Assignment 5
Due Sun 06/18/2017 11:59 pm
Show Intro/Instructions Questions Q 1 (0/14) Q 2 (0/17) Q 3 (0/9) Q 4 (0/6) Q 5 (0/8) Q 6 (0/6) Grade: 0/60
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Jiffy T-shirts uses the allowance method for accounts receivable. The Allowance for Doubtful Accounts
has a $925 debit balance. The current aging of accounts receivables and allowance for doubtful accounts
percents are provided below.
Days Past Due Amount Allowance % Current 75,000 1% 1 to 30 days 34,000 5% 31 to 60 days 43,000 8% 61 to 90 days 5,600 15% Over 90 days 1,900 35% Total Accts Receivable 159,500 a) Fill in the missing entries in the table, then use to calculate Ending Allowance for Doubtful Accounts
and Bad Debt Expense.
Days Past Due Amount Allowance % Allowed Amount Current 75,000 1% Days Past Due Amount Allowance % Allowed Amount 1 to 30 days 34,000 5% 31 to 60 days 43,000 8% 61 to 90 days 5,600 15% Over 90 days 1,900 35% Total Accts Receivable 159,500 Ending Allowance for Doubtful Accounts: $ Bad Debt Expense: $ b) Prepare the Dec 31 Journal entry to record bad debt expense
Date Description Dec 31 c) Post your entry to the T-accounts
Bad Debt Expense Allowance for Doubtful Accounts Debit Credit Allowance for Doubtful Accounts Some Company uses the allowance method for handling receivables. Total Sales for the year were
$1,000,000 ($675,000 credit sales and $325,000 cash sales). The unadjusted balance for Accounts
Receivable was is $96,000 debit balance and Allowance for Doubtful Accounts $1,800 DEBIT balance. For
each unrelated situation below, provide the Dec 31 adjusting entry for Bad Debt Expense, post the entry
to T-accounts, and show how accounts receivable would appear on the balance sheet.
a) Some company estimates that 2% of credit sales will be uncollectible.
Date Description Dec 31 Bad Debt Expense Allowance for Doubtful Accounts Accounts Receivable Debit Credit Less: Allowance for Doubtful Accounts
Accounts Receivable, Net b) Some Company estimates that 8% of accounts receivable will be uncollectible.
Date Description Dec 31 Bad Debt Expense Allowance for Doubtful Accounts Accounts Receivable
Less: Allowance for Doubtful Accounts
Accounts Receivable, Net
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This is attempt 1 of 3. Mini Microphones accepts a $45,000, 5% interest, 90 day note in payment of a past due accounts
receivable on June 1.
a) Record the journal entry required on June 1.
Date Description Debit Credit June 1 b) What is the maturity date?
Number of days in Note
- Days remaining in June
- Days remaining in July
Days left in August
Maturity date: c) The note is paid at maturity. Record the journal entry required.
Date Description Maturity Get help: Video
LicensePoints possible: 9
This is attempt 1 of 3. Debit Credit On November 30, ABC corporation borrows $68,000 from the bank by signing a 60 day, 6% note
agreement. Round values to 2 decimal places.
a) Calculate the maturity date of the note. b) Calculate the interest that should be accured on this note at December 31st and write the journal
entry to record the accrual.
Date Description Debit Credit 12/31 to accrue interest on note to bank
c) Write the journal entry required on the maturity date of the note assuming ABC corporation pays as
agreed.
Date Description Debit Credit Maturity Date to record the payment of the note at maturity
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LicensePoints possible: 6
This is attempt 1 of 3. Knighthood Inc. issued 8,000 shares of common stock. Prepare entries to record each of the following
independent situations related to this issue of stock.
a) Stock issued for $25 cash per share when par value was $5 per share. Date Description Debit Credit b) Stock issued in exchange for equipment costing $10,000 when the stock had no par or stated value.
Date Description Debit Credit c) Stock issued for $13000 cash when the stock had a stated value of $1 per share.
Date Description Debit Credit Get help: VideoVideo
LicensePoints possible: 8
This is attempt 1 of 3. Egyptian Enterprises has both common and preferred stock. There are 90,000 shares of $1 par common
stock outstanding and 5,000 shares of $8 par, 10% cumulative preferred stock outstanding. The
company did not pay any dividends in 2016. Distribute dividends to each class of stockholders using the
following information:
Year Dividends Declared
2017 $7,000
2018 $7,000 Year Dividends Declared 2019 $7,000 Year Preferred Common
2017
2018
2019
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LicensePoints possible: 6
This is attempt 1 of 3.
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Posted 20 Jun 2017 12:06 AM
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