At December 31, 2017, Benton Imports Inc. reported this information on its balance sheet. Accounts receivable...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At December 31, 2017, Benton Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Benton uses the perpetual Inventory system. 1. 2. 3. 4. $646,000 36,000 5. Sales on account amounted to $2,518,000. The cost of the inventory sold was $2.115,120. Sales returns and allowances with a total sales price of $40,000 and a cost of $33,600 were restored to inventory. Collections of accounts receivable were $2,194,000. Write-offs of accounts receivable deemed uncollectible, $40,500. Recovery of bad debts previously written off as uncollectible, $16.500, Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Account Titles and Explanation (To record sales) (To record cost of the merchandise sold) (To record sales returns and allowances) (To record cost of sales on sales returns) (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Debit Credit [[[[[[[[[ At December 31, 2017, Benton Imports Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2018, the company had the following summary transactions related to receivables and sales. Benton uses the perpetual Inventory system. 1. 2. 3. 4. $646,000 36,000 5. Sales on account amounted to $2,518,000. The cost of the inventory sold was $2.115,120. Sales returns and allowances with a total sales price of $40,000 and a cost of $33,600 were restored to inventory. Collections of accounts receivable were $2,194,000. Write-offs of accounts receivable deemed uncollectible, $40,500. Recovery of bad debts previously written off as uncollectible, $16.500, Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts) No. Account Titles and Explanation (To record sales) (To record cost of the merchandise sold) (To record sales returns and allowances) (To record cost of sales on sales returns) (To reverse write-off of account receivable) (To record recovery of uncollectible amount) Debit Credit [[[[[[[[[
Expert Answer:
Answer rating: 100% (QA)
1 Accounts Receivable Ale To Sales Ale To record sales Cost of Goods sold Ak To Inventory Ale 2 Sale... View the full answer
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entries to record the following transactions on Graff Companys books using a perpetual inventory system. (a) On March 2, Graff Company sold $800,000 of merchandise to Rodriguez...
-
Prepare the necessary journal entries to record each of the following transactions of Dewey County College. 1. Tuition and fees charged for the fall 20X8 semester totaled $3,700,000; $100,000 of this...
-
The Kingston Company reported the following on its balance sheet at December 31, 2014: Common Shares, 500,000 shares authorized, 350,000 shares issued and outstanding ......$ 473,000 Retained...
-
A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case....
-
The city of New Berlin is considering making several of its streets one-way. What is the maximum number of cars per hour that can travel from east to west? The network is shown inFigure. 2 5 0 0 2 2...
-
What new regulatory issues remain to be resolved now that interstate banking is possible and security and insurance services are allowed to commingle with banking?
-
From the following details draw up the trading account of T Clarke for the year ended 31 December 19X7, which was his first year in business: Carriage inwards Returns outwards Returns inwards Sales...
-
1. Name at least three mistakes that Sherman made in interviewing Lee and Jackson. 2. The chapter identifies some of the characteristics of a good interview. In what ways could Sherman have changed...
-
Questions.. 12. Stock Valuation (LO1) Talcville Farms just paid a dividend of $3.20 on its stock. The growth rate in dividends is expected to be a constant 5% per year indefinitely. Investors require...
-
Passion Company is trying to decide whether or not to acquire Desiree Inc. The following balance sheet for Desiree Inc. provides information about book values. Estimated market values are also...
-
Inventories are valued according to the AVCO- average cost method. Calculate and post the change in stock. Bought 2021 January February July October 100 at 225 kr each 120 at 232 kr each 200 at 235...
-
1. Consider the following Simplex tableau. Z X X2 X3 1 60 0 0 4 0 0 2 1 0 4 0 X4 X5 X6 X7 40 0 30 20 0 1 1 2 1 0 00 4 2 0 2 6 1 0 0 0 1 a. What are the basic variables? b. What are the nonbasic...
-
Eastman Kodak, often simply referred to as Kodak, was a multinational company that produced camera-related products. It was a dominant player in the photographic film market for most of the 20th...
-
How does organizational structure affect organizational culture? How can a highly structured vertical organization such as the Marine Corp have a strong organizational culture and a low flat...
-
How important is potential assessment and talent review in your organization, today and in the future? 2. If important, how would you implement potential assessment and talent review in your...
-
1. Draw a Diagram of an electrolytic cell containing sodium chloride solution and inert carbon electrodes. 5 marks (a) label the power supply and the electrodes, including signs, the electrolytes,...
-
On January 1, 2022, the ledger of Bonita Company contains these liability accounts. Accounts Payable $55,500 Sales Taxes Payable 7.600 Unearned Service Revenue 16,500 During January, these selected...
-
What types of inventory issues Starbucks might reflect upon at the end of each year? The mission of Starbucks is to inspire and nurture the human spiritone person, one cup, and one neighborhood at a...
-
The return on assets for Ayala Corporation is 7.6%. During the same year, Ayala's return on common stockholders' equity is 12.8%. What is the explanation for the difference in the two rates?
-
A review of the ledger of Lewis Company at December 31, 2017 produces these data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance $15,200. The company has separate...
-
Penland Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and...
-
What is money laundering? How do you catch it?
-
List the things that should not be done in a fraud investigation.
-
What is the most common response to the discovery of fraud by an organization? How often does an organization report a fraud to a law enforcement agency?
Study smarter with the SolutionInn App