1 answer

We were unable to transcribe this imageEnter the January 1, 2022, balances in Accounts Receivable and...

Question:

At December 31, 2021, Cullumber Imports reported this information on its balance sheet. Accounts receivable Less: Allowance f

Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two a

Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that est

We were unable to transcribe this image
Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts and determine the balances. (Post entries in the order of journal entries posted in the previous part) Accounts Receivable 565700 50000 2560000 2260000 16000 42400 16000 Allowance for Doubtful Accounts 42400 Bal 42400 16000
Prepare the journal entry to record bad debt expense for 2022, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts e Textbook and Media List of Accounts Compute the accounts receivable turnover. (Round answer to 1 decimal place, es. 124) Accounts receivable turnover times e Textbook and Media List of Accounts Compute the average collection period. (Round answer to 1 decimal place, eg. 124. Use 365 days for calculation.) Average collection period days

Answers

No. Account titles and explanations Debit Credit
1) Accounts receivable 2,560,000
sale 2,560,000
2) Sales return and allowance 50,000
Accounts receivable 50,000
3) Cash 2,260,000
Accounts receivable 2,260,000
4) Allowance for doubtful accounts 42,400
Account receivable 42,400
5) Accounts receivable 16,000
Allowance for doubtful accounts 16,000
cash 16,000
Accounts receivable 16,000
T-Account
Account receivable
BB 565,700 2) 50,000
1) 2,560,000 3) 2,260,000
5) 16,000 4) 42,400
5) 16,000
End bal 773,300
Allowance for Doubtful accounts
4) 42,400 BB 38,000
5) 16,000
end bal 11,600
Account titles and explanations Debit Credit
Bad debts expesne 34,400
Allowance for Doubtful accounts 34,400
(46000-11600)
opening ending
Accounts receivable 565,700 773,300
less allowance for doubtful -38,000 -46000
net realizable value 527,700 727,300
Average account receivable (527700+727300)
627500
Accounts receivable turnover = net sales/account receivable turnover
(2,560,000-50,000)/627500
4.000
Average collection period 91.3 Days
.

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