Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts receivable. She presents you with the following information for October 2019: As at 1 October 2019 the accounts receivable balances in the subsidiary ledgers were: R. Ryan $2200 G. McKay 8500 W. Mitchell 650 The total of these accounts agreed with the balance in the control account. The following journals have been completed for the month of October: SALES JOURNAL SALES RETURNS JOURNAL October 3 G. McKay October 7 R. Ryan October 2 W. Mitchell 10 G. McKay 11 Cash sales General Journal Date Details Oct 31 300 200 CASH RECEIPTS JOURNAL Discount $10 Rakkuda ambal October 10 R. Ryan $40 Sales $800 Accounts Receivable $100 $4500 Debit Additional Information (October 31) • It has been determined that W. Mitchell will be unable to pay his debt. It is to be written off as a bad debt. a) Show the journal entry to record the transaction listed under "Additional Information". 100 Credit Bank $100 $4500 $800 b) Complete and balance the Debtors Control Account as at 31 October 2019 Debtors Control Account Date Oct 1 31 Details Balance Total Nov 1 Balance c) Prepare an Accounts Receivable Schedule: R. Ryan G. McKay W. Mitchell Balance b/d Date Oct 31 31 Details Bank Balance d) One of the purposes of the Debtors' ageing analyses is to: c/d 100 Cassandra Casey operates the Futuristic Antique Store. She maintains subsidiary ledgers for accounts payable and accounts receivable. She presents you with the following information for October 2019: As at 1 October 2019 the accounts receivable balances in the subsidiary ledgers were: R. Ryan $2200 G. McKay 8500 W. Mitchell 650 The total of these accounts agreed with the balance in the control account. The following journals have been completed for the month of October: SALES JOURNAL SALES RETURNS JOURNAL October 3 G. McKay October 7 R. Ryan October 2 W. Mitchell 10 G. McKay 11 Cash sales General Journal Date Details Oct 31 300 200 CASH RECEIPTS JOURNAL Discount $10 Rakkuda ambal October 10 R. Ryan $40 Sales $800 Accounts Receivable $100 $4500 Debit Additional Information (October 31) • It has been determined that W. Mitchell will be unable to pay his debt. It is to be written off as a bad debt. a) Show the journal entry to record the transaction listed under "Additional Information". 100 Credit Bank $100 $4500 $800 b) Complete and balance the Debtors Control Account as at 31 October 2019 Debtors Control Account Date Oct 1 31 Details Balance Total Nov 1 Balance c) Prepare an Accounts Receivable Schedule: R. Ryan G. McKay W. Mitchell Balance b/d Date Oct 31 31 Details Bank Balance d) One of the purposes of the Debtors' ageing analyses is to: c/d 100
Expert Answer:
Answer rating: 100% (QA)
a Date Oct 31 b Date General Journal Details c Bad Debt Expense Debtors Control Oct1 ... View the full answer
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date:
Students also viewed these accounting questions
-
The Fanta Company presents you with the following account balances taken from its December 31, 2007 adjusted trial balance: Inventory, January 1, 2007 ............. $ 43,000 Selling expenses...
-
For a steel alloy it has been determined that a carburizing heat treatment of 10-h duration will raise the carbon concentration to 0.45 wt% at a point 2.5 mm from the surface. Estimate the time...
-
The Ethan Company provides you with the following information on December 31, 2015 as it prepares to close its books for the year Accounts Receivable Balance (before write...
-
A trader has a soft limit of $8MM USD and a hard limit of $10MM USD. Their current NOP is $3MM USD. They purchase $6MM USD, sell $1MM USD, and then purchase another $5MM USD. Which of the following...
-
Assume that Dominum Company had the following balances in its receivable accounts on December 31, 2011: Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $640,000...
-
Write an equation in point-slope form for each of these lines. a. The slope is and the line passes through (2, 4.7). b. The line has slope -7 and x-intercept 6. c. The line passes through (3, 11) and...
-
Many banks offer online banking, but it does not appeal to everyone.
-
Barlow Company manufactures three products: A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow: The same raw material is used in all three...
-
Suppose rRF = 6%; rM = 10%; and rA = 14% a. Calculate Stocks A's beta. b. If Stock A's beta were 2.0, then what would be A's new required rate of return? XYZ Corporation's bonds have 14 years...
-
D. Deni commenced business on 1 April 2014 by depositing Sh.8 million into the business bank account. All receipts and payments were channelled through this business account. During the year ended 31...
-
Whats the resistance?
-
2. Identify the people who need training on the new system. For each group, describe the type of training you would recommend and list the topics you would cover.
-
Distributed Databases Please short andfocused answers: Discuss two examples of transparency in databases How does three-phase commit differ from two-phase commit? How does horizontal fragmentation...
-
UNITS: Work in process, beginning of period 4,250 (100% completed with D/M & 20% with C/C) Units started during month 17,500 Units completed during month 16,500 Work in process at end of period 5,250...
-
1-A soap manufacturer has dedicated a plant for one major retail chain. Sales at the retail chain average about 10,000 jugs of soap a month and production at the plant keeps pace with this average...
-
On December 3 1 , 2 0 2 3 , Berclair Incorporated had 4 0 0 million shares of common stock and 7 million shares of 9 % , $ 1 0 0 par value cumulative preferred stock issued and outstanding. On March...
-
Analyze the context for Merck's MyCHC in China using the PESTLE framework (i.e., studying the political, economic, social, technological, legal and ecological environment).
-
The May 2014 revenue and cost information for Houston Outfitters, Inc. follow: Sales Revenue (at standard).............. $ 540,000 Cost of Goods Sold (at standard) ..........341,000 Direct Materials...
-
Stop-n-Shop operates a downtown parking lot containing 800 parking spaces. The lot is open 2,500 hours per year. The parking charge per car is 50 cents per hour; the average customer parks two hours....
-
A friend of yours has just purchased a house and has taken out a $50,000, 11 percent mortgage, payable at $476.17 per month. After making the first monthly payment, he received a receipt from the...
-
HomeTeam Sports sells hats and shirts licensed by the NFL and the NBA. The following is selected per-unit information for these two product lines: Fixed costs and expenses amount to $684,000 per...
-
P Ltd bought 40,000 shares in \($1\) Ltd and 27,000 shares in \($2\) Ltd on 31 December 2002. The following balance sheets were drafted as at 31 December 2003. You are to draw up a consolidated...
-
Pops Ltd buys shares in Sub 1 and Sub 2 on 31 December 2007. You are to draft the consolidated balance sheet as at 31 December 2008 from the following: Pops Balance Sheet as at 31 December 2008 E...
-
Prepare a consolidated balance sheet from the following details as at 31 March 2006. During the year, Pa sold goods which had cost 1,900 to Daughter for 2,800. None of these goods had been sold by...
Study smarter with the SolutionInn App