During 2011, Turning Leaves Furniture Restoration completed these transactions: 1. Sales revenue on account, $1,000,000 2. Collections
Question:
1. Sales revenue on account, $1,000,000
2. Collections on account, $870,000
3. Write-offs of uncollectibles, $12,000
4. Uncollectible-account expense, 4% of sales revenue
Journalize Turnings 2011 transactions. Explanations are not required
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (12 reviews)
1 Accounts Receivable 1000000 Sales Revenue 1000000 2 Ca...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
Question Posted:
Students also viewed these Accounting questions
-
During its first year of operations, Turning Leaves Furniture Restoration, Inc., had sales of $312,000, all on account. Industry experience suggests that Turning Leaves Furniture Restorations...
-
Richard is a single taxpayer provided the following information for 2013: Salary $88,000 Interest on local government bonds (qualifies as a tax exclusion) $7000 Allowable itemized deductions $15,000...
-
Journalize the following sales transactions for Austin Mall. Explanations are not required. Jan. 4 Sold $10,000 of antiques on account, credit terms are 1/15, n/30. Cost of goods is $5,000. 8...
-
Multi-Star, Inc., had sales of $890,000, cost of sales and operating expenses of $450,000 and $200,000, respectively, and 10,000 shares of common stock outstanding. Calculate the amount of earnings...
-
A bridal party is at a rehearsal dinner. The best man challenges the bridegroom to pick up an olive using only a brandy snifter. How does the groom accomplish this task? Brandy snifter Olive
-
Identify and explain the various guideline approaches.
-
The following data pertain to water pressure at various depths below sea level: (a) Fit an exponential curve. (b) Use the result obtained in part (a) to estimate the mean pressure at a depth of...
-
Venetian Company has two production departments, Fabricating and Assembling. At a department managers meeting, the controller uses flexible budget graphs to explain total budgeted costs. Separate...
-
A company issued 6%, 15-year bonds with a face amount of $75 million. The market yield for bonds of similar risk and maturity is 6%. Interest is paid semiannually. At what price did the bonds sell?...
-
New Business Ventures, Inc., has an outstanding perpetual bond with a 9 percent coupon rate that can be called in one year. The bond makes annual coupon payments and has a par value of $1,000. The...
-
As a recent college graduate, you land your first job in the customer collections department of Countryroads Publishing. Zach Peters, the manager, asked you to propose a system to ensure that cash...
-
Use the information from the following journal entries of Turning Leaves Furniture Restoration to answer the questions below: Requirements 1. Start with Accounts Receivables beginning balance...
-
Use the Quadratic Formula to solve the equation. (Round your answer to three decimal places.) 1. 5.1x2 1.7x 3.2 = 0 2. 2x2 2.50x 0.42 = 0 3. 0.67x2 + 0.5x + 1.375 = 0
-
Assume that a state government currently provides no child-care subsidies to working single parents, but it now wants to adopt a plan that will encourage labor force participation among single...
-
A recent article stated, Workers in lowwage jobs lack the basic security, the health benefits, and the flexibility in their work lives that most American workers take for granted. Assuming this...
-
Suppose Congress were to mandate that all employers had to offer their employees a life insurance policy worth at least $50,000 in the event of death. Use economic theory, both positively and...
-
Will government-mandated requirements to hire qualified minorities (at nondiscriminatory wages) in the same proportions they are found in the relevant labor force reduce the profits of firms that...
-
The way the workers compensation system works now, employees permanently injured on the job receive a payment of $X each year, whether they work or not. Suppose the government were to implement a new...
-
Verify that the random times \(\sigma_{k}\) and \(\tau_{k}\) defined in the proof of Lemma 24.1 are stopping times. Data from lemma 24.1 Lemma 24.1 (Doob's upcrossing estimate) Let (un)neN be a...
-
Should we separate the debt and equity features of convertible debt? Team 1: Pro separation: Present arguments in favor of separating the debt and equity features of convertible debt. Team 2: Against...
-
Your organization is in the unfortunate position of having to cut its costs because sales and profits have reduced significantly during a period of difficult economic trading conditions. The senior...
-
Crescent Electric sold $5,000,000, 9%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and pay interest on January 1. The bonds were sold at 103. Instructions (a) Prepare the journal...
-
The following selected information was taken from the financial statements of Krispy Kreme Doughnuts, Inc. The Company leases equipment and facilities under both capital and operating leases. The...
-
The following section is taken from Centralia Oil Company's balance sheet at December 31, 2011. Interest is payable annually on January 1. The bonds are callable on any annual interest date....
-
can anyone let me know what the capital and non-capital purchases would be from the cash book records Ben's Bookkeeping Cash Receipts Journal GST Other receipts Date Rec no. Particulars Bank...
-
When assessing a foreign country, market managers have to evaluate how feasible it is to target the market. What are marketing model drivers and enabling conditions? Briefly explain using the example.
-
The firm is looking to invest (in Year 0) in the design and development of an e-bike docking station for which a Return on Investment (ROI) of 30% is desired by the firm which anticipates an annual...
Study smarter with the SolutionInn App