CH 5.05 – Balance in Accounts Receivable
Financial Accounting
Thomas, Tietz, and Harrison
12th Edition
Given the accounts receivable balance at the beginning and end of the year, sales, and write-offs… determine how much cash was collected.
Given the accounts receivable balance at the beginning and end of the year, sales, and write-offs… determine how much cash was collected.
Prepare journal entries, partial balance sheets, evaluate the allowance of uncollectables, create a partial income statement with sales revenues, cost of goods sold, and gross profit. Calculate cost of goods sold and ending inventory using FIFO.
Then, using information about the net realizable value, reestimate the partial income statement and balance sheets. Finally, create a depreciation schedule showing depreciation and book values and record adjusting entries for depreciation and insurance.
Given the information on the guided tours and the transactions – create a journal entry for each transaction.
Record the service on account and collection of cash.
Offering a new customer discount. Record the revenue on May 1.
Record the service on account, and the collection of cash if pay within the 10 days.
Does NOT pay for service on time, missing the sales discount. Record the service on account, and the collection of cash if they pay late and miss the Discount.
Record the purchase of services, and the payment of cash.
Grants an allowance. Record the credit sale, sales allowance, cash collection, and calculate net sales.
Given the value of services on account, the cash collections, the percent of uncollectible accounts, and the write-offs… record an adjustment for uncollectible accounts, record write-offs, and calculate the balance of the account under two different write-off amounts.