Journalize these transactions for Atlas Travel FYI: Burgundy transactions are notes receivable transactions and black transactions...
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Journalize these transactions for Atlas Travel FYI: Burgundy transactions are notes receivable transactions and black transactions are bad debt transactions. Journalizing is done in chronological order. 15-Oct Receive $500 cash from Jes Jones, a client, and invoiced the remainder $1,500, due in 30 days. This is a service business. The revenue account is service revenue. 30-Oct Write off three long overdue accounts receivable from on account clients: Kathy Carmichael $600, Carl Canover $800 and Daisy Williams $200. You use the GAAP compliant allowance method to write off accounts. 1-Nov Received a one month $5,000 (6%APR) note receivable from Colin Arnolds, an accounts receivable client. 14-Nov Receive the due from on account client, Jes Jones (October 15 sale) 1-Dec Collect payment from Colin Arnolds for the maturity value of the November 1 note receivable. 13-Dec Receive a 120 day $4,000 (8% APR) note on account from Allied Amusement for travel services. 15-Dec Receive $200 form client Daisy Williams. This account was written off on October 30. Make a journal entry to reinstate the account and a journal entry to record the $200 cash payment. 31-Dec The fiscal year ends. Make the journal entry for accrued interest on the December 13 note receivable from Allied Amusement. 31-Dec Post the journal entries to the t-accounts below and find the balances. 31-Dec You complete an aging of accounts receivable and estimate $8000 will be uncollectable in the following year. Journalize the adjusting entry. HINT: posting balances must be determined before you make this entry. 31-Dec What if you estimate the uncollectable accounts based on credit sales instead of aging of accounts receivable. Given the following information journalize this adjusting entry. During the year there was $500,000 in credit sales. Based on the previous years, the uncollectable amount is 1% of credit sales. Record this entry. (Note in the business world, you would make only one of these last two transactions, not both) Journalize these transactions for Atlas Travel FYI: Burgundy transactions are notes receivable transactions and black transactions are bad debt transactions. Journalizing is done in chronological order. 15-Oct Receive $500 cash from Jes Jones, a client, and invoiced the remainder $1,500, due in 30 days. This is a service business. The revenue account is service revenue. 30-Oct Write off three long overdue accounts receivable from on account clients: Kathy Carmichael $600, Carl Canover $800 and Daisy Williams $200. You use the GAAP compliant allowance method to write off accounts. 1-Nov Received a one month $5,000 (6%APR) note receivable from Colin Arnolds, an accounts receivable client. 14-Nov Receive the due from on account client, Jes Jones (October 15 sale) 1-Dec Collect payment from Colin Arnolds for the maturity value of the November 1 note receivable. 13-Dec Receive a 120 day $4,000 (8% APR) note on account from Allied Amusement for travel services. 15-Dec Receive $200 form client Daisy Williams. This account was written off on October 30. Make a journal entry to reinstate the account and a journal entry to record the $200 cash payment. 31-Dec The fiscal year ends. Make the journal entry for accrued interest on the December 13 note receivable from Allied Amusement. 31-Dec Post the journal entries to the t-accounts below and find the balances. 31-Dec You complete an aging of accounts receivable and estimate $8000 will be uncollectable in the following year. Journalize the adjusting entry. HINT: posting balances must be determined before you make this entry. 31-Dec What if you estimate the uncollectable accounts based on credit sales instead of aging of accounts receivable. Given the following information journalize this adjusting entry. During the year there was $500,000 in credit sales. Based on the previous years, the uncollectable amount is 1% of credit sales. Record this entry. (Note in the business world, you would make only one of these last two transactions, not both)
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Journalize the transactions omitting explanations Journal Date Accounts ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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