Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
Title: Problem 9-2A
QA_Ori:
2012
a. Accounts Receivable............................................ 1,345,434
b. Allowance for Doubtful Accounts.......................... 18,300
c. Cash...................................................................... 669,200
d. Bad Debts Expense.............................................. 28,169
*Beginning receivables........................... $ 0
Credit sales........................................... 1,345,434
** rounded to nearest dollarTitle: Problem 9-2A
QA_Ori:
2013
e. Accounts Receivable................................................. 1,525,634
f. Allowance for Doubtful Accounts............................... 27,800
g. Cash........................................................................... 1,204,600
h. Bad Debts Expense................................................... 32,199
*Beginning receivables................................. $ 657,934
Credit sales................................................. 1,525,634
Collections................................................... (1,204,600)
** rounded to nearest dollar
Title: Problem 9-3A
Part 1
a. Expense is 1.5% of credit sales
Dec. 31 Bad Debts Expense.................................................85,230
Dec. 31 Bad Debts Expense.................................................75,870
c. Allowance is 5% of accounts receivable
Dec. 31 Bad Debts Expense.................................................80,085
Part 2
Current assets
Or:Accounts receivable (net of $68,650*
uncollectible accounts)....................................... $1,201,450
Part 3
Current assets
Or:Accounts receivable (net of $63,505**
Title: Problem 9-4A
QA_Ori:
Part 1
Calculation of the estimated balance of the allowance for uncollectibles
Not due: $830,000 x .0125 = $10,375
1 to 30: 254,000 x .0200 = 5,080
Part 2
Dec. 31 Bad Debts Expense............................................... 27,150
Allowance for Doubtful Accounts...................... 27,150
To record estimated bad debts.*
Title: Problem 9-5A
Part 1
QA_Ori:
2012
Dec. 16 Notes Receivable—D. Todd................................... 10,800
31 Interest Receivable................................................ 36
2013
Feb. 14 Cash....................................................................... 10,944
Interest Revenue*............................................ 108
Mar. 2 Notes Receivable—Midnight Co............................ 6,100
17 Notes Receivable—A. Privet.................................. 2,400
Apr. 16 Accounts Receivable—A. Privet............................ 2,414
June 2 Accounts Receivable—Midnight Co....................... 6,222
7/
Title: Problem 9-5A
QA_Ori:
July 17 Cash....................................................................... 6,286
Interest Revenue*............................................ 64
Aug. 7 Notes Receivable—Mulan...................................... 7,450
Sept. 3 Notes Receivable—N. Carson............................... 2,100
Nov. 2 Cash....................................................................... 2,135
Interest Revenue*............................................ 35
5 Cash....................................................................... 7,636
Interest Revenue*............................................ 186
Dec. 1 Allowance for Doubtful Accounts........................... 2,414
Part 2
QA_Ori: Analysis Component: When a business pledges its receivables as
security for a loan and the loan is still outstanding at period-end, the business
Title: Problem 9-1B
QA_Ori:
Aug. 4 Accounts Receivable—M. Carpenter........................... 3,700
Sales....................................................................... 3,700
To record sales on credit.
Cost of Goods Sold.............................................................2,000
Merchandise Inventory.................................................. 2,000
To record cost of sales.
Title: Problem 9-2B
QA_Ori:
2012
a. Accounts Receivable............................................ 685,350
Sales............................................................... 685,350
To record sales on account.
c. Allowance for Doubtful Accounts.......................... 9,350
d. Bad Debts Expense.............................................. 11,287
*Beginning receivables......................... $ 0
Credit sales......................................... 685,350
** Rounded to nearest dollar
