What the entry to record collections of accounts receivable

Assignment Help Financial Accounting
Reference no: EM132495059

Point 1: At the beginning of the current period, Newman Corporation had balances in Accounts Receivable of $201,100 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, Newman had credit sales of $805,800 and collections on account of $769,300.

Point 2: Newman uses a perpetual inventory system and determined that the cost of goods sold during the period was $669,500. Newman wrote off as uncollectible accounts receivable of $7,500. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400 at the end of the period.

Question 1: The entry to record collections (not including recovery) of accounts receivable during the period is:

Option a: Accounts Receivable

669,500

Cash

669,500

Option b: Accounts Receivable

201,100

Cash

201,100

Option c: Cash

805,800

Accounts Receivable

805,800

Option d: Cash

769,300

Accounts Receivable

769,300

Reference no: EM132495059

Questions Cloud

Python Machine Learning Assignment : Python Machine Learning Assignment - Dublin Business School, Ireland. Please share your code, please justified the use of algorithm and dataset
How does the above impact hrm leadership : You must read ACMP's Standard for Change Management, Kotter's (1995) Why Transformation Efforts Fail, Thomas (1985) Force Field Analysis and Weick & Quinn.
How would you respond to the ethical dilemmas : How would you respond to these ethical dilemmas? How do you balance the goods of ecosystem integrity, economic growth, and reduced inequality?
What is the probability of the following : In a group of seven adult friends, what is the probability of the following? (Round your answers to three decimal places.)
What the entry to record collections of accounts receivable : What The entry to record collections (not including recovery) of accounts receivable during the period is? Newman uses a perpetual inventory system
What does contemporary scientific data say about foods : What does contemporary scientific data say about foods containing gluten? Why do the books Wheat Belly and Brain Grain claim gluten to be unhealthy?
How can transaction processing support transplant company : How can transaction processing, decision support, work group support, executive support, data management and communication support the transplant company?
Find what are the financial consequences : Claim related to your Federal Tax withholding obligation. What are the financial consequences you need to think about as you complete the W-4?
Determine which hr job positions you would prefer : Determine which HR job positions you would prefer and explain why. Analyze how the selected company can establish HRM strategies to improve competitive.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Independent situations

LO.1 Shonda owns 1,000 of the 1,500 shares outstanding in Rook Corporation (E & P of $1 million). Shonda paid $50 per share for the stock seven years ago. The remaining stock in Rook is owned by unrelated individuals. What are the tax consequences to..

  What conditions do financial markets tend to function poorly

Under what conditions do financial markets tend to function poorly? Discuss the importance of regulation in the financial markets

  Use for making the capital budgeting decision

We have many tools to use for making the capital budgeting decision, some with and some without present value computations. What tools do we have available and why are present value computations so important? If you need to make an investment (say ne..

  Analyse financial ratios using actual reported data

PACC6000 Financial Accounting Assignment, The University of Newcastle, Australia. To calculate and analyse financial ratios using actual reported data

  Higher cost of sales

If prices are rising and a company’s physical inventory levels are unchanged, the use of FIFO rather than LIFO for inventory valuation will tend to result in the current period in a –(answers) higher cost of sales, lower ending inventory,

  Discuss the arguments presented by chwastiak

Identify and discuss the arguments presented by Chwastiak (1999) in her critique of the assumptions of positive accounting theory, and in her vision for a more transformative role of accounting.

  Compare the two mainstream histories identified by macve

Compare and contrast the two mainstream histories identified by Macve, i.e. ‘FAT is rationally derived from a basically coherent conceptual framework'.

  Research the dupont identity using the internet

What is the majority feelings about the DuPont identity, as an analysis tool, and support this answer.

  Prepare a cost of goods manufactured statement for january

Prepare a cost of goods manufactured statement for January. Flefer to the Labels and Amount Descriptions list provided for the exact wording.

  What is the cash payback period for the proposal

What is the cash payback period for this proposal? What is the annual rate of return for the investment? What is the net present value of the investment?

  Beginning inventory

The beginning inventory was 60% complete as to materials and 20% complete as to conversion costs. The ending inventory was 90% complete as to materials and 40% complete as to conversion costs

  Compute the npv statistic for project u

Compute the NPV statistic for Project U if the appropriate cost of capital is 11 percent. (Negative amount should be indicated by a minus sign. Do not round intermediate calculations.

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