The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): (Click the icon to view the partial balance sheet.) Click the icon to view additional information.) Read the requirements. Requirement 1. Compute the amount of uncollectible accounts expense recorded by Libra in 2018. Select the labels, enter the amounts and compute the uncollectible accounts expense. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: AFUA, Beg Bal = Allowance for Uncollectible Accounts, Beginning Balance; AFUA, End Bal = Allowance for Uncollectible Accou Ending Balance.) AFUA, End Bal + Write-offs - AFUA, Beg Bal = Uncollectible-Accounts Exp. 1050 + 190 - 930 = 310 Requirement 2. Compute Libra's cash collections from customers in 2018. Select the labels, compute the amounts and calculate the collections from customers. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: A/R = Accounts Receivable.) Collections from A/R, Beg Bal + Gross sales - Returns Write-offs = customers Requirement 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record the transactions and post the transactions to the T-accounts to record the following for 2018: a. Sales revenue, b. Cost of goods sold, c. Estimated returns inventory, d. Cost of estimated returns, e. Merchandise returned, f. Cost of merchandise returned, g. Collections, h. Write-offs of uncollectible accounts, and i. Uncollectible - accounts expense. Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement. Use the gross method to record the sales transactions.) a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step.) Date Debit Credit Journal Entry Accounts a. Accounts Receivable Sales Revenue 2018 The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): E (Click the icon to view the partial balance sheet.) i (Click the icon to view additional information.) Read the requirements. b. Cost of goods sold Journal Entry Date Accounts Debit Credit 2018 b. c. Estimated returns inventory Journal Entry Date Accounts Debit Credit 2018 C. d. Cost of estimated returns Journal Entry Accounts Debit Credit Date 2018 d. The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Read the requirements. e. Merchandise returned Journal Entry Accounts Debit Credit Date 2018 e. f. Cost of merchandise returned Journal Entry Accounts Debit Credit Date 2018 f. g. Collections Journal Entry Accounts Credit Date 2018 Debit N g. N The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): E (Click the icon to view the partial balance sheet.) i (Click the icon to view additional information.) Read the requirements h. Write-offs of uncollectible accounts Journal Entry Accounts Debit Credit Date 2018 h. i. Uncollectible-accounts expense Journal Entry Date Accounts Debit Credit 2018 i Now enter the beginning balances, transactions from the above journal entries, and ending balances into each of the T-accounts below. (Enter amounts in thousands of dollars as provided to you in the problem statement.) Review the journal entries that were prepared above. Allowance for Uncollectible Accounts Accounts Receivable The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Read the requirements h. Write-offs of uncollectible accounts Journal Entry Accounts Debit Credit Date 2018 h. i. Uncollectible-accounts expense Journal Entry Accounts Credit Debit Beg Bal End Bal beginning balances, transactions from the above journal entries, and ending balances into each of the T-accounts below. (Enter amounts in thousands of dollars as provided to you in the problem statement.) mal entries that were prepared above. Allowance for Uncollectible Accounts Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question. The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): E (Click the icon to view the partial balance sheet.) ci (Click the icon to view additional information.) Read the requirements. Requirement 1. Compute the amount of uncollectible accounts expense recorded by Libra in 2018. Select the labels, enter the amounts and compute the uncollectible accounts expense. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: AFUA, Beg Bal = Allowane Ending Balance.) AFUA, End Bal + Write-offs AFUA, Beg Bal = Uncollectible-Accounts Exp. 1050 + 190 930 = 310 AFUA Requirement 2. Compute Libra's cash collections from customers in 2018. Select the labels, compute the amounts and calculate the collections from customers. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: A/R = Accounts Receivable Collections from A/R, Beg Bal + Gross sales - Returns Write-offs = + le Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record t returns, e. Merchandise returned, f. Cost of merchandise returned, g. Collections, h. Write-offs of uncollectible accounts, and i. Uncolle ollars as provided to you in the problem statement. Use the gross method to record the sales transactions.) tep.) A/R, Beg Bal Requirement 3. T-accounts for Accounts Receivable ar revenue, b. Cost of goods sold, c. Estimated returns iny AIR, Chu si A/R, End Bal Discounts Begin by completing the journal entries for 2018. (Enter a Gross sales a. Sales revenue (Do not record the cost of goods sold, Returns Sales on account, net Journal Entry Write-offs Date Accounts 2018 a Accounts Receivable Sales Revenue .edit bCoct of and cold The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 a (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Read the requirements. A/R, Beg Bal + Gross sales - Returns Write-offs = Collections from customers Requirement 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of thes revenue, b. Cost of goods sold, c. Estimated returns inventory, d. Cost of estimated returns, e. Merchandise returned, f. Cost of merchandise returned, g. Collecti Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement. Use the gross method to re a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step.) Journal Entry Accounts Date Debit Credit 2018 a. Accounts Receivable Allowance for Uncollectible Accounts Cash b. Cost of goc Cost of Goods Sold Inventory Inventory Returns Estimated Date Sales Discounts 2018 b. Sales Refunds Payable Sales Returns and Allowances Sales Revenue Uncollectible-Account Expense Debit Credit c. Estimated returns inventory Date 2018 C Journal Entry Accounts Debit Credit NN Choose from any list or enter any number in the input fields and then continue to the next question. More Info - X In 2018, Libra recorded $18,400 (gross) in sales (all on account), of which $400 (gross) was returned for credit. The cost of sales was $7,200, the cost of the andise returned was $300. Libra offers its customers credit terms of 2/10, n/30. Fifty percent of collections on accounts receivable were made within the discount period. Libra wrote off uncollectible accounts receivable in the amount of $190 (net) during 2018. Sales returns are estimated to be 3% of sales. Print Done Data Table (In thousands) December 31, 2018 December 31, 2017 Accounts receivable (net of allowance of $1,050 and $930, respectively) $ 8,860 $ 9,170 Print Done The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): (Click the icon to view the partial balance sheet.) Click the icon to view additional information.) Read the requirements. Requirement 1. Compute the amount of uncollectible accounts expense recorded by Libra in 2018. Select the labels, enter the amounts and compute the uncollectible accounts expense. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: AFUA, Beg Bal = Allowance for Uncollectible Accounts, Beginning Balance; AFUA, End Bal = Allowance for Uncollectible Accou Ending Balance.) AFUA, End Bal + Write-offs - AFUA, Beg Bal = Uncollectible-Accounts Exp. 1050 + 190 - 930 = 310 Requirement 2. Compute Libra's cash collections from customers in 2018. Select the labels, compute the amounts and calculate the collections from customers. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: A/R = Accounts Receivable.) Collections from A/R, Beg Bal + Gross sales - Returns Write-offs = customers Requirement 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record the transactions and post the transactions to the T-accounts to record the following for 2018: a. Sales revenue, b. Cost of goods sold, c. Estimated returns inventory, d. Cost of estimated returns, e. Merchandise returned, f. Cost of merchandise returned, g. Collections, h. Write-offs of uncollectible accounts, and i. Uncollectible - accounts expense. Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement. Use the gross method to record the sales transactions.) a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step.) Date Debit Credit Journal Entry Accounts a. Accounts Receivable Sales Revenue 2018 The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): E (Click the icon to view the partial balance sheet.) i (Click the icon to view additional information.) Read the requirements. b. Cost of goods sold Journal Entry Date Accounts Debit Credit 2018 b. c. Estimated returns inventory Journal Entry Date Accounts Debit Credit 2018 C. d. Cost of estimated returns Journal Entry Accounts Debit Credit Date 2018 d. The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Read the requirements. e. Merchandise returned Journal Entry Accounts Debit Credit Date 2018 e. f. Cost of merchandise returned Journal Entry Accounts Debit Credit Date 2018 f. g. Collections Journal Entry Accounts Credit Date 2018 Debit N g. N The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): E (Click the icon to view the partial balance sheet.) i (Click the icon to view additional information.) Read the requirements h. Write-offs of uncollectible accounts Journal Entry Accounts Debit Credit Date 2018 h. i. Uncollectible-accounts expense Journal Entry Date Accounts Debit Credit 2018 i Now enter the beginning balances, transactions from the above journal entries, and ending balances into each of the T-accounts below. (Enter amounts in thousands of dollars as provided to you in the problem statement.) Review the journal entries that were prepared above. Allowance for Uncollectible Accounts Accounts Receivable The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Read the requirements h. Write-offs of uncollectible accounts Journal Entry Accounts Debit Credit Date 2018 h. i. Uncollectible-accounts expense Journal Entry Accounts Credit Debit Beg Bal End Bal beginning balances, transactions from the above journal entries, and ending balances into each of the T-accounts below. (Enter amounts in thousands of dollars as provided to you in the problem statement.) mal entries that were prepared above. Allowance for Uncollectible Accounts Accounts Receivable Choose from any list or enter any number in the input fields and then continue to the next question. The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 and 2017 (figures are in thousands): E (Click the icon to view the partial balance sheet.) ci (Click the icon to view additional information.) Read the requirements. Requirement 1. Compute the amount of uncollectible accounts expense recorded by Libra in 2018. Select the labels, enter the amounts and compute the uncollectible accounts expense. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: AFUA, Beg Bal = Allowane Ending Balance.) AFUA, End Bal + Write-offs AFUA, Beg Bal = Uncollectible-Accounts Exp. 1050 + 190 930 = 310 AFUA Requirement 2. Compute Libra's cash collections from customers in 2018. Select the labels, compute the amounts and calculate the collections from customers. (Enter amounts in thousands of dollars as provided to you in the problem statement. Abbreviations used: A/R = Accounts Receivable Collections from A/R, Beg Bal + Gross sales - Returns Write-offs = + le Accounts have been opened. Enter the beginning balances into each of these accounts. Prepare summary journal entries to record t returns, e. Merchandise returned, f. Cost of merchandise returned, g. Collections, h. Write-offs of uncollectible accounts, and i. Uncolle ollars as provided to you in the problem statement. Use the gross method to record the sales transactions.) tep.) A/R, Beg Bal Requirement 3. T-accounts for Accounts Receivable ar revenue, b. Cost of goods sold, c. Estimated returns iny AIR, Chu si A/R, End Bal Discounts Begin by completing the journal entries for 2018. (Enter a Gross sales a. Sales revenue (Do not record the cost of goods sold, Returns Sales on account, net Journal Entry Write-offs Date Accounts 2018 a Accounts Receivable Sales Revenue .edit bCoct of and cold The balance sheet of Libra, Inc., a world leader in the design and sale of telescopic equipment, reported the following information on its balance sheets for 2018 a (Click the icon to view the partial balance sheet.) (Click the icon to view additional information.) Read the requirements. A/R, Beg Bal + Gross sales - Returns Write-offs = Collections from customers Requirement 3. T-accounts for Accounts Receivable and Allowance for Uncollectible Accounts have been opened. Enter the beginning balances into each of thes revenue, b. Cost of goods sold, c. Estimated returns inventory, d. Cost of estimated returns, e. Merchandise returned, f. Cost of merchandise returned, g. Collecti Begin by completing the journal entries for 2018. (Enter amounts in thousands of dollars as provided to you in the problem statement. Use the gross method to re a. Sales revenue (Do not record the cost of goods sold, we will do that in the next step.) Journal Entry Accounts Date Debit Credit 2018 a. Accounts Receivable Allowance for Uncollectible Accounts Cash b. Cost of goc Cost of Goods Sold Inventory Inventory Returns Estimated Date Sales Discounts 2018 b. Sales Refunds Payable Sales Returns and Allowances Sales Revenue Uncollectible-Account Expense Debit Credit c. Estimated returns inventory Date 2018 C Journal Entry Accounts Debit Credit NN Choose from any list or enter any number in the input fields and then continue to the next question. More Info - X In 2018, Libra recorded $18,400 (gross) in sales (all on account), of which $400 (gross) was returned for credit. The cost of sales was $7,200, the cost of the andise returned was $300. Libra offers its customers credit terms of 2/10, n/30. Fifty percent of collections on accounts receivable were made within the discount period. Libra wrote off uncollectible accounts receivable in the amount of $190 (net) during 2018. Sales returns are estimated to be 3% of sales. Print Done Data Table (In thousands) December 31, 2018 December 31, 2017 Accounts receivable (net of allowance of $1,050 and $930, respectively) $ 8,860 $ 9,170 Print Done
