At the beginning of the existing period, Griffey Corp. Had balances in account Receivable the $200,000 and also in pin money for Doubt
centregalilee.com:(a) Prepare the entries to document sales and collections during the period.
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Dr account Receivable $ 800,000
Cr Sales $ 800,000
Dr Cash $ 763,000
Cr accounts Receivable $ 763,000
(b) Prepare the entrance to record the write-off of uncollectible accounts during the period
Dr allowance for Uncollectible Accounts$ 7,300
Cr account Receivable $ 7,300(c) Prepare the entries to document the recovery of the uncollectible account during the period.
Dr accounts Receivable $ 3,100
Cr allowance for Uncollectible account $ 3,100
Dr Cash$ 3,100
Cr account Receivable $ 3,100(d) Prepare the entry come record poor debt price for the period.
Dr bad Debt Expense$ 20,200
Cr pin money for Uncollectible account $ 20,200
Dr account Receivable $ 200.000
Cr allowance for Uncollectible account $ 9.000During the period, it had actually net credit sales the $800,000
Dr account Receivable $ 800.000
Cr Sales $ 800.000Collections of $763,000
Dr Cash$ 763.000
Cr accounts Receivable $ 763.000It composed off together uncollectible account
Dr allowance for Uncollectible Accounts$ 7.300
Cr account Receivable $ 7.300A $3,100 account previously written off together uncollectible was recovered
Dr account Receivable $ 3.100
Cr pin money for Uncollectible accounts $ 3.100
Dr Cash$ 3.100
Cr account Receivable $ 3.100Assuming 5% of account receivable, the newspaper entry:
Dr bad Debt Expense$ 20.200
Cr pin money for Uncollectible accounts $ 20.200FINAL Balance
Dr account Receivable $ 229.700
Cr pin money for Uncollectible accounts $ 25.000
Bad accounts space those credits granted by the agency and there is no possibility of gift charged.
When customers buy products on credits yet the company cannot collect the debt, climate it"s necessar to cancel the unpaid invoice as uncollectible.
One means is to straight cancel poor debts at the moment it was chose that the credit transaction is bad, the full amount report as negative debt expenses negatively influence the revenue statement and also the account receivable are lessened by the very same amount, less assets
The other method is to recognize a percent of the full amount of account receivable as poor debts, there are many ways to analysis accounts receivable and calculate the value of bad debts.
When the company has the percent of uncollectible accounts, the required journal entrance is poor Expenses (debit) with Reserve for negative Accounts (credit)
At the moment of cancellation, since the prices were well-known before, we only use the allowance for Uncollectible accounts (Debit) through accounts union (credit), through this we room recognizing the bad credit the the company.
The centregalilee.com is "True".
In the offered question, some information is missing, the is "Fill in the blank", which have the right to be defined as follows:The healthcare insurance premium is focused on everybody"s median health and wellness in the population, healthier people are most likely to cancel their policies, causing a Sicker patience pool and also greater insurance allowance prices. This subject is related to as an adverse selection of the wellness insurance market. Due to the fact that health insurers agency doesn"t have full medical information they fee a premium of the patient, that"s why the offered statement is true.
The duty is, y = 2 + 3x
The price of change of the duty is 3.
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The y-intercept of the role is 2.
For every person,
The cost of renting shoes = $ 2,
Additional cost per video game = $ 3,
Thus, the total charges for x games, ( say y ) = rent + added cost because that x games