ACC 291 Wk 2 Individual WileyPLUS Assignment Exercise E 8-3 , BE 9-13, 9-4 , E 9-9 , E 9-10, Problem

Apr 28th, 2015
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ACC 291 Wk 2 Individual WileyPLUS Assignment Exercise E 8-3 , BE 9-13, 9-4 , E 9-9 , E 9-10, Problem 9-5A

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Exercise E8-3The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000. Correct.If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell's $1,400 balance is uncollectible. DateAccount/DescriptionDebitCreditDec. 31Correct.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. DateAccount/DescriptionDebitCredit(1) Dec. 31(2) Dec. 31Correct.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. DateAccount/DescriptionDebitCredit(1) Dec. 31(2) Dec. 31Exercise BE9-13Correct.Information related to plant assets, natural resources, and intangibles at the end of 2011 for Spain Company is as follows: buildings $1,100,000; accumulated depreciation-buildings $650,000; goodwill $410,000; coal mine $500,000; accumulated depletion-coal mine $108,000. Complete the partial balance sheet of Spain Company for these items. (

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