1. Sam's Menswear has $11,600 in Accounts Receivable at December 31. Sam's accountant estimates that $600...

  

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1. Sam's Menswear has $11,600 in Accounts Receivable at December 31. Sam's accountant estimates that $600 of the $11,600 will never be collected. Complete the current asset section of the balance sheet below. Current assets: Cash Short-term Investments Accounts Receivable Less Allowance for Uncollectible Inventory Total current assets Cash Short-term Investments Accounts Receivable. Allowance for Uncollectible Accounts Inventory Equipment Land Building $ 2. A company has the following listed asset accounts. Determine the amount that should appear on the balance sheet as the total current assets. Place a check mark next to the current assets. Total current assets equal $ $25,000 10,000 20,000 500 $28,000 8,000 100,000 100,000 75,000 200,000 100,000 $ 3. At year end, Korkin Design Company has a $900 credit balance in Allowance for Uncollectible Accounts. If an accounts receiving aging method analysis indicates that an estimated $5,700 of year-end receivables are uncollectible, what will be the balance in Allowance for Uncollectible Accounts after the appropriate adjusting entry for uncollectible accounts has been made? Indicate if the balance is a debit or credit. The balance would be $_ debit or credit (circle one) 4. On December 31, Ferndale Enterprises has an $800 debit balance in Allowance for Uncollectible Accounts. If an accounts receivable aging method analysis indicated that an estimated $6,400 of December 31 receivables were uncollectible, for what amount would the adjusting entry for uncollectible accounts be recorded? (Show your work to receive credit). The adjusting entry should be for $ 5. prepare entries for the following (assume a calendar-year accounting Received a three-month, 15 percent note receivable for $7,840 from a customer as an extension of her past-due account (credit A/R) December 31 Made the year-end adjustment for accrued interest March 1 Received full payment on the note period). Omit explanations. December 1 1. Sam's Menswear has $11,600 in Accounts Receivable at December 31. Sam's accountant estimates that $600 of the $11,600 will never be collected. Complete the current asset section of the balance sheet below. Current assets: Cash Short-term Investments Accounts Receivable Less Allowance for Uncollectible Inventory Total current assets Cash Short-term Investments Accounts Receivable. Allowance for Uncollectible Accounts Inventory Equipment Land Building $ 2. A company has the following listed asset accounts. Determine the amount that should appear on the balance sheet as the total current assets. Place a check mark next to the current assets. Total current assets equal $ $25,000 10,000 20,000 500 $28,000 8,000 100,000 100,000 75,000 200,000 100,000 $ 3. At year end, Korkin Design Company has a $900 credit balance in Allowance for Uncollectible Accounts. If an accounts receiving aging method analysis indicates that an estimated $5,700 of year-end receivables are uncollectible, what will be the balance in Allowance for Uncollectible Accounts after the appropriate adjusting entry for uncollectible accounts has been made? Indicate if the balance is a debit or credit. The balance would be $_ debit or credit (circle one) 4. On December 31, Ferndale Enterprises has an $800 debit balance in Allowance for Uncollectible Accounts. If an accounts receivable aging method analysis indicated that an estimated $6,400 of December 31 receivables were uncollectible, for what amount would the adjusting entry for uncollectible accounts be recorded? (Show your work to receive credit). The adjusting entry should be for $ 5. prepare entries for the following (assume a calendar-year accounting Received a three-month, 15 percent note receivable for $7,840 from a customer as an extension of her past-due account (credit A/R) December 31 Made the year-end adjustment for accrued interest March 1 Received full payment on the note period). Omit explanations. December 1

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1 Complete the current assets section of the balance sheet Current Assets Cash 28000 Shortterm Inves... View the full answer