Find what is the adjusting entry at december

Assignment Help Cost Accounting
Reference no: EM132610110

The December 31, 2007 balance sheet of Quayle Company had Accounts Receivable of $500,000 and a credit balance in Allowance for Doubtful Accounts of $33,000.

During 2008, the following transactions occurred:

  1. Sales on account $1,400,000;
  2. Sales returns and allowances, $50,000;
  3. Collections from customers, $1,150,000;
  4. Accounts written off $35,000;
  5. Previously written off accounts of $5,000 were collected.

Required:

Question (a) Journalize the 2008 transactions.

Question (b) If the company uses the percentage of receivables basis to estimate bad debts expense and determines that uncollectible accounts are expected to be 4% of accounts receivable, what is the adjusting entry at December 31, 2008?

Reference no: EM132610110

Questions Cloud

Why should a company calculate price and efficiency variance : Why should a company calculate price and efficiency variance? You are an assistant to the Management Accountant and Management Accountant
Describe a predator prey graph : Describe a predator prey graph. Be sure to describe what happens when the predator population is high and when the prey population is high.
What amount of goodwill should Hatcher record : On 12/31/X1, Hatcher Corporation paid $9,150,000 to acquire Newman. What amount of goodwill should Hatcher record as a result of this purchase
Cost of strongly coupled components : Explain why a high degree of coupling among components of a software system can make maintenance of the system dif?cult.
Find what is the adjusting entry at december : Determines that uncollectible accounts are expected to be 4% of accounts receivable, what is the adjusting entry at December 31, 2008?
Develop a sales forecast and estimate revenue : An important step in developing a projected (pro forma) income statement is to create a sales forecast and calculate anticipated revenue for the business.
Explain the processes of photosynthesis : Fungi, such as mushrooms, obtain their glucose by decomposing organisms in their surroundings and ingesting nutrients.
Does paula have legal claims against capstone corporation : Does Paula have any legal claims against Capstone Corporation? What about Paula's actions? Does Paula have a contract with Freddy to purchase the car?
Importance of using sub queries in database system : Extracting and interpreting data can be very valuable to an organization. Describe the importance of using sub queries in a database system.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Cost accounting assignment

Evaluate Method of measuring costs associated with production, budgeting process, normal job-order costing system , master budget, cycle time.

  Prepare the journal entries

Prepare the journal entries to record the bond issue and interest expense.

  Advise as to the liability of all the parties

Write a report on given case study and Advise as to the liability of ALL the parties both under common law and the Corporations Law.

  Prepare revenues budget

Prepare Revenues budget and Production budget in units

  Effect of exchange rate changes on cash and cash

Effect of exchange rate changes on cash and cash

  Corporate governance

You are to reflect on how this case of China Sky relates to what the arguments for and against allowing audit firm partners and/or employees to join audit committees.

  Cost-benefit analysis

A cost-benefit analysis of electronic medical records in primary care

  Non-annual interest rates and annuities

Theory of Interest- Non-annual interest rates and annuities

  Job costing in service organizations

How is job costing in service organizations different from job costing in manufacturing environments?

  Accounting for bad debt expense

Accounting for bad debt expense

  Accounting and partnership problems

Accounting and Partnership problems

  Development of relevant cash flows

Development of relevant cash flows - Cost estimating and financial analysis

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd