x 1.Record the sales. 2.Record the cost of sales and reduce inventory. 3.Record the write-off of uncollectible accounts for Rocky Co. and Grouse Co. separately.
x
1.Record the sales.
2.Record the cost of sales and reduce inventory.
3.Record the write-off of uncollectible accounts for Rocky Co. and Grouse Co. separately.
4.Record the reinstate account of Grouse Co.
5.Record the full payment of account.
6.Record the estimate for uncollectible accounts.
1.Record the sales.
2.Record cost of sales.
3.Record written off uncollectible accounts.
4.Record collections from credit customers.
5.Record the estimate for uncollectible accounts.
1.Record the sales.
2.Record cost of sales.
3.Record written off uncollectible accounts.
4.Record collections from credit customers.
5.Record the estimate for uncollectible accounts.
1.Record the estimate for uncollectible accounts.
2.Record the estimated uncollectible accounts.
3.Record the estimated uncollectible accounts
1.Record the credit sales; terms 3/5, n/15.
2.Record the cost of sales.
3.Record the write-off of uncollectible accounts.
4.Record the collection of credit sale within the discount period.
5.Record acceptance of 60-day, 7% note.
6.Record the credit card sale.
7.Record the cost of sales.
8.Record the collection of note and interest
9.Record acceptance of three-month, 6% note
10.Record the accrued interest.
11.Record the estimated uncollectible accounts.
12.Record the dishonour of note.
13.Record the reverse write-off.
14.Record the collection of account previously written off.
15.Record the write-off.
Record the write-off.
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,500, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,150. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,300 on account with a cost of $2,650. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,350 and 20 Grouse Co. with an accounts receivable balance of $2,650 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,650. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list Journal entry worksheet Record the sales. Note: Enter debits before credits. General Journal Debit Credit Date Dec 02, 2020 Sales Record entry Clear entry View general journal 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Accounts Receivable 51,500 Allowance for Doubtful Accounts 5,150 Beg. Bal. Beg. Bal End. Bal. 51,500 End. Bal. 5.150 Bad debt expense Beg. Bal. End. Bal. 0 Peru Industries began operations on January 1, 2020. During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad debts (assume a perpetual inventory system). These transactions are summarized as follows: 2020 a. Sold merchandise on credit for $2,200,000, terms n/30 (COGS = $1,215,000). b. Wrote off uncollectible accounts receivable in the amount of $33,500. c. Received cash of $1,311,000 in payment of outstanding accounts receivable. d. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. 2021 e. Sold merchandise on credit for $2,879,000, terms n/30 (COGS = $1,567,000). f. Wrote off uncollectible accounts receivable in the amount of $52,100. g. Received cash of $2,173,000 in payment of outstanding accounts receivable. h. In adjusting the accounts on December 31, concluded that 1.5% of the outstanding accounts receivable would become uncollectible. Company uses the allowance method to account for uncollectible. Required: Prepare journal entries to record Peru's 2020 and 2021 summarized transactions and the adjusting entries to record bad debt expense at the end of each year. (Round your intermediate calculations and final answers to nearest whole dollar.) 2020 Required: Prepare journal entries to record Peru's 2020 and 2021 summarized transactions and the adjusting entries to record bad debt expense at the end of each year. (Round your intermediate calculations and final answers to nearest whole dollar.) 2020 View transaction list Journal entry worksheet Record the sales. Note: Enter debits before credits. General Journal Debit Credit Transaction a-1 Record entry Clear entry View general journal 2021 View transaction list Journal entry worksheet Record the credit sales; terms 3/5, n/15. Note: Enter debits before credits. Transactions General Journal Debit Credit a. Record entry Clear entry View general journal Analysis Component: Sullivan's receivable turnovers at December 31, 2020 and 2021 were 7 and 7.5, respectively. Select the correct option for whether the change in the ratio for Sullivan was favourable or unfavourable. Change in the ratio
