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xxMikexx [17]
3 years ago
5

On June ​1, 2018​, High Performance Cell Phones sold $ 25 comma 000 of merchandise to Ackerman Trucking Company on account. Acke

rman fell on hard times and on July 15 paid only $ 6 comma 500 of the account receivable. After repeated attempts to​ collect, High Performance finally wrote off its accounts receivable from Ackerman on September 5. Six months​ later, March ​5, 2019​, High Performance received Ackerman's check for $ 18 comma 500 with a note apologizing for the late payment. Read the requirementsLOADING.... Requirement 1. Journalize the transactions for High Performance Cell Phones using the direct​ write-off method. Ignore Cost of Goods Sold.
Business
1 answer:
Aleks04 [339]3 years ago
3 0

Answer and Explanation:

The journal entries are shown below:

On June 1

Anthony Trucking Company   $25,000

  To  Merchandise   $25,000

(Being the sale of merchandise is recorded)

On July 15

Cash  Dr $6,000

   To Account Receivable   $6,000

(Being the cash received is recorded)

On September 5

Bad debt Expense  $18,000

      To Account Receivable Expense  $18,000

(Being the bad debt expense is recorded)

On March 5

Cash  $18,000

     To Account Receivable  $18,000

(Being the cash received is recorded)

Only these journal entries are required

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nirvana33 [79]
An increase in cash would definitely placed in debit because it considered an asset and we need to place the increase of sales on the credit side.
So, in this case, the entry would be

Cash       $ 30,250
       Sales                $ 30.250
6 0
3 years ago
Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of 8,988. The
cluponka [151]

Answer:

$6,809.04

Explanation:

Calculation to determine what her net pay for the month is

Gross Pay (a) $8,988

Less: Deductions

Social Security Tax $557.26

($8,988 * 6.2%)

Medicare Tax $130.33

($8,988 * 1.45%)

Federal income Tax $1,491.37

Total Deductions (b) $2,178.96

Net Pay (a-b) $6,809.04

($8,988-$2,178.96)

Therefore her net pay for the month is $6,809.04

6 0
2 years ago
He gross domestic product (gdp) of the united states is defined as the
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The worlds most largest national economy in nominal terms. Is the second largest in purchasing power parity (ppp).
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5 0
3 years ago
construct a quadriteral PQRS, given that QR=4.5cm PS=5.5cm,RScm5cm and diagonalPR=5.5cmand diagonal SQ=7cm​
Ipatiy [6.2K]

Answer:

The quadrilateral is drawn above

3 0
3 years ago
In which of the following cases is outsourcing likely to be the best solution to the firm's data processing needs? a) Peterson I
Alex73 [517]

Answer:

a) Peterson International is a trenchcoat wholesaler to retailers around the world. Sixty percent of sales orders are taken during the months of August and September. Peterson needs a system to manage online ordering and fulfillment.

Explanation:

Outsourcing likely to be the best solution to the firm's data processing needs because Peterson International is a trenchcoat wholesaler to retailers around the world. Sixty percent of sales orders are taken during the months of August and September. Peterson needs a system to manage online ordering and fulfillment.

5 0
3 years ago
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