Examine the following transaction: Dr. Accounts Receivable 5,000 Cr. Allowance for Doubtful Accounts Dr. Cash 5,000...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Examine the following transaction: Dr. Accounts Receivable 5,000 Cr. Allowance for Doubtful Accounts Dr. Cash 5,000 Cr. Accounts Receivable 5,000 What would be an appropriate journal entry descriptions for this transactions? Based on the following transactions, prepare the necessary journal entries. 8 points: a. During the first year of its business, Cougar Corp. sold services totaling $270,000 were sold on credit. b. During the first year, Cougar Corp. collected $210,000 in cash for the credit sales made during the year. c. During the first year, Cougar Corp. properly wrote off $5,500 of its accounts receivable as they were deemed uncollectible. d. Assume that Cougar Corp. estimates bad debts using the percent-of-receivables method. Cougar Corp. did analysis and has estimated that 8% of their accounts receivable are uncollectible. Note: In order to complete this entry, you have to consider the facts from a., b., and c. 5,000 Examine the following transaction: Dr. Accounts Receivable 5,000 Cr. Allowance for Doubtful Accounts Dr. Cash 5,000 Cr. Accounts Receivable 5,000 What would be an appropriate journal entry descriptions for this transactions? Based on the following transactions, prepare the necessary journal entries. 8 points: a. During the first year of its business, Cougar Corp. sold services totaling $270,000 were sold on credit. b. During the first year, Cougar Corp. collected $210,000 in cash for the credit sales made during the year. c. During the first year, Cougar Corp. properly wrote off $5,500 of its accounts receivable as they were deemed uncollectible. d. Assume that Cougar Corp. estimates bad debts using the percent-of-receivables method. Cougar Corp. did analysis and has estimated that 8% of their accounts receivable are uncollectible. Note: In order to complete this entry, you have to consider the facts from a., b., and c. 5,000
Expert Answer:
Answer rating: 100% (QA)
1 Description being Cash received from debtors which were return off as bad ... View the full answer
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Posted Date:
Students also viewed these accounting questions
-
During its first year of operations, Silverman Company paid $14,000 for direct materials and $19,000 for production workers' wages. Lease payments and utilities on the production facilities amounted...
-
During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income...
-
During its first year of operations, Pele Corporation had these transactions pertaining to its common stock . Jan. 10 Issued 30,000 shares for cash at $5 per share. July 1 Issued 60,000 shares for...
-
To earn extra money, you and your friends decide to start a carwash. Based on some data you have collected, you predict that when you charge p dollar to wash and detail a car, you will have a demand...
-
Commercial banks trade trillions of dollars of derivative contracts, but what is their net exposure in derivatives markets? Plot the difference between what commercial banks are owed (FRED code:...
-
Natural selection is such a powerful force in evolution because organisms or cells with even a small reproductive advantage will eventually outnumber their competitors. To illustrate how quickly this...
-
What is total quality management (TQM)? Why is it important in project management?
-
The following are three situations, all involving nonpublic companies, in which the auditor is required to develop an audit strategy: 1. The client has inventory at approximately 50 locations in a...
-
During 2024, LeBron Corporation accepts the following notes receivable. 1. On April 1, LeBron provides services to a customer on account. The customer signs a four-month, 9% note for $5,600. 2. On...
-
The founder of Frenza asks us to assist her in accounting and analysis of the corporations bonds, which have an annual contract rate of 8%. She wants to know the business and accounting implications...
-
Explains why the investor would require more or less debt vs. equity financing.
-
Develop a leadership philosophy statement. Begin by reviewing your self-assessment results from Topic 2 and reflect on what you have learned about effective leadership and conscious capitalism in the...
-
Carlise Corp., which manufactures ceiling fans, currently has two product lines, the Indoor and the Outdoor. Carlise has total overhead of $ 1 3 1 , 9 6 4 . Carlise has identified the following...
-
Prepaid Insurance $ 6 , 1 6 0 Supplies 5 , 1 3 0 Equipment 4 5 , 6 0 0 Accumulated Depreciation Equipment $ 1 4 , 3 6 4 Notes Payable 2 8 , 5 0 0 Unearned Rent Revenue 1 2 , 6 5 4 Rent Revenue 1 0 2...
-
A warrant entitles the holder to purchase one (1) common share of Corona Corp. at an exercise price of until Dec. 31,2021 . If the warrant holder exercised the warrant in Nov 2019 when the stock...
-
What is a standard family trust? Give an illustration. How do gifts fit into estate planning? How can contributions to charitable organizations help in estate planning? What is a living will? What...
-
Q1: Exercise on Byte Code 3 marks Jasmin is an app written in Java that allows you to assemble Java byte code. It runs with the Java Virtual Machine (java) like any other Java program, but all the...
-
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
The income statement of Windbrook, Inc., showed net income of $70,000 for 2019. The firms beginning inventory was $49,000 and its ending inventory was $54,000. Accounts payable were $44,000 on...
-
On March 9, Modern Kitchens, a retail store, received Credit Memorandum 244 for $3,420 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors originally...
-
Are the financial statements prepared after the closing entries have been posted? Explain.
-
True or False. The Rayleigh-Ritz method assumes that the solution is a series of functions that satisfy the boundary conditions of the problem.
-
Free end a. Bending moment \(=0\); shear force equals the b. Deflection \(=0\); slope \(=0\) c. Deflection \(=0\); bending moment \(=0\) d. Bending moment \(=0\); shear force \(=0\)
-
The boundary condition corresponding to the free end of a bar in longitudinal vibration is given by a. \(u(0, t)=0\) b. \(\frac{\partial u}{\partial x}(0, t)=0\) c. \(A E \frac{\partial u}{\partial...
Study smarter with the SolutionInn App