Question

Uncollectible Accounts, Using Direct Write-Off Method Illustrate the effects on the accounts and financial statements of...

Uncollectible Accounts, Using Direct Write-Off Method

Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct write-off method of accounting for uncollectible receivables:

If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.

March 18. Received $15,250 on an account.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ = +
Mar. 18.
Statement of Cash Flows Income Statement

March 18. Wrote off the remaining $76,490 owed on account as uncollectible.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ = +
Mar. 18.
Statement of Cash Flows Income Statement

Aug. 29. Reinstated the account that had been written off on March 18. (Do not record the collection of cash yet.)

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ = +
Aug. 29.
Statement of Cash Flows Income Statement

Aug. 29. Received $76,490 cash in full payment for the reinstated account.

Statement of Cash Flows Balance Sheet
Assets = Liabilities + Stockholders' Equity
+ = +
Aug. 29.
Statement of Cash Flows Income Statement

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Uncollectible Accounts, Using Direct Write-Off Method Illustrate the effects on the accounts and financial statements of...
Uncollectible Accounts, Using Direct Write-Off Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct write-off method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. March 18. Received $20,250 on...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. July 3. Received $15,500 on an account. Statement of Cash...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. July 3. Received $29,875 on an account. Statement of Cash...
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17:...
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $2,640 from William Pruitt and wrote off the remainder owed of $2,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 July 29: Reinstated the account of William Pruitt and received $2,900 cash in full payment. July 29 July 29
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of...
Entries for Uncollectible Accounts, using Direct Write-Off Method Journalize the following transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $51,200. The cost of goods sold was $27,600. June 2 Received $13,800 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account...
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible...
Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,450 from William Pruitt and wrote off the remainder owed of $2,330 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Feedback Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Dec. 20: Reinstated the account of William Pruitt and...
Part A. Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting...
Part A. Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,440 from Ian Kearns and wrote off the remainder owed of $3,810 as uncollectible. If an amount box does not require an entry, leave it blank. Oct. 2 Dec. 20: Reinstated the account of Ian Kearns and received $3,810 cash in full payment. Dec. 20-Reinstate Dec. 20-Collection Options: Accounts Receivable-Ian Kearns Allowance for Doubtful Accounts Bad Debt Expense...
Using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account...
Using the direct write-off method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $8,500. The cost of the merchandise is $3,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to...
Issuing Bonds Cyber Tech Inc. produces and distributes fiber optic cable for use by telecommunications companies....
Issuing Bonds Cyber Tech Inc. produces and distributes fiber optic cable for use by telecommunications companies. Cyber Tech Inc. issued $78,000,000 of 20-year, 6% bonds on March 1 at their face amount, with Interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Illustrate the effects on the accounts and financial statements of recording the following selected transactions for the current year. If no account or activity is affected, select "No effect"...
Cash Dividends The date of declaration, date of record, and date of payment in connection with...
Cash Dividends The date of declaration, date of record, and date of payment in connection with a cash dividend of $1,200,000 on a corporation’s common stock are June 1, July 15, and August 14, respectively. Illustrate the effects on the accounts and financial statements for June 1. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Statement of...