Accounting assignment help

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timer Asked: May 21st, 2016
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Accounting correction

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Brief Exercise 9-2 Your answer is partially correct. Try again. Record the following transactions on the books of RAS Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) On July 1, RAS Co. sold merchandise on account to Waegelein Inc. for $17,200, terms 2/10, n/30. (b) On July 8, Waegelein Inc. returned merchandise worth $3,800 to RAS Co. (c) On July 11, Waegelein Inc. paid for the merchandise. (a) Account Titles and Explanation Debit Credit (a) (b) (c) Brief Exercise 9-4 At the end of 2014, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. Your answer is partially correct. Try again. Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Your answer is incorrect. Try again. What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Cash realizable value Brief Exercise 9-6 Before Write-Off After Write-Off $ $ Your answer is partially correct. Try again. Farr Co. elects to use the percentage-of-sales basis in 2014 to record bad debt expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $800,000 for 2014, sales returns and allowances are $40,000, and the allowance for doubtful accounts has a credit balance of $9,000. Prepare the adjusting entry to record bad debt expense in 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Exercise 9-3 The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances $20,000. Your answer is correct. If Costello uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Costello determines that L. Dole’s $1,400 balance is uncollectible. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a credit balance of $2,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 10% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.Account Titles and Explanation (1) Debit Credit (2) Your answer is partially correct. Try again. If Allowance for Doubtful Accounts has a debit balance of $200 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 0.75% of net sales and (2) 6% of accounts receivable. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.Account Titles and Explanation (1) Debit Credit (2) Exercise 9-7 Presented below are two independent situations. Your answer is partially correct. Try again. On March 3, Kitselman Appliances sells $650,000 of its receivables to Ervay Factors Inc. Ervay Factors assesses a finance charge of 3% of the amount of receivables sold. Prepare the entry on Kitselman Appliances’ books to record the sale of the receivables. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Mar. 3 Debit Credit Your answer is partially correct. Try again. On May 10, Fillmore Company sold merchandise for $3,000 and accepted the customer’s America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Fillmore Company’s books to record the sale of merchandise.(Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 10 Debit Credit Exercise 9-8 Presented below are two independent situations. Your answer is partially correct. Try again. On April 2, Jennifer Elston uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,500. On May 1, Elston is billed for the $1,500 amount due. Elston pays $500 on the balance due on May 3. On June 1, Elston receives a bill for the amount due, including interest at 1.0% per month on the unpaid balance as of May 3. Prepare the entries on JCPenney Co.’s books related to the transactions that occurred on April 2, May 3, and June 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Apr. 2 Debit Credit May 3 June 1 Your answer is partially correct. Try again. On July 4, Spangler’s Restaurant accepts a Visa card for a $200 dinner bill. Visa charges a 2% service fee. Prepare the entry on Spangler’s books related to this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and Explanation July 4 Debit Credit ...
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Selenica
School: UT Austin

Alright, here is the correcte...

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Anonymous
awesome work thanks

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