Business, 11.11.2019 21:31 irvinbhangal2

Problem 9-4a accounts receivable transactions and bad debts adjustments lo c1, p2, p3liang company began operations on january 1, 2016. during its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. these transactions are summarized as follows.2016a. sold $1,353,200 of merchandise (that had cost $981,700) on credit, terms n/30.b. wrote off $20,600 of uncollectible accounts receivable. c. received $667,000 cash in payment of accounts receivable. d. in adjusting the accounts on december 31, the company estimated that 1.00% of accounts receivable will be uncollectible.2017e. sold $1,522,600 of merchandise (that had cost $1,253,000) on credit, terms n/30.f. wrote off $34,300 of uncollectible accounts receivable. g. received $1,256,900 cash in payment of accounts receivable. h. in adjusting the accounts on december 31, the company estimated that 1.00% of accounts receivable will be uncollectible. required: prepare journal entries to record liang’s 2016 and 2017 summarized transactions and its year-end adjustments to record bad debts expense. (the company uses the perpetual inventory system and it applies the allowance method for its accounts receivable.) (round your intermediate calculations to the nearest dollar amount.)

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 12:50

Jallouk corporation has two different bonds currently outstanding. bond m has a face value of $50,000 and matures in 20 years. the bond makes no payments for the first six years, then pays $2,100 every six months over the subsequent eight years, and finally pays $2,400 every six months over the last six years. bond n also has a face value of $50,000 and a maturity of 20 years; it makes no coupon payments over the life of the bond. the required return on both these bonds is 10 percent compounded semiannually. what is the current price of bond m and bond n?

Answers: 3

Answer

Business, 22.06.2019 12:50

You are working on a bid to build two city parks a year for the next three years. this project requires the purchase of $249,000 of equipment that will be depreciated using straight-line depreciation to a zero book value over the three-year project life. ignore bonus depreciation. the equipment can be sold at the end of the project for $115,000. you will also need $18.000 in net working capital for the duration of the project. the fixed costs will be $37000 a year and the variable costs will be $148,000 per park. your required rate of return is 14 percent and your tax rate is 21 percent. what is the minimal amount you should bid per park? (round your answer to the nearest $100) (a) $214,300 (b) $214,100 (c) $212,500 (d) $208,200 (e) $208,400

Answers: 3

Answer

Business, 22.06.2019 15:30

Susan is a 5th grade teacher and loves getting up every day and going to work to teach her students. this is an example of a. extrinsic value b. interests c. intrinsic value d. external value

Answers: 2

Answer

Business, 22.06.2019 16:00

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.

Answers: 1

Answer

You know the right answer?

Problem 9-4a accounts receivable transactions and bad debts adjustments lo c1, p2, p3liang company b...

Questions