Acc Question 19 25

Topics: Revenue, 1980, 1966, 1969, 1986, 1984 / Pages: 4 (231 words) / Published: Dec 11th, 2014
Question 19.

Dr Accounts Receivable Cr Dr Allowance for Uncollectibles Cr
Jan 1. 82,900 c. 4,400 c. 4,400 Jan 1. 8,700
a. 240,000 d. 231,200 b. 4,800
Dec 31. 87,300 Dec 31. 9,100

Dr Bad Debt Expense . Dr Sales Cr
b. 4,800 . a. 240,000
Dec 31. 4,800 Dec 31. 240,000

Dr Cash Cr
d. 231,200

Question 20.
Dr Accounts Receivable Cr Dr Allowance for Uncollectibles Cr
Jan 1. 115,900 d. 37,800 d. 37,800 Jan 1. 18,200
b. 450,000 c. 405,400 c. 22,500*
Dec 31. 122,700 Dec 31. 2,900

Dr Sales Cr Dr Bad Debt Cr a. 60,000 c. 22,500 b. 450,000 Dec 31. 510,000

Dr Cash Cr Dr Other Income Cr
a. 60,000 f. 5,000
e. 405,400
f. 5,000 *5% of $450,000 = $22,500

Question 21. Amount Estimated Uncollectible 0 – 30 days 0.5% $400,000 $ 2,000 31 – 60 days 1 % 90,000 900 61 – 120 days 10 % 40,000 4,000 Over 120 days 60 % 20,000 12,000 $18,900 Beginning balance 17,200 Increase in allowance $ 1,700

Journal and T-account entries: Bad Debt Expense 1,700 Allowance for Uncollectibles 1,700

Dr Allowance for Uncollectibles Cr Dr Bad Debt Expense Cr Bal 1, 17,200 a. 1,700 a. 1,700 Bal 31. 18,900

Question 22. a. Sales revenue: (167,000 + 49,400) – 50,600 + 47,120 = 212,920 b. Purchase of goods: 146,300 – 26,160 + 33,080 = 153,280 c. COGS: 36,600 + 153,280 – 38,920 =

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