Question

7. During June 2018, Greg’s Enterprises recorded: Sales of $86,200 ($64,500 on account, $21,700 cash) Collections...

7. During June 2018, Greg’s Enterprises recorded: Sales of $86,200 ($64,500 on account, $21,700 cash) Collections on account, $58,950 Write-offs of uncollectible receivables, $2,520 Recovery of receivable previously written off, $1,000 Journalize Greg’s transactions during June, using the allowance method. Include descriptions. Date Accounts and Explanation Debit Credit

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Journal entry :

Date account and explanation debit credit
Cash 21700
Account receivable 64500
Sales revenue 86200
(TO record Sales)
Cash 58950
Account receivable 58950
(To record collection)
Allowance for doubtful accounts 2520
Account receivable 2520
(To record write off)
Account receivable 1000
  Allowance for doubtful accounts 1000
(To record amount reinstated)
Cash 1000
Account receivable 1000
(To record amount recovery)
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Johnsen Company earned service revenue on account of $300,000 and had cash collections of $130,000 for...
Johnsen Company earned service revenue on account of $300,000 and had cash collections of $130,000 for the year. During the year, uncollectible accounts receivable of $2,000 were written off. At December 31, an aging-of-accounts receivable schedule indicated that Johnsen Company will not collect $10,000 of accounts receivable. There was a credit balance of $2,100 in the Allowance for Uncollectible Accounts at the beginning of the year. Required: Journalize the entries to record (1) service revenue, (2) cash collections, (3)write-off of...
Beginning accounts receivable 155,000 Beginning allowance for doubtful accounts 5,430 Sales 2,057,000 Collections on account 1,777,000...
Beginning accounts receivable 155,000 Beginning allowance for doubtful accounts 5,430 Sales 2,057,000 Collections on account 1,777,000 Accounts written off 9,720 Collections of accounts previously written off 3,300 Current balance of bad debt expense 0 Uncollectible accounts as a percentage of receivables 3% The accountant for Company A generated the above information. Using the balance sheet approach, what is the ending balance of bad debt expense for the year?
The Accounts Receivable balance for Wedge Company at December​ 31, 2017​, was $ 28000. During 2018​,...
The Accounts Receivable balance for Wedge Company at December​ 31, 2017​, was $ 28000. During 2018​, Wedge earned revenue of $ 452000 on account and collected $ 330 000 on account. Wedge wrote off $ 6000 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 6​% of accounts receivable. Requirement 1. Assume Wedge had an unadjusted $ 2100 credit balance in Allowance for Bad Debts at December ​31, 2018. Journalize Wedge​'s December ​31, 2018​, adjustment to record...
At December 31, 2012, SPK Inc reported the following information on its balance sheet: Accounts Receivable...
At December 31, 2012, SPK Inc reported the following information on its balance sheet: Accounts Receivable 900,000 Allowance for Doubtful Accounts 54,000 (credit) During 2013, the company had the following transactions related to receivables: Sales on Account 3,000,000 Collections on Account 2,850,000 Write-offs of uncollectible accounts 60,000 Recovery of previously written off accounts 12,000 A) Assume that bad debts are estimated to be 5% of year end receivables, determine the Net Realizable Value (after adjustments) of Accounts Receivable. B) If...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable $615,000...
At December 31, 2021, Ivanhoe Imports reported this information on its balance sheet. Accounts receivable $615,000 Less: Allowance for doubtful accounts 35,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,020,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,720,000 4. Write-offs of accounts receivable deemed uncollectible 45,000 5. Recovery of bad debts previously written off as uncollectible 21,000 (a) Prepare the journal entries to record each of these five...
At the beginning of the current period, Bramble had balances in Accounts Receivable of $276,000 and...
At the beginning of the current period, Bramble had balances in Accounts Receivable of $276,000 and in Allowance for Doubtful Accounts of $8,000 (credit). During the period, it had net credit sales of $845,000 and collections of $802,750. It wrote off as uncollectible accounts receivable of $6,100. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period. (Omit cost...
Current Attempt in Progress The December 31, 2021, balance sheet of the Wildhorse Co. had Accounts...
Current Attempt in Progress The December 31, 2021, balance sheet of the Wildhorse Co. had Accounts Receivable of $730,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2022, the following transactions occurred: sales on account $1,602,000; sales returns and allowances, $164,000; collections from customers, $1,341,000; accounts written off, $38,000; previously written off accounts of $9,000 were collected. Journalize the 2022 transactions. account titles and explanation debit credit
22. The December 31, 2018 balance sheet of Barone Company had Accounts Receivable of $400,000 and...
22. The December 31, 2018 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2019, the following transactions occurred: sales on account, $1,500,000; sales returns and allowances, $50,000; collections from customers, $1,250,000; accounts written off, $36,000; previously written off accounts of $6,000 were collected. (a)   Journalize the 2019 transactions listed above. (b)   Prepare the journal entry to record bad debt expense for 2019 assuming that the company...
Exercise 7-6A Effect of recovering a receivable previously written off LO 7-1 The accounts receivable balance...
Exercise 7-6A Effect of recovering a receivable previously written off LO 7-1 The accounts receivable balance for Renue Spa at December 31, Year 1, was $83,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,600. During Year 2, $2,100 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $150 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $215,000, and...
At December 31, 2021, Sheridan Imports reported this information on its balance sheet. Accounts receivable $594,000...
At December 31, 2021, Sheridan Imports reported this information on its balance sheet. Accounts receivable $594,000 Less: Allowance for doubtful accounts 38,000 During 2022, the company had the following transactions related to receivables. 1. Sales on account $2,590,000 2. Sales returns and allowances 55,000 3. Collections of accounts receivable 2,290,000 4. Write-offs of accounts receivable deemed uncollectible 45,000 5. Recovery of bad debts previously written off as uncollectible 15,000 (a) Prepare the journal entries to record each of these five...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT