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

  What is the balance in the lease liability account

The selling price of the equipment is $325,000, and the rate implicit in the lease is 8%, which is known to Silver Point Co. What is the book value of the leased asset at December 31, 2011, and what is the balance in the Lease Liability account?

  Calculate each partner''s share of the net income

Calculation of each partner's share of the net income - Evaluate each partner's share of the Net Income. Show your calculations.

  What would the estimated total cost per tax return

Determine the variable and fixed cost components of the firm’s Service Overhead account. What would the estimated total cost per tax return be if the firm prepares 825 standard short-form tax returns in April?

  Computing the operating income under variable costing and

computing the operating income under variable costing and absorption costing method.below is presented information

  Prepare the companys budgeted balance sheetnbspthe

prepare the companys budgeted balance sheet.nbspthe management of mecca copy a photocopying center located on

  What are five risks common to financial institutions

Explain how economic transactions between household savers of funds and corporate users of funds would occur in a world without financial intermediaries.

  Question1 barbara is considering investing in a stock and

question1. barbara is considering investing in a stock and is aware that the return on that investment is particularly

  On july 23 plitt company factored 300000 in accounts

on july 23 plitt company factored 300000 in accounts receivable for cash of 280000. the factor with held 7 percent of

  What is the present value of the expected dividends

What is the present value of the expected dividends from one share of China  S. Construction's common stock and What is the stock's dividend yield (D1/P0) Note: The 1 and 0 are smaller numbers, could not be typed that way though.

  Analysis of the significant measurement models

"Measurement is arguably the most important concept in the discipline of accounting, since without measurement; there would be no need for accounting.

  Lucas inc enters into a lease agreement as lessor on 1st

lucas inc. enters into a lease agreement as lessor on 1st january 2013 to lease an airplane to national airlines. the

  Illustrate what will be the effect of the lease on ltt

The office building was acquired by Lakeside at a cost of $1 million and was expected to have a useful life of 15 years with no residual value. Illustrate what will be the effect of the lease on LTT's earnings for the first year (ignore taxes)?

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