Exercise 05.06 – Foreman Electric, Kerrytown Electric
Financial Accounting
Spiceland, Thomas, and Herrman
05th Edition and 06th Edition
Grants an allowance. Record the credit sale, sales allowance, cash collection, and calculate net sales.
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.
Record adjustment for uncollectible accounts, determine amount bad debt expense, calculate net accounts receivable.
Record adjustment for uncollectible accounts, amount of bad debt expense reported, calculate net accounts receivable.
Estimate the amount, record the adjustment, calculate net accounts receivable.
Estimate the amount, record the adjustment, calculate net accounts receivable.
Given four transactions for the company… record them all using both the allowance and direct write-off method. Then they ask you to calculate the bad debt expense for both years using both methods.
Given information regarding three notes that were accepted… record the acceptance of each.
Record the acceptance of the note receivable, and the cash for Terrell collection.
Record the issuance of the note payable for Whole Grain, and the cash payment.