Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general...
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Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts. Dec. 31/19 Balance Credit sales in 2020 Dec. 31/20 Balance July 15/20 Dec. 31/19 Balance Nov. 15/20 Dec. 31/20 Balance Dec. 31/19 Balance Mar. 1/20 Nov. 28/20 Dec. 2/20 Dec. 31/20 Balance. General Ledger Accounts Receivable 158,500 ???? ???? 7,000 ???? 14,000 Allowance for Doubtful Accounts. 14,000 200 ???? Accounts Receivable Subledger JenStar Company 48,000 ???? 104,000 48,000 Indigo Developments -0- 17,000 17,000 39,000 4,000 43,000 Jan. 4/20 Collections in 2020. July 15/20 Dec. 31/19 Balance Dec. 31/20 Dec. 31/20 Balance. Jan. 20/20 Mar. 20/20 Dec. 31/19 Balance Apr. 21/20 Dec. 7/20 Dec. 31/20 Balance. Dec. 31/19 Balance. Dec. 31/20 Balance Lomas Industries Amount ???? 52,000 21,000 21,000 7,000 ???? 52,000 PDQ Servicing 14,000 14,000 Jan. 4/20 Jan. 7/201 May 5/20 July 15/20 During the year 2020, there were no recoveries of accounts previously written off. Only one account, that of PDQ Servicing, was identified as being uncollectible on July 15, 2020. On January 4, 2020, Farthington issued a $7,000 credit memo to Lomas Industries regarding damaged goods returned. Required: Analyzing the accounts, determine the following amounts: a. The December 31, 2019, balance in Lomas Industries account. b. The January 7, 2020, collection from Lomas Industries. Amount c. The December 31, 2020, balance in the Accounts Receivable controlling account. Amount d. The November 15, 2020, transaction in JenStar Company's account. Amount e. Collections during 2020. Amount f. Credit sales during 2020. Amount g. Adjusting entry on December 31, 2020, to estimate uncollectible accounts based on a rate of 2.5% of outstanding receivables. (Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the adjusting entry to estimate uncollectible accounts based on a rate of 2.5% of outstanding receivables. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit h. The December 31, 2020, balance in the Allowance for Doubtful Accounts. (Round your final answer to nearest whole dollar.) Amount i. Show how accounts receivable should appear on the balance sheet on December 31, 2020. (Round your final answers to nearest whole dollar.) Current assets: Partial Balance Sheet Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts. Dec. 31/19 Balance Credit sales in 2020 Dec. 31/20 Balance July 15/20 Dec. 31/19 Balance Nov. 15/20 Dec. 31/20 Balance Dec. 31/19 Balance Mar. 1/20 Nov. 28/20 Dec. 2/20 Dec. 31/20 Balance. General Ledger Accounts Receivable 158,500 ???? ???? 7,000 ???? 14,000 Allowance for Doubtful Accounts. 14,000 200 ???? Accounts Receivable Subledger JenStar Company 48,000 ???? 104,000 48,000 Indigo Developments -0- 17,000 17,000 39,000 4,000 43,000 Jan. 4/20 Collections in 2020. July 15/20 Dec. 31/19 Balance Dec. 31/20 Dec. 31/20 Balance. Jan. 20/20 Mar. 20/20 Dec. 31/19 Balance Apr. 21/20 Dec. 7/20 Dec. 31/20 Balance. Dec. 31/19 Balance. Dec. 31/20 Balance Lomas Industries Amount ???? 52,000 21,000 21,000 7,000 ???? 52,000 PDQ Servicing 14,000 14,000 Jan. 4/20 Jan. 7/201 May 5/20 July 15/20 During the year 2020, there were no recoveries of accounts previously written off. Only one account, that of PDQ Servicing, was identified as being uncollectible on July 15, 2020. On January 4, 2020, Farthington issued a $7,000 credit memo to Lomas Industries regarding damaged goods returned. Required: Analyzing the accounts, determine the following amounts: a. The December 31, 2019, balance in Lomas Industries account. b. The January 7, 2020, collection from Lomas Industries. Amount c. The December 31, 2020, balance in the Accounts Receivable controlling account. Amount d. The November 15, 2020, transaction in JenStar Company's account. Amount e. Collections during 2020. Amount f. Credit sales during 2020. Amount g. Adjusting entry on December 31, 2020, to estimate uncollectible accounts based on a rate of 2.5% of outstanding receivables. (Round your final answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the adjusting entry to estimate uncollectible accounts based on a rate of 2.5% of outstanding receivables. Note: Enter debits before credits. Date Dec 31 General Journal Debit Credit h. The December 31, 2020, balance in the Allowance for Doubtful Accounts. (Round your final answer to nearest whole dollar.) Amount i. Show how accounts receivable should appear on the balance sheet on December 31, 2020. (Round your final answers to nearest whole dollar.) Current assets: Partial Balance Sheet
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Answer A 96500 Opening balance of Accounts receivable 158500 L... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
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