1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dalvyx [7]
3 years ago
9

At the beginning of the current period, Bramble Corp. had balances in Accounts Receivable of $196,800 and in Allowance for Doubt

ful Accounts of $9,510 (credit). During the period, it had credit sales of $864,300 and collections of $687,610. It wrote off as uncollectible accounts receivable of $6,804. However, a $3,219 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,000 at the end of the period.
(a) Prepare the entries to record sales and collections during the period.

(b) Prepare the entry to record the write-off of uncollectible accounts during the period.

(c) Prepare the entries to record the recovery of the uncollectible account during the period.

(d) Prepare the entry to record bad debt expense for the period.
Business
1 answer:
olasank [31]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

a. Account receivable Dr $864,300

          To Sales revenue  $864,300

(Being the sales revenue is recorded)        

Cash Dr $687,610

        To Account receivable $687,610

(Being the collections is recorded)

2. Allowance for doubtful debts $6,804

        To Account receivable $6,804

(Being the written off amount is recorded)

3.  Account receivable Dr $3,219

        To Allowance for doubtful debts $3,219

(Being the previous written off amount is recorded)

Cash Dr $3,219

     To Account receivable $3,219

(Being the recovery is recorded)

4. Bad debt expense $18,075

        To Allowance for doubtful debts $18,075

(Being the bad debt expense is recorded)

The computation is shown below:

= $24,000 - $9,510 + $6,804 - $3,219

= $18,075

Only these entries are recorded

You might be interested in
What is the difference between entrepreneurial and bureaucratic organizations?
Airida [17]
Entrepreneurs work by themselves and bureau is working with an organization
5 0
3 years ago
Read 2 more answers
Two individuals at a retail store work the same cash register. You evaluate this situation as Select one: a. Supporting internal
spin [16.1K]

Answer:

B. A violation of establishment of responsibility

Explanation:

They both should have established something different to work on but for both of them to work the same cash register, it is a violation of establishment of responsibility

5 0
3 years ago
Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Com
skelet666 [1.2K]

Answer:

derived demand

Explanation:

Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Company X must understand that this demand is actually <u>derived demand</u>, which means that the demand for industrial products and services is driven by demand for consumer products and services.

8 0
3 years ago
Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing losses on its bilge pump produ
Karolina [17]

Answer:The answer is $95,000 Loss

Explanation:

Income statement

$

Sales. 450,000

Less:variable cost.

Manufacturing expenses 128,000

Sales commission. 54,000

Shipping. 15,000

---------------- 197,000

-----------------

Contribution. 253,000

Less Fixed Overhead

Advertising. 23,000

Depreciation. 112,000

General factory overhead 49,000

Salary of production line manager 118,000

Insurance on inventories. 6,000

Purchasing department. 40,000

-----------------

348,000

-----------------

Profit/Loss. ( 95,000) Loss

--------------------------

Based on the income statement that showed a loss of $95,000 or decrease in operating income, Yes I would recommend that bilge pump product be discontinued.

5 0
2 years ago
The Tom Smith Corporation has the following items: Cash, $5,000; Machinery, $50,000; Building, $150,000; Note payable bank, $10,
olga_2 [115]

Answer:

$245,000

Explanation:

Total assets for Tom Smith Corporation can be calculated as follows:

Cash                                                                    $5,000

Machinery,                                                          $50,000

Depreciation Machinery                                    ($25,000)

Building                                                               $150,000

Depreciation Building,                                       ($35,000)

Savings                                                                $10,000

Accounts receivable,                                          $30,000

Inventory                                                             $10,000

Land                                                                     $50,000

Total Assets                                                         $245,000

3 0
3 years ago
Other questions:
  • Carmel Company has a frequent buyer program for its customers, where the customers can attain an "elite" level based on the numb
    6·1 answer
  • Question 4 (5 points)
    5·1 answer
  • Banks can create an unlimited amount of money. True or false, and why?
    10·1 answer
  • The Art of Getting the greatest benefits from limited Financial Resources is called
    7·2 answers
  • Ryan filed a lawsuit against his previous employer because he was fired without warning. Which of the following events most like
    8·1 answer
  • A customer sells 1 ABC Corporation put for 2 on February 22, 2019, with a strike price of 50 and an expiration date of March 16,
    13·1 answer
  • Think of two advertisements that you have seen recently, one that you like and one that you dislike. What is each ad trying to s
    12·1 answer
  • What is economics as a social science​
    5·2 answers
  • terin, the chief human resources officer for a major financial services company, has met with each of her employees to set their
    9·1 answer
  • Which of the following would be a producer? someone owning a book store someone shopping in a grocery store someone putting gas
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!