User Account

All Pages

Accounts receivable-allowance for doubtful accounts

Assignment Help Accounting Basics
Reference no: EM13149093

At the beginning of the current period, Huang Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit sales of $800,000 and collections of $743,000. It wrote off as uncollectible accounts receivable of $7,000. However, a $4,000 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,000 at the end of the period.

Instructions

(a) Prepare the entries to record sales and collections during the period.

(b) Prepare the entry to record the write-off of uncollectible accounts during the period.

(c) Prepare the entries to record the recovery of the uncollectible account during the period.

(d) Prepare the entry to record bad debts expense for the period.

(e) Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

(f) What is the net realizable value of the receivables at the end of the period?

Reference no: EM13149093

Questions Cloud

Every carbon atom is connected to exactly two hydrogen atoms : A compound with molecular formula C5H11N has no ? bonds. Every carbon atom is connected to exactly two hydrogen atoms.
What is the average number of new mutations : If the forward mutation rate is 1 x 10-5 new mutations per gene per generation, what is the average number of new mutations per gamete per generation? Show your work.
Integrating case 5-23 balance sheet : integrating Case 5-23 Balance Sheet
How statistical application of pearson-used for hypothesis : Discuss how the statistical application of Pearson r is used for hypothesis testing. Through application of the Spearman Correlation discuss what type of data the Pearson formula can be used for.
Accounts receivable-allowance for doubtful accounts : Prepare the entry to record bad debts expense for the period. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts. What is the net realizable value of the receivables at the end of the period?
What is the velocity of money : What money supply should the Fed set next year if it wants to keep the price level stable and what is the price level? What is the velocity of money?
Holiday makers only want to fly into ontario : Have a lower value of a flight than business travellers. What pricing strategy options are available to the airline? In addition, what relationship between the two markets limits the airlines ability to raise price.
What is the osmotic pressure of a solution : What is the osmotic pressure of a solution made from dissolving 95.0 g of glucose, C_6H_{12}O_6, in 725 mL of water at 39.0 degrees C?
Explain what is a good conductor at high temperature : what is a good conductor at high temperature and a poor conductor at low temperature? YBa2Cu3O7 GaAs S Cu

Reviews

Write a Review

Accounting Basics Questions & Answers

  Total present value of the investment

The net present value of the investment, excluding the intangible benefits, is -$326,237. To the nearest whole dollar how large would the annual intangible benefit have to be to make the investment in the aircraft financially attractive?

  What is steering committee

What is a steering committee and what role can they play in planning for the acquisition of new computers. What initial actions should this new committee take?

  Amount of the sales support costs

What is the amount of the sales support costs that should be allocated to Customer A assuming Beta uses units purchased to compute activity-based costs?

  Analysis of rate of return

Create a formula to calculate your rate of return for each year. What is your overall return over the life of your investment? What is the average annual return over the life of the investment? Use the geomean function.

  Prepare a pension worksheet for the pension plan

The interest (settlement) rate applicable to the plan is 10%. On January 1, 2014, the company amends its pension agreement so that service costs of $250,000 are created. Other data related to the pension plan are as follows.

  Compute the overhead allocation rate

Allocation and proration of overhead. Tamden, Inc., prints custom marketing materials. The business was started January 1, 2010. The company uses a normal-costing system. It has two direct cost pools, materials and labor and one indirect cost pool..

  Revenue from a hospital

Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..

  Prepare the journal entry by indian river electronics

the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.

  Balance in the deferred tax liability

The income tax rate for 2009 was 35%, but the enacted rate for years after 2009 is 40%. The balance in the deferred tax liability in the December 31, 2009, balance sheet is:

  Tax consequences of transfer

There're 3 major requirements of Code Section 351: (1) the transfer must consist of property, (2) the transfer must be solely in exchange for stock and (3) the transferors must be in control immediately after the exchange.

  Bond issue at the time of sale

The bonds were quoted at 94 and pay interest quarterly on September 30th and December 31st. What were the total proceeds of the bond issue at the time of sale:

  Problem related to installment sales

Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,ooo. The repossessed merchandise had a fai..

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