Learning Objective 2S9-3 Applying the direct write-off method to account for uncollectiblesSShawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoinaccount for uncollectible receivables.At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eamarevenue of $22,000 on account and collected $15,000 on account. She also wrote offuncollectible receivables of $1,100 on May 31, 2018.Requirements1. Use the direct write-off method to journalize Valley's write-off of the uncollecihereceivables.2. What is Valley's balance of Accounts Receivable at May 31, 2018?

S9-3 Applying the direct write-off method to account for uncollectibles Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoin account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eame revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirements 1. Use the direct write-off method to journalize Valley's write-off of the uncollectbe receivables. 2. What is Valley's balance of Accounts Receivable at May 31, 2018?

S9-3 Applying the direct write-off method to account for uncollectibles Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off methoin account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she eame revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirements 1. Use the direct write-off method to journalize Valley's write-off of the uncollectbe receivables. 2. What is Valley's balance of Accounts Receivable at May 31, 2018?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 3P: Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the...

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Shawana Valley is an attorney in Los Angleses. Valley uses the direct write-off methodd to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During May, she earned revenue of $22,000 on account and collected $15,000 on account. She also wrote off uncollectible receivables of $1,100 on May 31, 2018. Requirement 1. Use the direct write-off method to jounalize Valley's write-off of the uncollectible receivables. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. What is Valley's balance of Accounts Receivable at May 31, 2018? Start by selecting the labels and then enter the amounts to calculate the balance in Accounts Receivable at May 13, 2018. ACOUNTS RECEIVABLE Collections -Apr 30 Bal- Net credit sales- write- offs
Collection of Amounts Previously Written Off Hannah purchased a laptop computer from Perry Corp. for $1,500. Hannahs receivable has been outstanding for over 180 days, and Perry determines that the total amount is uncollectible and writes off all of Hannahs debt. Hannah later receives a windfall and pays the amount of her balance to Perry Corp. Required: Make the appropriate journal entries (if any) to record the receipt of $450 by Perry Corp.
F9-20 Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet At December 31, 2018, the Accounts Receivable balance of GPS Technology is $200,000. The Allowance for Bad Debts account has a $24,110 debit balance. GPS Technology prepares the following aging schedule for its accounts receivable: Learning Objective 3 2. Allowance CR Bal. $25,360 Age of Acco 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable $ 65,000 $ 50,000 $ 40,000 $ 45,000 Estimated percent uncollectible 0.4% 3.0% 5.0% 48.0%
On April 5, Jessica had a balance due on her credit card of $927.85. From April 5 through May 4, Jessica charged an additional $335.66 and made a payment of $700. Find her new balance due on May 5 assuming the previous balance method is used and the interest rate is 1.8% per month. O A. $580.21 B. $1305.79 C. $227.85 D. $16.70
Provide the following independent journal entries: a. July 31, 2019. We had $1,000,000 of credit sales in July. We estimate that our bad debt expense will be 1% of credit sales. b. Aug. 15, 2019. We have an account receivable from Frank Farmworker for $500. On Aug. 15 we decide that we will not collect this account, so need to write it off. On Sept. 5 we get a check from Frank in the mail. c. Dec. 31, 2019. Allowance for Bad Debts currently has a credit balance of $7,200. We perform an aging of accounts receivable, and determine that the Allowance should have a balance of $10,100. d. Dec. 31, 2020. We age our accounts receivable: Age of accounts . Days: 1-30 31-60 61-9091+Total Accounts receivable$85,000$40,000$10,000$2,000$137,000 Estimate % uncollectible 1% 5% 20% 60% What balance should the…
1. 2)Sarah began her credit card billing cycle with a zero balance, and her billing date is March 20. She made a $4600 purchase with her card on March 21. She receives her bill on March 24 with a due date of April 15. Her card has an 18 percent APR and a grace period. How much interest will she owe if the entire balance is paid by May 15? a. $52.08 b. $28.75 c. $0 d. $57.50show calculations please
(Learning Objectives 1, 4, 5, 6: Apply GAAP for revenue, receivables,collections, and uncollectibles using the percent-of-sales method; account for notesreceivable) Hopewell Shipping Corporation is an overnight shipper. Since it sells on credit, thecompany cannot expect to collect 100% of its accounts receivable. At October 31, 2018, and2019, respectively, Hopewell reported the following on its balance sheet (in millions of dollars):October 31,2019 2018Accounts receivable.................................................. $4,200 $4,000Less: Allowance for uncollectible accounts...............Accounts receivable, net........................................... $4,030 $3,840(170) (160)During the year ended October 31, 2019, Hopewell earned service revenue and collected cashfrom customers. Assume uncollectible-account expense for the year was 5% of service revenueon account and Hopewell wrote off uncollectible receivables and made other adjustments as necessary (see below). At year-end,…
PROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following items. 3. Jessa Manucdoc has the following deposit accounts in a closed bank: Jessa Manucdoc’s modeling business (sole proprietorship) P300,000 Jessa Manucdoc P400,000 Jessa Manucdoc and Elmira Gersaniva P900,000 Jessa Manucdoc and Francia Cabezudo P500,000 What is the maximum deposit insurance coverage as far as Jessa is concerned?
(Learning Objectives 4, 5: Account for accounts receivable and uncollectibleaccounts) Perform the following accounting for the receivables of Andrews and Johnson, a lawfirm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these T-accounts:■ Accounts Receivable, $100,000■ Allowance for Uncollectible Accounts, $14,000Post the following 2018 transactions to the T-accounts:a. Service revenue of $697,000, all on accountb. Collections on account, $714,000c. Write-offs of uncollectible accounts, $8,000d. Uncollectible-account expense (allowance method), $11,0002. What are the ending balances of Accounts Receivable and Allowance for UncollectibleAccounts?3. Show how Andrews and Johnson will report accounts receivable on its balance sheet atDecember 31, 2018.
Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the following selected entries: 2012 Apr. 10Write off the account of P. A. Seldon as uncollectible, 458. July 27Write off the account of J. M. Weller as uncollectible, 268. Check Figure Total amount debited to Bad Debts Expense 726
P9-28A Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet Learning Objective 3 2. Allowance CR Bal. $7,539 at Dec. 31, 2016 At September 30, 2016, the accounts of Park Terrace Medical Center (PTMC) include the following: Accounts Receivable $ 143,000 Allowance for Bad Debts (credit balance) 3,300 During the last quarter of 2016, PTMC completed the following selected transactions: Dec. 28 Wrote off accounts receivable as uncollectible: Silver, Co., $1,200; Oscar Wells, $1,000; and Rain Company $600 31 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable $ 103,000 $ 41,000 $ 13,000 $ 6,000 Estimated percent uncollectible 0.3% 3% 30% 35% Requirements 1. Journalize the transactions. 2. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance. 3.…
Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month.Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2021 using the following information. GENERAL LEDGER—COOKIE CREATIONS INC. Cash Date Explanation Ref Debit Credit Balance 2021 June 1 Balance 2,657 1 750 3,407 3 Check #600 625 2,782 3 Check #601 95 2,687 8 Check #602 56 2,631 9 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #604 297 3,114 28 110 3,224 PREMIER BANKStatement of Account—Cookie Creations Inc.June 30, 2021 Date Explanation Checks and…