Sorter Co journal entries write off accounts receivable
At the end of 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off. Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.
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AR..................................................................$900,000.00
less: allowance for doubtful accounts........ $(40,000.00)
BE9-4 At the end of 2006, Endrun Co. has accountsreceivable of $700,000 and an allowance
for doubtful accounts of $54,000. On January 24, 2007, the company learns that its receivable
from Oswego Inc. is not collectible, and management authorizes a write-off of $6,400.
(a) Prepare the journal entry to record the write-off.
(
(Journalize Various AccountsReceivable Transactions)
The balance sheet of Antonio Vivaldi Company at December 31, 2007, includes the following.
Notes receivable 36,000
Accountsreceivable 182,000
Less: Allowance for doubtful accounts 17,300 200,800
Transactions in 20
3-1 Impact of a Transaction. The company borrowed $85,000 in cash from Eastern Bank.
Dr Cash $85,000
Cr Bank loan $85,000
3-2 Impact of a Transaction. The company used $45,000 in cash to purchase land on the west side of Hatu Lake.
Dr Land $45k
Cr Cash $45k
3-11 JournalEntries Refer to PE 3-1. Make the journal
Belkou Company began operations on January 1, 2007. Its first year's sales were $1,140,000, which were 70% on credit. During the year, $740,000 was collected from customers on account, and the company wrote offaccounts worth $2,600. At the end of the year, management estimated that 0.5% of all credit sales would probably be unc
(See attached file for full problem description)
Adjusting entry for bade debt expense
Entry for writeoff of Flake co.
Enrty for reinstatement of Flake Co. account and collection and writeoff
Rupert Manufacturing Co. sold $20,000 of merchandise to Mr. J. Hart on May 14, 2007, on account. The company attempted collection efforts starting in October of the same year. Hart filed for bankruptcy on November 18, and the company wrote off his account receivable at that time. On December 29, 2007, Rupert Manufacturing re
A company that uses the percent of sales to account for its bad debts had credit sales of $740,000 in 2007, including a $720 sale to Helen Sweet. On December 31, 2007, the company estimated its bad debts at 1.5% of its credit sales. On June 1, 2008, the company wrote off, as uncollectible, the $720 account of Helen Sweet. On Dec
Milner Corp. uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,000 account of a customer, C. Schaub. On December 9, it receives a $200 payment from Schaub.
1. Prepare the journal entry or entries for October 31.
2. Prepare the journal entry or entries for December 9:
Please see PDF.
At December 31, 2007, Leis Co. reported the following information on its balance sheet.
Accountsreceivable $960,000
Less: Allowance for doubtful accounts 80,000
During 2008, the company had the following transactions related to receivables.
1. Sales on account $3,200,000
2. Sales returns and allowa
