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
Bas_tet [7]
3 years ago
9

The following selected transactions were taken from the records of Shipway Company for the first year of its operations ending D

ecember 31: Apr. 13 Wrote off account of Dean Sheppard, $6,530. May 15 Received $3,270 as partial payment on the $8,680 account of Dan Pyle. Wrote off the remaining balance as uncollectible. July 27 Received $6,530 from Dean Sheppard, whose account had been written off on April 13. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Paul Chapman $4,380 Duane DeRosa 3,270 Teresa Galloway 1,960 Ernie Klatt 2,740 Marty Richey 980 Dec. 31 If necessary, record the year-end adjusting entry for the uncollectible accounts. For those amount boxes in which no entry is required, leave the box blank. If an entry is not required, select "No entry" from the dropdown box(es).
Business
1 answer:
alexdok [17]3 years ago
8 0

Answer:

The year-end adjusting entries for the uncollectible accounts will be:

April 13:

Debit Allowance for doubtful accounts             $6,530

Credit Accounts receivable                                $6,530

<em>(To record write-off of accounts receivable - Dean Sheppard)</em>

May 15:

Debit Cash                                                          $3,270

Credit Accounts receivable                               $3,270

<em>(To record collection on account - Dan Pyle)</em>

Debit Allowance for doubtful accounts            $5,410

Credit Accounts receivable                               $5,410

<em>(To record write-off of accounts receivable - Dan Pyle)</em>

July 27:

Debit Accounts receivable                                $6,530

Credit Allowance for doubtful accounts           $6,530

<em>(To re-establish accounts receivable from Dean Sheppard)</em>

Debit Cash                                                          $6,530

Credit Accounts receivable                               $6,530

<em>(To record collection on account - Dean Sheppard)</em>

December 31:

Debit Allowance for doubtful accounts           $13,330

Credit Accounts receivable                              $13,330

<em>(To record write-off of accounts receivable - Miscellaneous)</em>

Explanation:

  • April 13: Shipway Company wrote-off account of Dean Sheppard, this means there would be a reduction in both allowance for doubtful accounts and accounts receivable.
  • The receipt on May 15 of $3,270 reduced the accounts receivable but increased cash. However, the write-off of $5,410 caused a reduction in both the allowance account and accounts receivable.
  • When there was a receipt of $6,530 on July 27, the accounts receivable would be reinstated and then adjusted for the cash receipt.
  • Lastly, the write-off of the uncollectible accounts from miscellaneous customers were added up to arrive at $13,330.
You might be interested in
In 2010, the MoreForLess Company had revenues of $2,000,000 while costs were $1,500,000. In 2011, MoreForLess will be introducin
Harlamova29_29 [7]

Answer:

Differential profit Profit = $40,000

Explanation:

<em>The differential operating profit is the difference between the operating profit before the introduction of the product and after the introduction of the new product</em>

<em>Profit = Revenue - costs</em>

Profit before the introduction of the new product

= 2,000,000 - 1,500,000 = 500,000

Profit after the introduction of the new product

New revenue =  (2,000,000 + 200,000) = 2,200,000

Cumulative cost = 1,500,000 + 160,000 =  1,660,000

Profit = 2,200,000 - 1,660,000 = 540000

Differential profit Profit =  540,000 - 500,000= $40,000

4 0
3 years ago
Identify two employment laws which might affect<br> easyJet plc's business activities.
patriot [66]

Answer:

EasyJet Plc is the eighth largest airline in the world and the second biggest in Europe, . The business generated revenue per passenger of £58 compared with a cost per seat . The return on capital employed was just under 12% in 2017. regarding Brexit which might impact on both revenue and costs going forward.

Explanation:I dont have one  

4 0
3 years ago
Roofing Issues. Sally agrees to roof a house for Bob. After doing his research, Bob chooses Sally based on her great reputation
expeople1 [14]

Answer:

C. Spencer will win because regardless of whether Glen was acting within the scope of his employment, Sally is liable for his negligence

Explanation:

Spencer will win the lawsuit and Sally is liable for negligence.

This is because, Sally was the person originally hired to do the roofing job.

She hired other workers to help her with the job, so she's liable to their actions and inactions.

Sally is operating under a working agreement (contract) and has already charged a fee of $10,000 so any punitive damages would be her responsibility.

Spencer was moving around and Glen threw some roofing shingles without any word of warning to people that might be in harm's way. So for Glenn's actions, Sally is liable for his negligence.

5 0
3 years ago
What type of Credit allows you to borrow a specific amount and agree to pay in a specific number of payments of equal amounts?
Kryger [21]

bloting i think it is thatn

6 0
3 years ago
Read 2 more answers
Your city newspaper publishes a "Best of" poll that lists its readers' favorite restaurants. Mundo Bar and Grill is ranked as th
jeka94

Answer:

The correct answer is the option C: give too much weight to a small number of vivid observations.

Explanation:

To begin with, in the case that a close friend had told you that he had a bad experience in a certain place, a restaurant in particular this time, does not states the fact that it will always be like that for every person that goes to that place because it may have been a bad day for the employees and that impacts at their work while if you go any other day every detail is taking care nicely. Therefore that the people give too much  weight to small number of vivid observations due to the fact that the article published in the newspaper must have been made with over dozens of observations and comments, not just one, and the major agreement is that those places are good ones to go to eat.

8 0
3 years ago
Read 2 more answers
Other questions:
  • A leveraged buyout (LBO) Multiple Choice is based on an expectation that the new private owners will not restructure the company
    9·1 answer
  • On January 1, 2017, Dawson, Incorporated, paid $100,000 for a 30% interest in Sacco Corporation. This investee had assets with a
    15·1 answer
  • Which of the following would most likely cause a decrease in the quantity supplied?
    6·1 answer
  • An effective production quota in the sugar market​ ______
    9·1 answer
  • If a defendant seeks to throw out evidence obtained by law enforcement officers during a search and seizure, and interrogation,
    8·1 answer
  • An integrated circuit manufacturers annual cost of holding inventory is 48 percent. What inventory holding cost (in $) does it i
    13·1 answer
  • LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environm
    14·1 answer
  • Taxable income and pretax financial income would be identical for Skysong Co. except for its treatments of gross profit on insta
    10·1 answer
  • Nominal GDP is multiple choice 1 the sum of intermediate and final goods and services, whereas real GDP is the sum of final good
    12·1 answer
  • Suv-cnbi-nkd<br>eve.ryo.ne jo.in<br>g.oo.gle.mee.t​​
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!