Solution-Determines that fells balance is uncollectible

Determines that fells balance is uncollectible

Assignment Help Financial Accounting

Reference no: EM13509274

The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.

If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell's $1,400 balance is uncollectible.

Dr.
Cr.

If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable.

Dec 1st (1) Dr.
Cr.
Dec 1st (2) Dr.
Cr.

Reference no: EM13509274

Questions Cloud

Find the distance that the first sled traveled up incline : A frictionless plane is 10.0 m long and inclined at 34.0°. A sled starts at the bottom with an initial speed of 5.90 m/s up the incline. find the distance that the first sled traveled up the incline

Prepare a schedule of cash disbursements for the quarter : Prepare a schedule of cash receipts for the first quarter, prepare a schedule of inventory purchases for the first quarter and prepare a schedule of cash disbursements for the first quarter.

What is the profitability index of the project : You are considering a project that has an initial cost of $1,200,000. If you take the project, it will produce net cash flows of $300,000 per year for the next six years. If the appropriate discount rate for the project is 10 percent, what is the ..

Calculate break-even and prepare a cash budget for january : Calculate break-even in units - calculate break-even in pounds if the sales price increases by 10% and fixed costs increase by £12,000.

Determines that fells balance is uncollectible : The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.

Determine the fundamental frequency for this pipe : You have an organ pipe that resonates at frequencies of 800, 1120, and 1440 Hz but nothing between these. determine the fundamental frequency for this pipe

Determine how long will it take the ball to hit the ground : If you drop an object from a height of 1.3 m, it will hit the ground in 0.52 s. how long will it take the ball to hit the ground

Find is the mechanical energy of the system constant : A 54.0-kg woman stands at the western rim of a horizontal turntable having a moment of inertia of 520 kg · m2 and a radius of 2.00 m. Is the mechanical energy of the system constant

Determine the directional angle is relative to due south : a small aircraft is headed due south with a speed of 57.8 m/s with respect to still air. Determine the directional angle is relative to due south

User Account

All Pages

Determines that fells balance is uncollectible

Reference no: EM13509274

Reference no: EM13509274

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT