University Travel experienced the following revenue and accounts receivable write-offs. University Travel estimates that 2% of revenues
Question:
University Travel experienced the following revenue and accounts receivable write-offs.
University Travel estimates that 2% of revenues will become uncollectible.
Journalize service revenue (all on account), bad-debt expense, and write-offs during March. Include explanations.
Transcribed Image Text:
Accounts Receivable Write-Offs in Month Service Revenue Total $139 138 115 $392 Month January February March $ 86 105 $6,800 7,000 7,500 $21,300 $53 nuary February $ 33 115 $148 March $53 $191
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
Write off 148 Receivable 148 Bad debt expense 150 Receivab...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
Question Posted:
Students also viewed these Accounting questions
-
Assume Dogwood Leaf Foods, Inc., experienced the following revenue and accounts receivable write-offs: Suppose Dogwood Leaf estimates that 1% of revenues will become uncollectible. Requirement 1....
-
Assume Birch Leaf Foods, Inc., experienced the following revenue and accounts receivable write-offs: Requirement 1. Journalize service revenue (all on account), bad-debt expense, and write-offs...
-
Assume Oak Leaf Foods, Inc., experienced the following revenue and accounts receivable write-off s: Suppose Oak Leaf estimates that 3% of revenues will become uncollectible. Requirement 1. Journalize...
-
In Table 12. 1, when r = 0. 02, the present value of the cost rises for 68 years and then subsequently declines. Why? Table 12. 1 TABLE 12.1 Economic Harvesting Decision: Douglas Fir 10 20 30 40 50...
-
What two aspects of a companys profitability are measured by profitability ratios?
-
A photon of wavelength 0.14800 nm, traveling due east, is scattered by an electron initially at rest. The wavelength of the scattered photon is 0.14900 nm and it moves at an angle q north of east....
-
Use the formula of Exercise 10.15 to rework Exercise 10.3. Data From Exercise 10.3 Data From Exercise 10.15 10.3 In a random sample of 400 industrial accidents, it was found that 231 were due at...
-
Below are four mini-cases from practice. Break into small groups and (1) Analyze the case and (2) Provide five recommendations for the IT department. Project A Youve just taken over a project from...
-
When you are calculating the percent complete for an entire project, more than one answer might be possible. The project manager says the percent complete is about 60%, the cost engineer says it is...
-
Botany Clothiers reported the following amounts in its 20X6 financial statements. The 20X5 figures are given for comparison. Required 1. Compute Botanys acid-test ratio at the end of 20X6. Round to 2...
-
Record the following note receivable transactions in the journal of Town & Country Realty. How much interest revenue did Town & Country earn this year? Use a 365-day year for interest computations,...
-
Determine the truth value of the statement when p is T, q is F, and r is F. ~ r [(p q) ~ p]
-
1. A country has a government debt-to-DGP ratio of d=80%. The effective interest rate on the debt, r=4% and the long-run growth rate of real GDP is g=3%. a) What size of primary balance should the...
-
8. Valuing Preferred Stock [LO1] Resnor, Inc., has an issue of preferred stock outstanding that pays a $5.50 dividend every year in perpetuity. If this issue currently sells for $108 per share, what...
-
Identify two sites on the Superfund website in the state of Florida and what business(es) contributed to the contamination, what remediation is taking place today and any facts to really help...
-
Simplify the expression to a form in which 2 is raised to a single integer power. (25)32-7 2-6
-
You have calculated the historical dollar weighted return, annual geometric average return and annual arithmetic average return. You always reinvest your dividends and interest earned on the...
-
On January1, 2020, Weber, Inc., entered into two lease contracts. The first lease contract was a six-year lease for computer equipment with $15,000 annual lease payments due at the end of each year....
-
Smiths Family Fashions implemented a balanced scorecard performance measurement system several years ago. Smiths is a locally owned clothing retailer with fashions for men, women, teens, and...
-
On June 30, 2010, the market interest rate is 9%. Team Sports Ltd. issues $3,200,000 of 10%, 10-year bonds payable at 106.5. The bonds pay interest on June 30 and December 31. Team Sports Ltd....
-
Tewksbury Co. issued $720,000 of 11% (0.11), 10-year bonds payable on January 1, 2010, when the market interest rate was 12% (0.12). The company pays interest annually at year-end. The issue price of...
-
Worldview Imaging Ltd. issued $3,600,000 of 9% notes payable on December 31, 2010, at a price of 94. The notes term maturity is 10 years. After four years, the notes may be converted into Worldview...
-
Exploring Variable Length Parameter Lists The file Parameters.java contains a program to test the variable length method average from Section 7.5 of the text. Note that average must be a static...
-
How would I write a test case for the following steps so that the test cases run properly @Test void dequeueItemsHasRightValuesAndSize() { Queue testQ = new Queue (); int result; enqueueValues(testQ,...
-
Analyse the quality of the Java codes below public static boolean leap(int y) { String tmp = String.valueOf(y); if (tmp.charAt(2) == '1' || tmp.charAt(2) == '3' || tmp.charAt(2) == 5 || tmp.charAt(2)...
Study smarter with the SolutionInn App