kaitlan225
02.11.2019 •
Business
Liang company began operations on january 1, 2014. during its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. these transactions are summarized as follows. 2014
a. sold $1,345,600 of merchandise (that had cost $984,600) on credit, terms n/30.
b. wrote off $18,400 of uncollectible accounts receivable.
c. received $666,500 cash in payment of accounts receivable.
d. in adjusting the accounts on december 31, the company estimated that 1.50% of accounts receivable will be uncollectible. 2015
e. sold $1,524,200 of merchandise (that had cost $1,296,200) on credit, terms n/30.
f. wrote off $27,000 of uncollectible accounts receivable.
g. received $1,200,200 cash in payment of accounts receivable.
h. in adjusting the accounts on december 31, the company estimated that 1.50% of accounts receivable will be uncollectible.
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Ответ:
a.- part I
accounts receivable 1,345,600 debit
sales revenues 1,345,600 credit
a.- part II
cost of goods sold 984,600 debit
inventory 984,600 credit
b.- allowance for uncollectible ammounts 18,400 debit
accounts receivables 18,400 credit
c.- Cash 666,500 debit
Accounts Receivable 666,500 credit
d.- Bad debt expense 25,007 debit
Allowance for uncollectible ammounts 25,007 credit
2015
e.- part I
accounts receivable 1,524,200 debit
sales revenues 1,524,200 credit
e.- part II
cost of goods sold 1,296,200 debit
inventory 1,296,200 credit
f.- allowance for uncollectible ammounts 27,000 debit
accounts receivables 27,000 credit
g.- Cash 1,200,200 debit
Accounts Receivable 1,200,200 credit
h.- Bad debt expense 13,055 debit
Allowance for uncollectible ammounts 13,055 credit
Explanation:
We need to do the journal for each transactions:
the sales credit sales revenue and debit accounts receivable which is an assets.
Then, we do the cost of good sold which are expenses thus, debited and the inventory decreases as the goods we sold leave the ccompany we transfer the ownership to the customer.
Then we collect and decrease accounts receivable and increase cash.
As the company usesd the allowance method It will recognize bad debt expense at year-end when doing a write-off will debit the allowance.
2014:
before adjusting Account receivable balance
1,345,600 - 18,400 wrote-off - 666,500 collected = 660,700
estimated 1.5% as uncollectible:
660,700 x 1.5% = 9.910,5
current allwoance balance: 18,400 debit
adjusmtent: 18,400 + 9.910,5 = 28.310,5
2015:
before adjusting Account receivable balance
660,700 beginning + 1,524,200 sales - 27,000 wrote off - 1,200,200 receivables = 957.700
estimated 1.5% as uncollectible:
957,700 x 1.5% = 14,365.5
allowance adjusting entry:
14,365.5 - (28,310.5 - 27,000 ) = 13.055
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Explanation: