Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question's in the second pic, thanks! CALCULATOR PRINTER VERSION BACK NEXT Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following

Question's in the second pic, thanks!
image text in transcribed
image text in transcribed
CALCULATOR PRINTER VERSION BACK NEXT Problem 8-1A (Part Level Submission) At December 31, 2018, Bramble Corp. reported the following information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts $972,000 82.000 During 2019, the company had the following transactions related to receivables. 1. Sales on account 2. Sales returns and allowances 3. Collections of accounts receivable 4. Write-offs of accounts receivable deemed uncollectible 5. Recovery of bad debts previously written off as uncollectible $3,715,300 45,000 2,899,000 91,000 30,000 (a) Your answer is correct. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) New s and Explanation Debit Credit 1. Accounts Receivable 3715300 Sales Revenue 371530 2. Sales Returns and Allowances Accounts Receivable 3. Cash Accounts Receivable Allowance for Doubtful Accounts Account Receive Accounts Receivable T allowance for Dout Accounts (To reverse account previously written o.) Accounts Receiva 30000 (To record the collection of accounts receivable) Click of you would like to show work for this question Open Show Work (b) Your answer is correct. Enter the January 1, 2019, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.) Click you would like to show word for this Gestion Owen Show Work (c) Your answer is correct. Prepare the journal entry to record bad debt expense for 2019, assuming that an aging of accounts receivable indicates that expected bad debts are $151,300. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) A De Ac count Ammo 15 (d) Compute the accounts receivable turnover for 2019, assuming the expected bad debt information provided in (c). (Round answer to 2 decimal places, e.g. 25.25.) Click you would like to show work for this question Doen Show Work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions