Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its
Fantastic news! We've Found the answer you've been seeking!
Question:
Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its Allowance for Doubtful Accounts.
Transcribed Image Text:
Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its Allowance for Doubtful Accounts. 1. On August 31, 2017, a customer balance for $1,140 from a prior year was determined to be uncollectable and was written off. 2. On December 15, 2017, the customer balance for $1,140 written off on August 31, 2017, was collected in full. Required: Using the following categories, indicate the accounts affected and the amounts. (Enter any decreases to accounts with a minus sign.) Answer is complete but not entirely correct. Transaction Assets Liabilities Shareholders' Equity 1. Accounts receivable (1,140) Allowance for doubtful accounts O (1,140) X 2a (Reversal of write-off) Accounts receivable 1,140 Allowance for doubtful accounts 1,140 2b (Collection from customer) Cash 1,140 Accounts receivable (1,140) Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $4,100 in its Allowance for Doubtful Accounts. 1. On August 31, 2017, a customer balance for $1,140 from a prior year was determined to be uncollectable and was written off. 2. On December 15, 2017, the customer balance for $1,140 written off on August 31, 2017, was collected in full. Required: Using the following categories, indicate the accounts affected and the amounts. (Enter any decreases to accounts with a minus sign.) Answer is complete but not entirely correct. Transaction Assets Liabilities Shareholders' Equity 1. Accounts receivable (1,140) Allowance for doubtful accounts O (1,140) X 2a (Reversal of write-off) Accounts receivable 1,140 Allowance for doubtful accounts 1,140 2b (Collection from customer) Cash 1,140 Accounts receivable (1,140)
Expert Answer:
Answer rating: 100% (QA)
Answer Journal entry No Date General Journal Debit Credit 1 August 31 201... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
Students also viewed these finance questions
-
A firm has a large number of accounts; 40% of its accounts receivable are wholesale and 60% are retail. However, it is difficult to identify an account without pulling a file and looking at it. An...
-
Allowance for doubtful accounts increased from the prior year, but allowance for doubtful accounts as a percentage of accounts receivable decreased from the prior year. Which of the following is not...
-
Allowance for Doubtful Accounts plus NSF checks. Accounts Receivable should be reported at _____ in the ______ section of a company's balance sheet. Net realizable value; Long - Term Assets. Market...
-
What is the common name for the following structure? CH3 CH3 -C-Br 1 CH3 Isobutyl bromide Osec-Butyl bromide O Neobutyl bromide O Isopropyl methyl bromide t-Butyl bromide
-
Explain why if we describe a frequency distribution using a histogram with equal class widths of 1, the histogram is about the same thing as a dotplot.
-
Toms, Inc., produces various Mexican food products and sells them to Western Foods, a chain of grocery stores located in Texas and New Mexico. Toms, Inc., makes two salsa products: Western Foods...
-
Management is considering three alternatives to satisfy an urgent need. Each of the alternatives will completely satisfy the need, so no combinations have to be considered. The first costs, operating...
-
Bridgette Keyes is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $20,000 cash in her business. 1 Hired...
-
explain diagram of ER model and relational model and attach their diagrams too Each cinema is identified by its name and has its residency at an address which consists of a street and city only....
-
Consumer Research, owned by Chandler Robertson, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firms worksheet showed the following adjustments...
-
Lisa is receiving $3,000 at the end of each year over the next 10 years from her bond investment. Using an interest rate of 9%p.a; calculate the value of her investment today.
-
An object's mass is 2 4 5 kg on earth. What is the object's mass on the moon ( in kilograms ) if the gravity of the moon is 1 . 6 m / s * 2 ?
-
Claude leased a facility from ML partnership in January 1, 2018. Terms of the lease were as follows: Annual rental 300,000 Annual real property tax assumed and paid by Claude 50,000 Security deposit...
-
A military helicopter lifts a 75 kg flood survivor 16 m vertically from the river by a rope. If the acceleration of the survivor is g/10, how much work is done on the survivor by (a) the force from...
-
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,600 and the variable cost per cup of coffee served is $0.34....
-
2. Ana has the following data on his passive income earned during the year: (all amounts are in peso) Philippines Abroad Interest income on long term peso bank deposits 45 000 25 000 Interest income...
-
SDF has two divisions: Division F, which makes a single component for which there is a market with many suppliers and many customers; and Division K, which uses the component in the production of...
-
In Problem 8.43, determine the smallest value of for which the rod will not fall out of the pipe. IA -3 in.-
-
Grocery Corporation received $300,328 for $250,000, 11 percent bonds issued on January 1, 2012, at a market interest rate of 8 percent. The bonds stated that interest would be paid each December 31...
-
Match each term with its related definition by entering the appropriate letter in the space provided. There should be only one definition per term. (That is, there are more definitions than terms.)...
-
According to its annual report, "Procter & Gamble markets a broad range of laundry, cleaning, paper, beauty care, health care, food and beverage products in more than 180 countries around the world,...
-
Refer to the example given in the accounting rate of return (ARR) section of the text (pages 4923), a summary of which is given below. Required: a Calculate the net present value (NPV) of the...
-
What is an accounting management system?
-
What are the types of regulations with which businesses must comply in different jurisdictions?
Study smarter with the SolutionInn App