User Account

All Pages

How to prepare journal entries to record the collection

Assignment Help Accounting Basics
Reference no: EM132572378

Week 8 On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST. During June, the following transactions occurred: 1. Revenue earned on credit, $1,195,000. 2. Sales returns, $24,100. 3. Accounts receivable collected, $1,400,000. 4. Accounts written off as uncollectable, $15,851. Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST.

Required:

Question (a) Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account.

Question (b) Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June.

Question (c) On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection

Reference no: EM132572378

Questions Cloud

Principal risk factors in information system project : What are the principal risk factors in an information system project and how can they be managed?
Explain the roles of the random numbers in use of encryption : Explain the roles of the random numbers in the use of encryption for the security of web applications. Provide at least two references to support your initial.
Will consumers needs be different from given of enterprises : Will consumers' needs be different from those of enterprises? Who owns the data that is being served from the reputation service?
Calculate cost of preferred stock to Satellite Share Company : Sattelite Share Company plans to sale preferred stock with par value of Br. 50 per share. Calculate cost of preferred stock to Satellite Share Company
How to prepare journal entries to record the collection : Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection
What is the break-even point in units for each product : Chelonia Ltd manufactures small robot toys. It plans to introduce two products, What is the break-even point in units for each product
What is the face value of a three-month promissory note june : What is the face value of a three-month promissory note dated June 18, 2018, with interest at 4.5 percent if its maturity value is $950.89
How can we apply security protocol in real life situations : What encryption standard is currently recommended by NIST and why? Explain your answer with examples. How can we apply that security protocol in real life.
Solve emma taxable income for the income year : Suggest three specific ways in which Emma might be able to legally reduce her taxable income before the end of the income year.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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