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zvonat [6]
2 years ago
8

Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables.

Business
1 answer:
Misha Larkins [42]2 years ago
4 0

Answer:

April 1

Dr Accounts Receivable $8,400

Cr Sales $8,400

Dr Cost of Merchandise Sold $3,360

Cr Merchandise Inventory $3,360

June 10

Dr Cash $2,800

Dr Allowance for Doubtful Accounts $5,600

Cr Accounts Receivable—Jim Dobbs $8,400

Oct. 11

Dr Accounts Receivable—Jim Dobbs $5,600

Cr Allowance for Doubtful Accounts $5,600

11 Dr Cash $5,600

Cr Accounts Receivable—Jim Dobbs $5,600

Explanation:

Preparation of the journal entries using the direct write-off method of accounting for uncollectible receivables.

April 1

Dr Accounts Receivable $8,400

Cr Sales $8,400

Dr Cost of Merchandise Sold $3,360

Cr Merchandise Inventory $3,360

June 10

Dr Cash $2,800

(1/3*$8,400)

Dr Allowance for Doubtful Accounts $5,600

($8,400-$2,800)

Cr Accounts Receivable—Jim Dobbs $8,400

Oct. 11

Dr Accounts Receivable—Jim Dobbs $5,600

Cr Allowance for Doubtful Accounts $5,600

11 Dr Cash $5,600

Cr Accounts Receivable—Jim Dobbs $5,600

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For the Year Ended June 30, 2019

Service Fees                                                     $  ~ 718,000

Rent Revenue                                                      ~ 12,000

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Rent Expense                          ~ 48,000

Supplies Expense                     ~ 10,800

Depreciation Expense-Building ~ 8,750

Utilities Expense                          ~ 7,150

Repairs Expense                         ~ 3,000

Insurance Expense                     ~ 2,500

Miscellaneous Expense              ~ 6,200                         608,500

Net Profit                                                                        $121,500

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End-of-Period Owner's Equity

For the Year Ended June 30, 2019  

Stacy Tanner, Capital                             $ ~ 373,800

<u>Add Income                                             121,500             495,300   </u>

<u>Less Drawing                                                 12,000</u>

<u><em>Stacy Tanner, Capital                                                  $  483,300</em></u>

Finders Investigative Services

End-of-Period Balance Sheet

For the Year Ended June 30, 2019

Balance

Account Title                                       ~ Dr.                      Cr. ~

Cash                                                 ~ 28,000

Accounts Receivable                        ~ 69,600

Supplies                                              ~ 4,600

Prepaid Insurance                              ~ 2,500

Building                                            ~ 395,300

Accounts Payable                                                              ~ 11,700

Salaries Payable                                                                ~ 3,000

Unearned Rent                                                                  ~ 2,000

Stacy Tanner, Capital                                                      ~ 483,300

                                                   $  500,000                   $  500,000

Journal Entries

1) Income Summary     $ 608500 Dr

Salaries Expense                     ~ 522,100 Cr

Rent Expense                          ~ 48,000 Cr

Supplies Expense                     ~ 10,800 Cr

Depreciation Expense-Building ~ 8,750 Cr

Utilities Expense                          ~ 7,150 Cr

Repairs Expense                         ~ 3,000 Cr

Insurance Expense                     ~ 2,500 Cr

Miscellaneous Expense              ~ 6,200 Cr

2)     Service Fees                     $  ~ 718,000 Dr

Rent Revenue                            ~ 12,000 Dr

          Income Summary                           $ 730,000 Cr

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Stacy Tanner Capital Account               $ 121,500 Cr

4) Stacy Tanner Capital Account           $ 12,000 Dr

Stacy Tanner Drawings                  $ 12000 Cr

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