 service charge on all debit card transactions Ben Kidd made a $302 payment on his credit card account. Nicole Montpetit purchased an additional $462 of merchandise on account, terms 2/10, 1/30 Nicole Montpetit paid the amount owing on her June purchase, Biljana Pavic used her MasterCard to purchase $400 of merchandise. MasterCard charges a 2.5% service fee 20 23 25 30 Record the above transactions. Ignore any inventory, cost of goods sold, and refund liability entries for the purposes of this question (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to 2 decimal places, eg. 52.75. Record journal entries in the order presented in the problem) (To record sale using credit card June (To record sale using credit card (To record sale on account) June 19 (To record sale using debit card Question 1 of 5 - / 10 Collection on credit card sale . [To record sale on account.) (To record collection on account.) June 30 (To record sale using credit card.)
