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Discount Mart utilizes the allowance method of accounting for uncollectible receivables. On December 12th the company receives a $550 check from Chad Thomas in settlement of Thomas’ $1,100 outstanding accounts receivable. Due to Thomas’ failing health he is closing his company and is expecting to make no further payments to Discount Mart. Journalize this declaration.
131. On June 30th (the end of the period) Brown Company has a credit balance of $2,275 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $30,025. Journalize the appropriate adjusting entry.
132. Discuss the (1) focus and (2) financial statement emphasis of (a) the percent of sales and (b) the analysis of receivables methods of estimating bad debts.
133. Fellows Corporation has determined that the $2,700 accounts receivable due from Andrew Stevens is uncollectible. Compare the journal entry that is required under the direct write-off method to the journal entry that is required using the allowance method.
134. Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account.
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a. |
Determine the due date of the note. |
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b. |
Determine the maturity value of the note. |
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c. |
Journalize the entry to record the receipt of the payment of the note at maturity. |
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