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Chapter 7: Q1E_2. (page 344)

Vail Company recorded the following selected transactions during November 2017.

2. Prepare a schedule of accounts receivable (see Exhibit 7.4) and compare its total with the balance of the Accounts Receivable controlling account as of November 30

Short Answer

Expert verified

The total balance at the end of November 30 forAccounts Receivables will be $9,301.

Step by step solution

01

Introduction

The accounts receivables schedules measure the transactions of each debtor of an organization. It represents the total amount due to the company in the future.

02

Schedule for accounts receivables

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Most popular questions from this chapter

Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Prepare journal entries to record the following selected credit card transactions of Levine Company.

Apr. 8 Sold merchandise for \(8,400 (that had cost \)6,000) and accepted the customer's Sunburst Bank Card.

12 Sold merchandise for \(5,600 (that had cost \)3,500) and accepted the customer’s Continental Card.

Hitachi, Ltd., reports total revenues of ¥9,616,202 million for its current fiscal year, and its current fiscal year-end unadjusted trial balance reports a debit balance for trade receivables (gross) of ¥2,797,935 million

b. Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be 2.0% of year-end trade receivables (gross) and its unadjusted trial balance reports a credit balance of ¥10,000 million for the Allowance for Doubtful Accounts.

Hovak Company has credit sales of \(4,500,000 for year 2017. At December 31, 2017, the company’s Allowance for Doubtful Accounts has an unadjusted debit balance of \)3,400. Hovak prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here.

Required 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method

Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.

  1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method

Dexter Company applies the direct write-off method in accounting for uncollectible accounts. Prepare journal entries to record the following selected transactions of Dexter.

Mar. 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from its customer Leer Company.

29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt.
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