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- A credit sales of RM5,000 to Rima was credited to the Sales Account, but wrongly debited in Rama account (a debtor). What is the type of error made? Error of original entry Error of commission Compensating error Error of omissionComplete the following: (Do not round intermediate calculations. Round your final answers to the nearest cent.) $ Amount of invoice Terms 615 4/10, n/60 Invoice date 7/16 Actual partial payment made $ 415 Date of partial payment 7/25 Amount of payment to be credited Balance outstandingComplete the following: Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Amount of invoice Terms Invoice date Actual partial payment made Date of partial payment Amount of payment to be credited Balance outstanding $ 600 4/10, n/60 7/5 $ 400 7/14 $ 400.00 $ 400.00
- Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -Complete the following: Note: Do not round intermediate calculations. Round your final answers to the nearest cent. Amount of invoice 695 Terms 4/10, n/60 Invoice date 7/24 Actual partial Date of partial payment made payment 7/28 $ 495 Amount of payment to be credited Balance outstandingJournalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Mar. 17: Received $3,190 from Paula Spitler and wrote off the remainder owed of $5,900 as uncollectible. If an amount box does not require an entry, leave it blank. Mar. 17 fill in the blank e83d81f48fed021_2 fill in the blank e83d81f48fed021_3 fill in the blank e83d81f48fed021_5 fill in the blank e83d81f48fed021_6 fill in the blank e83d81f48fed021_8 fill in the blank e83d81f48fed021_9 July 29: Reinstated the account of Paula Spitler and received $5,900 cash in full payment. July 29 fill in the blank cf28d0043fd3fb7_2 fill in the blank cf28d0043fd3fb7_3 fill in the blank cf28d0043fd3fb7_5 fill in the blank cf28d0043fd3fb7_6 July 29 fill in the blank cf28d0043fd3fb7_8 fill in the blank cf28d0043fd3fb7_9 fill in the blank cf28d0043fd3fb7_11 fill in the blank cf28d0043fd3fb7_12
- Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 4. 1. 2. 3. 4. No. Account Titles and Explanation (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) To obtain additional cash, Waterway factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Waterway pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. Cash Dr. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577…Use the following to answer questions 16 - 19 For each transaction indicate whether it should: A. increase, B. decrease, or C. no effect. Credit sales transaction cycle Asskiabilitstockholders’ equRtøvenespenses 16. Provide services on account 17. Estimate uncollectible accounts 18. Write off accounts as uncollectible 19. Collect on account previously written off23) Under the allowance method, the entry to record the write-off of a specific account would A. Decrease both accounts receivable and net income B. Increase the allowance for uncollectible accounts and decrease net income C. Decrease both accounts receivable and the allowance for uncollectible accounts D. Decrease accounts receivable and increase the allowance for uncollectible accounts
- Required: Prepare the journal entries for these transactions, including the write - off of the uncollectible account and the adjusting entry for estimated bad debts. Do not record cost of goods sold. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to nearest whole dollar amount.(To record cash purchase of premiums) Cash Sales Revenue (To record cash sales) Cash Premium Expense Inventory of Premiums (To record redemption of codes) (To adjust unearned revenue) Save for Later 3840000 000 0 Attempts: 1 of 3 used Submit Answer EComplete the following: Note: Do not round intermediate calculations. Round your final answers to the nearest cent. $ Amount of invoice 690 Terms 2/10, n/60 Invoice date 7/14 X Answer is complete but not entirely correct. Amount of payment to be credited Actual partial payment made $ 490 Date of partial payment 7/23 499.80 Balance outstanding 190.20