Prepare journal entries to record each of five transactions

Assignment Help Accounting Basics
Reference no: EM133005434

Question - At December 31, 2019, Jeecede Co. reported the following information on its balance sheet:

Accounts receivable $960,000

Less: Allowance for doubtful accounts 80,000

During 2019, the company had the following transactions related to receivables.

1. Sales on account $3,200,000

2. Sales returns and allowances 50,000

3. Collections of accounts receivable 2,810,000

4. Write-offs of accounts receivable deemed uncollectible 90,000

5. Recovery of bad debts previously written off as uncollectible 24,000

Required -

a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.

b) Determine the balances in the Accounts receivable and Allowance for doubtful accounts.

c) Prepare the journal entry to record bad debts expense for 2019, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000.

d) Compute the accounts receivable turnover ratio in times for 2019.

Reference no: EM133005434

Questions Cloud

What would you call a management approach : What would you call a management approach when local expertise from the host country is used to create procedures and practices to run the organisation locally?
Create procedures and practices to run the organisation : What would you call a management approach when local expertise from the host country is used to create procedures and practices to run the organisation locally?
Health care human resources management : Assess two effects that cultural competencies overall have on health care human resources management. How does this impact workforce planning? Provide specific
Consumer behaviour and marketing communications report : Consumer Behaviour and Marketing Communications Report - Analyse the concept of customer buying behaviour concerning the chosen organization's product
Prepare journal entries to record each of five transactions : Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable
System capacity of the package processing center : Required: a) Assuming that the subsystems are operating in series, what is the system capacity of the package processing center?
Techniques learned during the course in practical sessions : You must carry out the intervention through the techniques learned during the course in practical sessions. In the resolution of the case it must be seen how th
Can eye drops be used on other parts of the body : Can eye drops be used on other parts of the body? How should you respond if you found a container of eye drops left on a person's bedside table in direct sunlig
How the two countries finance healthcare systems : -Select a country with a universal healthcare system (Canada, Australia, New Zealand or any other). Once selected, compare their approach to healthcare spending

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.

  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!

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