Direct write-off method of accounting problem

Assignment Help Accounting Basics
Reference no: EM13258807

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.

Feb 12 Received $750 from Manning Wingard and wroteoff the remainder owed of $2,000 as uncollectible

June 30 Reinstated the account of Manning Wingard and received$2,000 in full payment.

B. Jouranlize th e following transaction usingthe allowance method of accounting for uncollectiblereceivables.

Feb. 12 Received $750 from Manning Wingard and wrote offthe remainder owed of $2,000 as uncollectible.

June 30 Reinstated the account of Manning Wingard andreceive $2,000 cash in full payment

Reference no: EM13258807

Questions Cloud

What voltage amd power gain expected with the load connected : an amplifier with 40dB of small signal , open circuit voltage gain ,an input resistance of 1 Mega ohm , and an output resistance of 10 ohm , drives a load of100 ohm. What voltage amd power gain (expressed in dB) would u expect with the load connec..
Promoting economic diversity in the south : Radical Republicans created their own plan for Reconstruction, including Answer helping freedpeople make the transition to full freedom. imprisoning rebel leaders.
Write phasor expression i for current using cosine reference : Write the phasor expression I for the following current using a cosine reference a.)i(t) = I0cos(ωt - π/6): b.) i(t) = I0sin(ωt + π/3):
What is the weighted average cost of capital : The SML hold for the company. If a new peoject of the company has the same risk as the overall firm, what is the weighted average cost of capital?
Direct write-off method of accounting problem : Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.
Find the energy required to stop the car : A car with a mass of 1600 kg is initially traveling at 72 m/s. Find the energy required to stop the car
Amount of ending inventory-using the fifo method : Calculate the dollar amount of ending inventoryshown on ABC Company's May 31 balance sheet using the FIFO method.
Explain melt ice by lowering its melting point : NaCl is an electrolyte that commonly used to melt ice by lowering its melting point. what is the lowest possible melting point for ice that could be obtained considering the solubility of NaCl in water? The Kf for H2O is 1-86 degree C/m.
Disagreement or controversy amongst economists : You should be able to explain why your "number" is important - economists work to estimate these numbers from data.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Compute the net income-income and dividend declaration

Compute the net income for the current year, assuming that there were no entries in the Retained Earnings account except for net income and a dividend declaration of $26,580 which was paid in the current year.

  Customers perspective and managements perspective

Which approach do you favor from (1) a customer's perspective and (2) management's perspective? Explain.

  Financial statements for a for-profit business

How does the audit opinion given to a city by its independent auditors differ from the audit opinion rendered on the financial statements for a for-profit business?

  Total material variance and material variance

Lata Inc., produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can.

  Accounting principles prior to the establishment of the fasb

Identify the two committees of the AICPA that established accounting principles prior to the establishment of the FASB.

  Description of steps in accounting cycle

What are the steps in completing the accounting cycle? How do the different steps impact the financial statements? What is the impact on the financial statements of missing a step when completing the accounting cycle?

  What are the main types of asset being amortized

Answer the following questions based on the 2011 annual report of Proctor & Gamble Corporation (P&G). A link to the annual report is provided below. The financial statements are on pp. 31-74 of the annual report, and all questions can be answered ..

  Shortcomings of the official unemployment rate

Some Keynesian economists criticize the official unemployment statistics for understating the extent of joblessness in the United States. Which of the following statements represent shortcomings of the official unemployment rate reported by the Bu..

  Prepare the manufacturing staffs calculations

Prepare the manufacturing staffs calculations, In the fIrst set of calculations, the staff used a discount rate of 20 percent, a fIve-year time horizon, and ignored taxes and terminal value. What is the relative attractiveness of these three alternat..

  Prepare the entry to distribute the labor cost

Prepare the entry to distribute the labor cost if the job worked on during overtime was a rush order, the contract price of which included the overtime premium.

  Basics of perspective of the combination

During 2009, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord for $44,000. From the perspective of the combination, when is the $14,000 gain realized?

  Discuss the inherit risks related to sampling methods

Discuss the inherit risks related to sampling methods and how the risk of audit sampling can be minimized by the auditing team.

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