What is the journal entry to this

Assignment Help Accounting Basics
Reference no: EM132919966

Question - At the end of 2021, Sage Hill Co. has accounts receivable of $747,300 and an allowance for doubtful accounts of $25,420. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,624.

Required -

What is the journal entry to this?

What is the cash realizable value of the accounts receivable before the write-off and after the write-off?

Reference no: EM132919966

Questions Cloud

What is the value of a share of your company stock : Based upon these estimates, what is the value of a share of your company's stock? Assume that the required rate of return is 12 percent
Different styles of leadership : 1. Give two examples of expectations, roles and responsibilities of team members in the workplace.
What is the balance after the introductory period : A down payment of $325 is required as well as a minimum monthly payment of $117. What is the balance after the introductory period
Evaluate theories and frameworks for reflective practice : Compare and evaluate theories and frameworks for reflective practice.(Dewy, Schon, Kolb and Boud. As much detail as possible on this please
What is the journal entry to this : At the end of 2021, Sage Hill Co. has accounts receivable of $747,300 and an allowance for doubtful accounts of $25,420. What is the journal entry to this
Importance of governance of valuation in standardising : Based on the above contention, discuss the importance of governance of valuation in standardising real estate economic activities as well as the challenges for
What would be recorded as purchases discount : Based on the following information, what would be recorded as purchases discount if the invoice is paid within the discount period
What is the net advantage to leasing for the lessor : Maxine's corporate tax rate is 34%. The lessor has a tax rate of 35%. What is the net advantage to leasing for the lessor
Inappropriate workforce scheduling in healthcare : What are the negative effects of following an inappropriate workforce scheduling in your healthcare?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Why does the gasb require the distinction

Explain the difference between a program revenue and a general revenue. Why does the GASB require this distinction? Be sure to include the sources of the funds.

  Show for Bridge Finance plc the amount that would be charged

Show for Bridge Finance plc the amount that would be charged to the statement of comprehensive income for the year ending 31 December 2017

  Discuss the company presidents actions

Discuss Ed Gray's actions - Discuss Mike Cane's actions and discuss the company president's actions.

  What is the carrying value of the equipment that will appear

31 - 2020, the assessment of the net book value, given the above, what is the carrying Value of the equipment that will appear in the budget 31-12-2020?

  Prepare Emils November entry

Prepare Emil's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest

  Show how Lime would report this transaction

Lime Corporation participated in a simultaneous investing and financing transaction. Show how Lime would report this transaction

  Lower of cost or market the inventory of oheto company

Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item.

  What is the return on shareholders equity

If the firm has an asset turnover ratio of 2.40, what is the profit margin? (do not round intermediate calculations. Round the final answer to 1 decimal pace)

  Margo receives a gift of real estate with an adjusted basis

margo receives a gift of real estate with an adjusted basis of 175000.00 and a fair market value of 100000.00. the

  Make the company book balance of cash

Prepare the journal entries necessary to make the company's book balance of cash equal to the reconciled cash balance as of July 31

  What is the amount of goodwill

Professional fees to arrange the business combination P27,000 and Cost of printing and issuing stock certificates 3,000. What is the amount of goodwill

  Calculate the direct-material price and quantity variances

Direct material: $195,350 ($10.50 per pound) Calculate the direct-material price and quantity variances, and the direct-labor rate and efficiency variances

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