User Account

All Pages

Wrote off the remainder owed on the sale

Assignment Help Financial Accounting
Reference no: EM13511488

Journalize the following transactions in the accounts of Simmons Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:

Aug. 8 Sold merchandise on account to Dr. Pete Baker, $21,400. The cost of the merchandise sold was $12,600.

Sept. 7 Received $13,000 from Dr. Pete Baker and wrote off the remainder owed on the sale of August 8 as uncollectible.

Dec. 20 Reinstated the account of Dr. Pete Baker that had been written off on September 7 and received $8,400 cash in full payment.

Reference no: EM13511488

Questions Cloud

Evaluate delta g mixing if 12 mol of pure n2 : You have a container of pure O2 and N2 at 298K and 1atm pressure. Calculate delta G mixing if 12 mol of pure N2 are added to the mixture of 15 mol of O2 and 15 mol of N2.
Slippery slope arguments bad arguments : Are all Slippery Slope Arguments bad arguments? Negative eugenics: the use of science to reduce negative features in offspring(for example: to eliminate a genetic disease)
Explain predictions with anode and cathode half-reactions : Before electrolysis begins, bromthymol blue indicator solution is added to the colorless solution and the color is adjusted to green (neutral). Predict the colors that will result at each electrode and support these predictions with anode and cath..
Find the speed of each of these objects : A solid uniform marble and a block of ice, each with the same mass, start from rest at the same height above the bottom of a hill and move down it. Find the speed of each of these objects when it reaches the bottom of the hill
Wrote off the remainder owed on the sale : Dec. 20 Reinstated the account of Dr. Pete Baker that had been written off on September 7 and received $8,400 cash in full payment.
Explain the dibromide dl-stilbene dibromide exists : Explain why, in contrast to meso-stilbene dibromide, the dibromide dl-stilbene dibromide exists in two enantiomeric forms.
What is the mass of the other player : Two hockey players are traveling at velocities of v1 = 11 m/s and v2 = -20 m/s when they undergo a head-on collision. What is the mass of the other player
What is the wires linear charge density : A proton orbits a long, uniformly charged wire, making 1.6×10^6 revolutions per second. The radius of the orbit is 1.8 cm. What is the wire's linear charge density
What will be a gross profit amount : What will be A' gross profit amount if she sells 500 Sedonas?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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