CH 5 – Gross Balance Before Deductions
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given allowance and accounts receivable… determine gross balance before deductions.
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Given allowance and accounts receivable… determine gross balance before deductions.
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Given the amount of goods sold and credit terms… determine how much would be debited to cash.
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Given the accounts receivable balance at the beginning and end of the year, sales, and write-offs… determine how much cash was collected.
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Given the information on the guided tours and the transactions – create a journal entry for each transaction.
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Make the journal entry for the sale.
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Given the merchandise sold, cost of sales, and estimated return rate… prepare the journal entries for the sales, cost of sales, estimated returns, and cost of estimated returns.
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Given the merchandise sold and the cost of sales… prepare the journal entries and which company owns the merchandise at the end of the given dates.
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Given the accounting tasks for the law firm… create t-accounts and figure out the ending balances.
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Given the information on the company’s first year of operations — prepare the journal entry using the percent of sales method, as well as what it should report on the balance sheet.
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Given balance, accounts receivable, and a credit balance — calculate the amount of uncollectible account expense using the percent-of-sales and aging-of-receivables method.
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