accounting content lecture Dissertation

HW 8 – you

ACCOUNTS RECEIVABLE JOURNAL ARTICLES

Make journal records to record the following orders:

(1) About December 15, 2008, the organization recorded $150, 000 product sales on credit rating.

(2) Upon December 23, 2008, the company estimated awful debt bills of $15, 000.

(3) On January 12, 2009, collect $100, 000 really worth of accounts receivable.

(4) After many collection attempts, the Company identified on 06 15, 2009 that it will not collect $12, 000 in accounts receivables from Au cours de Publishing. It decided to write-off this consideration.

(5) On July 15, Pendant Submitting called to talk about that they have got financial challenges but can afford to shell out $7, 000 to settle their particular $10, 500 debt in full. Vandolay Industries agreed to these terms, and reversed $7, 000 with the prior write-off. It received a $7, 000 examine from Au cours de the next day.

Content the above items to the next T-accounts:

Accounts Receivable

Allowance pertaining to Doubtful Accounts

HW 8 – 2

ESTIMATION AND SAVING OF UNCOLLECTIBLE ACCOUNTS –

AGING OF ACCOUNTS RECEIVABLE METHOD

Portion 1 – In 2009, Vandolay reported three hundred, 000 in sales. You can actually allowance pertaining to doubtful accounts has an unadjusted credit balance of $12, 000. Vandolay Industries accountancy firm prepared the next Aging of Accounts Receivable:

Customer

Total

Number of days unpaid

0-30

30-60

60-90

Over 90

First Sales

$ 700

dollar 700

Molteplicit? Manufacturing Co.

1, 900

$ you, 900

Delta Shipping Corp.

2, 2 hundred

$2, 200

Epsilon Industrial sectors

6, 000

$6, 000

Theta Manufacturing

1, 800

1, 800

Zeta Industrial sectors

600

six-hundred

Other customers

136, 800

88, 100

26, 900

being unfaithful, 800

doze, 000

Quantites

$150, 500

$90, 500

$30, 1000

$12, 500

$18, 000

Vandolay accountants believe that receivables 0-30 days old include a 2% chance of noncollection. Receivables 30-60 days old have a 4% potential for noncollection. Receivables 60-90 days and nights old provide an 8% probability of noncollection. Receivables over 90 days old have a twenty percent chance of noncollection. The company's allocated for uncertain accounts has an unadjusted credit balance of $12, 500. Prepare the required adjusting record entry.

Negative Debt Expense

Allocated for Doubtful Accounts

HW eight – two, CONTINUED

Portion 2 – Assume rather that the company's allowance pertaining to doubtful accounts has an unadjusted debit harmony of $400. Prepare the required adjusting diary entry.

Bad Debt Price

Permitting for Uncertain Accounts

HW 8 – a few

ESTIMATION AND RECORDING OF UNCOLLECTIBLE ACCOUNTS –

PERCENTAGE OF CREDIT PRODUCT SALES RECEIVABLE APPROACH

Portion 1 – In 2009, Vandolay reported three hundred, 000 in sales. You can actually allowance intended for doubtful accounts has an unadjusted credit balance of $12, 000. Based upon prior experience, management estimates that installment payments on your 5% of sales will result in bad debts. Prepare the required changing journal entry.

Bad Personal debt Expense

Allowance for Doubtful Accounts

Part 2 – Assume rather that the business allowance intended for doubtful accounts has an unadjusted debit harmony of $400. Prepare the required adjusting diary entry.

Awful Debt Expense

Permitting for Skeptical Accounts

HW almost eight – some

NOTES RECEIVABLE

On 04 1, 2008, Vandolay financial loans a $12, 000 note to a customer opening a brand new store. The note, which bears 10% annual interest, turns into due upon March 23, 2009. Put together the required journal entry.

Take note Receivable

Cash

On January 31, 08, Vandolay accumulated interest intended for the part of the year the note was outstanding. Make the required adjusting journal entry.

Interest...

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