Chapter 5
Receivables and Sales
May 7 Debit Credit
Accounts Receivable 4,760
May 13
Cash 4,760
EXERCISES
Exercise 5-1
May 1 Debit Credit
Cash 300
Exercise 5-2
March 12 Debit Credit
Accounts Receivable 25,800
March 20
Cash 24,768
Sales Discounts 1,032
Exercise 5-3
March 12 Debit Credit
Accounts Receivable 25,800
March 31
Cash 25,800
Exercise 5-4
March 12 Debit Credit
Service Fee Expense 25,800
March 31
Accounts Payable 25,800
Exercise 5-5
April 25 Debit Credit
Accounts Receivable 3,200
Exercise 5-6
Requirement 1
April 27 Debit Credit
Sales Allowances 700
Requirement 2
April 30 Debit Credit
Cash 2,500
Requirement 3
Service revenue $3,200
Less: Sales allowances (700)
December 31, 2012 Debit Credit
Bad Debt Expense 47,655
Total accounts receivable $105,900
Less: Allowance for uncollectible accounts (47,655)
December 31, 2012 Debit Credit
Bad Debt Expense 19,500
Bad debt Expense $19,500
Allowance for uncollectible accounts $22,000*
Requirement 4
Exercise 5-7
Requirement 1
Requirement 2
Exercise 5-8
Requirement 1
Requirement 2
Total accounts receivable $88,000
December 31, 2012 Debit Credit
Bad Debt Expense 18,600
Bad debt Expense $18,600
Total accounts receivable $112,000
Requirement 3
Exercise 5-9
Requirement 1
Requirement 2
Requirement 3
Age Group
Amount
Receivable
Estimated
Percent
Uncollectible
Estimated
Amount
Uncollectible
Not yet due $ 53,000 15% $ 7,950
0-30 days past due 27,000 20% 5,400
December 31, 2012 Debit Credit
Bad Debt Expense 25,500
Total accounts receivable $104,000
Less: Allowance for uncollectible accounts (29,100)
Exercise 5-10
Requirement 1
Requirement 2
Requirement 3