At the beginning of the current period, Golden Enterprises Ltd. had balances in Accounts Receivable of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
At the beginning of the current period, Golden Enterprises Ltd. had balances in Accounts Receivable of $2,107,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Golden had credit sales of $4,312,000 with cost of goods sold of $3,114,000 and collections of $5,220,000. It wrote off $179,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $90,000 at the end of the period. Prepare the entry to record the write off of the $179,000 of accounts deemed uncollectible during the period. (List all debit entries before credit entries. 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.) Account Titles and Explanation Debit Credit At the beginning of the current period, Golden Enterprises Ltd. had balances in Accounts Receivable of $2,107,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Golden had credit sales of $4,312,000 with cost of goods sold of $3,114,000 and collections of $5,220,000. It wrote off $179,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $90,000 at the end of the period. Prepare the entry to record the write off of the $179,000 of accounts deemed uncollectible during the period. (List all debit entries before credit entries. 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.) Account Titles and Explanation Debit Credit
Expert Answer:
Answer rating: 100% (QA)
Accounts Receiables 1 Opening Balance 2 Credit Sales 3 P... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The final project for this course is the creation of a memorandum with an appendix of supporting IRS forms and schedules . Working as an accounting associate in a financial organization requires the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Use the data given in Table 3.9 to compute the mean, standard deviation, coefficient of variation, and coefficient of skewness for the current ratio of JNJ. Table 3.9 Year 1990 1991 1992 1993 1994...
-
The age distribution of students at a community college is given below: Age in YearsNumber of Students (f) Under 21 ...... 4946 21 - 25......... 4808 26 - 30....... 2673 31 - 35.......29036 Over...
-
Martha's Vineyard Marine Supply is a wholesaler for a large variety of boating and fishing equipment. The company's controller, Mathew Knight, has recently completed a cost study of the firm's...
-
What is an affirmative defense? Why is it important for the defendant to include affirmative defenses in the answer?
-
Drab Corporation just obtained exclusive rights to a new revolutionary fertilizer that is sure to be an instant success in the gardening industry. Unfortunately, Drab does not control the capital to...
-
Determine lim 3x + x2 x-2
-
Bill rides the subway at a cost of 75 cents per trip, but would switch if the price were any higher. His only alternative is a bus that takes five minutes longer, but costs only 50 cents. He makes 10...
-
Given: The beam and cross-section shown. h=17cm, t=2cm, and b=16cm. P=16kN, w=12kN/m, and L=5m. A W | = B L Required: Part A Calculate the location of the centroid of the cross-section. Y = cm from...
-
In the current environment, we contrasts the American and Chinese economies in terms of using global, ethical, political, physical, and societal indicators.Does the size and growth of the economies...
-
As a result of Brexit, how will consumers, producers, and/or the governments of these countries continue in trade that is both professional and ethical in nature and not take advantage of the...
-
The purpose of this question is to ensure you know how to calculate NPV and IRR GIVEN certain structures. You should endeavor to answer these questions ALGEBRAICALLY not by spreadsheet. a) A project...
-
let's consider a different market structure. In the automobile manufacturing industry, a few large firms dominate the market. These firms have significant market power and produce differentiated...
-
A dust storm destroys the majority of a farmer's peanut crop, causing him to raise the price of his peanut butter. What kind of shift does this create in the market for bread, a complement to peanut...
-
The federal government is planning a hydroelectric project for a river basin. The project will provide electrical energy to the local area and to the grid. With some enhancements to the basic plan,...
-
Baxter, Inc., owns 90 percent of Wisconsin, Inc., and 20 percent of Cleveland Company. Wisconsin, in turn, holds 60 percent of Clevelands outstanding stock. No excess amortization resulted from these...
-
The following are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet. a. Advanced...
-
Mantle Company has been in business several years. At the end of the current year, the unadjusted balances show: Accounts Receivable.........................$ 310,000 Sales...
-
Ratchet Company uses budgets in controlling costs. The August 2022 budget report for the companys Assembling Department is as follows. The monthly budget amounts in the report were based on an...
-
Consider the MOSFET feedback amplifier shown in Figure P12.39. The transistor parameters are \(V_{T N}=0.5 \mathrm{~V}, K_{n}=0.5 \mathrm{~mA} / \mathrm{V}^{2}\), and \(\lambda=0\). Determine the...
-
The transistor parameters for the circuit in Figure P12.42 are: \(h_{F E}=50\), \(V_{B E}(\mathrm{on})=0.7 \mathrm{~V}\), and \(V_{A}=\infty\). Using nodal analysis, determine the closedloop...
-
The parameters of the basic source-follower circuit in Figure P12.41 are \(R_{S}=1.5 \mathrm{k} \Omega, V_{T N}=1.2 \mathrm{~V}\), and \(\lambda=0\). Assume the transistor is biased at \(I_{D Q}=1.2...
Study smarter with the SolutionInn App