Rael Corp had the following balances in its accounts for gross accounts receivables and the allowance...
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Rael Corp had the following balances in its accounts for gross accounts receivables and the allowance for doubtful accounts at the beginning of the year. Accounts Receivable Allowance for Uncollectible Accounts Beginning Balance $ 26,000 $ 1,638 Answer the following questions related to Rael Corp's accounts receivable during the period in the shaded cells. If a cell does not need to be used then leave it blank. 1) During the year, Rael Corp had credit sales of $476,000. Write the summary journal entry that Rael would record for its credit sales during the period. Accounts Receivable $ 476,000 Sales Revenue $ 476,000 2) During the year, Rael Corp collected $472,206 in cash from customers related to accounts receivable. Write the summary journal entry that Rael would record for its cash collections during the period. Cash $ 472,206 Accounts Receivable $ 472,206 3) During the year, Rael Corp wrote off $1,794 in accounts receivable. Write the summary journal entry that Rael woud record related to the write-offs during the period. Allowance for Doubtful Acce $ 1,794 Accounts Receivable 1,794 4) What was the balance of Rael Corp's gross accounts receivable at the end of the period? 2,000 5) What is the balance that Rael Corp's would show in the allowance for uncollectible accounts on its unadjusted trial balance? Use negative numbers to denote a debit balance. (156) At the end of the fiscal year, Rael Corp determines that the percentage of its gross receivables that are uncollectible is Use cell references to calculate the following problems related to the adjusting entries below: 6) What is the ending balance for the allowance for uncollectible accounts that Rael Corp would show on its adjusted trial balance? S (30) 6.3% 7) What is the adjusting entry that Rael Corp would record related to accounts receivable at the end of the accounting period? Accounts Receivable 126 Allowance for Doubtful Accounts 126 Rael Corp had the following balances in its accounts for gross accounts receivables and the allowance for doubtful accounts at the beginning of the year. Accounts Receivable Allowance for Uncollectible Accounts Beginning Balance $ 26,000 $ 1,638 Answer the following questions related to Rael Corp's accounts receivable during the period in the shaded cells. If a cell does not need to be used then leave it blank. 1) During the year, Rael Corp had credit sales of $476,000. Write the summary journal entry that Rael would record for its credit sales during the period. Accounts Receivable $ 476,000 Sales Revenue $ 476,000 2) During the year, Rael Corp collected $472,206 in cash from customers related to accounts receivable. Write the summary journal entry that Rael would record for its cash collections during the period. Cash $ 472,206 Accounts Receivable $ 472,206 3) During the year, Rael Corp wrote off $1,794 in accounts receivable. Write the summary journal entry that Rael woud record related to the write-offs during the period. Allowance for Doubtful Acce $ 1,794 Accounts Receivable 1,794 4) What was the balance of Rael Corp's gross accounts receivable at the end of the period? 2,000 5) What is the balance that Rael Corp's would show in the allowance for uncollectible accounts on its unadjusted trial balance? Use negative numbers to denote a debit balance. (156) At the end of the fiscal year, Rael Corp determines that the percentage of its gross receivables that are uncollectible is Use cell references to calculate the following problems related to the adjusting entries below: 6) What is the ending balance for the allowance for uncollectible accounts that Rael Corp would show on its adjusted trial balance? S (30) 6.3% 7) What is the adjusting entry that Rael Corp would record related to accounts receivable at the end of the accounting period? Accounts Receivable 126 Allowance for Doubtful Accounts 126
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Financial Accounting Tools for Business Decision Making
ISBN: 978-1118024492
5th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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