Entries for uncollectible accounts

Assignment Help Managerial Accounting
Reference no: EM13554736

Entries for uncollectible accounts, using direct write-off method

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

Jan. 30. Sold merchandise on account to Dr. Cindy Mott, $85,000. The cost of the merchandise sold was $50,000.

June 3. Received $48,000 from Dr. Cindy Mott and wrote off the remainder owed on the sale of January 30 as uncollectible.

Nov. 27. Reinstated the account of Dr. Cindy Mott that had been written off on June 3 and received $37,000 cash in full payment.

Reference no: EM13554736

Questions Cloud

Estimate the wavelength of the strings vibration : A steel wire with mass 28.7 g and length 1.6 m is strung on a bass so that the distance from the nut to the bridge is 1.10 m. Calculate the wavelength of the string's vibration
Determine the variable costs per haircut : Determine the variable costs per haircut and the total monthly fixed costs and compute the break-even point in units and dollars - Determine net income
Explain many animals depend on trees and bushes : Many animals depend on trees and bushes for: a)Shelter, b)Pollination, c)Seed Dispersal, d)Sunlight
Evaluate what is the angular velocity of the disk : The centripetal acceleration of a rotating disk is 5.9 m/s2. The radius of the disk is 0.74 m. What is the angular velocity of the disk
Entries for uncollectible accounts : Journalize the transactions in the accounts of Pro Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables
Determine the mass of barium metal that must react : Find the mass of barium metal (in grams) that must react with to produce enough barium oxide to prepare 1.0 of a 0.15 solution of.
How much would you weigh on the planet mars : if you weigh 637N on earth's surface, how much would you weigh on the planet Mars? (Mars has a mass of 6.37x10^23 kg and a radius of 3.43x10^6 m)
Determine what is the frequency of the rotation : The angular speed of a rotating disk is 0.75 rad/s. What is the frequency of the rotation
Sales mix of four cups of coffee to one bagel : How many cups of coffee and how many bagels must Bobbie sell in order to break even assuming the sales mix of four cups of coffee to one bagel, given previously?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Prepare journal entries to record the events

Prepare journal entries to record the events and transactions that took place during the year - the college directed an additional $75,000 of donor contributions to the loan fund.

  Budgeting is an unnecessary burden

Budgeting is an unnecessary burden on many managers. It takes time away from important day-to-day problems." Do you agree? Explain. Please write and a half page by making sure any word borrowed is properly cited.

  Evaluate the budgeted dollar amount of inventory

Compute the amount of cash, in total, which the company can expect to collect in May - compute the budgeted dollar amount of inventory which the company should have on hand at the end of April.

  Value of perfect and sample informationa firm is

value of perfect and sample informationa firm is considering the marketing of a new product which will either be a

  Determine the cost per equivalent unit for direct materials

Determine the cost per equivalent unit for direct materials and for conversion costs using the weighted-average method.

  Explain steps of cash conversion cycle for hospital

The cycle in a hospital from admission to collection of the billing can be broken down into the following phases: cash, purchase of resources, availability of resources, patient treatment, patient release, billing, receivables and collection.

  Calculate the variances for april

Discuss the advantages and disadvantages of a standard costing system in which the standard direct labour rates per hour are not changed during the year to reflect events such as a new labour contract.

  Explain traditional managerial approach

Explain Traditional managerial approach? How would allocate resources based on cost efficiencies attempting to optimize benefit for the cost. How political approach to budgeting is one of political responsiveness and ranking system based on relati..

  Jung corporation direct materials budget-third quarter

The Jung Corporation's budget calls for following production:Quarter 1 45,000 units Quarter 2 38,000 units Quarter 3 34,000 units Quarter 4 48,000 units. Each unit of production needs three pounds of direct material.

  Johnson companys costs for the month of august were as

johnson companys costs for the month of august were as follows direct materials 25000 direct labor 30000 sales salaries

  Journalize the adjusting entries required at august

Journalize the adjusting entries required at August 31, 2010 - briefly explain the difference between adjusting entries and entries that would be made to correct errors.

  Relevant and sunk costs

Karen's Cookie Company is considering replacing its giant cookie mixer with the new one. The following data has been compiled to measure the function:

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