During August 2024, Link Company recorded the followingSales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods SoldCollections on account, $60,500..Write-offs of uncollectible receivables, $1,820• Recovery of receivable previously written off, $500.DebitRequirements1. Journalize Link's transactions during August 2024, assuming Link uses the directwrite-off methodCredit2Requirement 1. Joumalize Link's transactions during August 2024, assuming Link uses the direct write-off methodSales of $54,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods Sold (Record debifs first, then credits. Select the explanation on the last line of the journal entry table. Prepare asingle compound journal entry)DateAccounts and ExplanationAugJournalize Link's transactions during August 2024, assuming Link uses theallowance method

Name: During August 2024, Link Company recorded the followingSales of $84,2
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Description: During August 2024, Link Company recorded the followingSales of $84,200 ($77,000 on account: $7,200 for cash), Ignore Cost of Goods SoldCollections on account, $60,500..Write-offs of uncollectible receivables, $1,820• Recovery of receivable previous

A typical journal entry includes a date, a description of the transaction, and one or more debit and…

Business

Accounting

Sales of $54,200 ($77,000 on account $7,200 for cash), ignore Cost of Goods Sold Collections on account, $60,500. Write-offs of uncollectible receivables, $1,820 Recovery of receivable previously Requirement 1. Joumalize Link written off, $500 actions during

Sales of $54,200 ($77,000 on account $7,200 for cash), ignore Cost of Goods Sold Collections on account, $60,500. Write-offs of uncollectible receivables, $1,820 Recovery of receivable previously Requirement 1. Joumalize Link written off, $500 actions during

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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During August 2024, Yond Company recorded the following: • Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold. • Collections on account, $33,800. • Write-offs of uncollectible receivables, $1,900. • Recovery of receivable previously written off, $200. Date Aug. Accounts and Explanation Debit Credit Requirements Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 1. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method.
During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. • Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. C Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2. Requirement 1. Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Sales of $37,000 ($22,000 on account; $15,000 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Prepare a single compound journal entry.) Credit Accounts and Explanation Debit Date Aug.
During August 2024, Texit Company recorded the following: • Sales of $37,000 ($22,000 on account: $15,000 for cash). Ignore Cost of Goods Sold. • Collections on account, $11,800. • Write-offs of uncollectible receivables, $1,480. • Recovery of receivable previously written off, $600. Requirements Journalize Texit's transactions during August 2024, assuming Texit uses the direct write-off method. Journalize Texit's transactions during August 2024, assuming Texit uses the allowance method. 1. 2.
During May 2020, Kaili Company recorded the following: a. Sales totaled $60,300 of which sales on account totaled $53,600 with cash sales totaling $6,700. Ignore Cost of Goods Sold. b. Collections on account totaled, $34,700. c. Write-offs of uncollectible receivables, $1,760. d. Recovery of receivable previously written of totaled, $470. Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the direct write-off method. Date TO C Description Debit Credit I Journalize transactions for Kaili Company for May 2020 assuming Kaili Company uses the allowance method.
During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.
Journalizing transactions using the direct write-off method versus the allowance method During August 2018, Lima Company recorded the following: • Collections on account, $106,400. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirements Journalize Lima’s transactions during August 2018, assuming Lima uses the direct write-off method. Journalize Lima’s transactions during August 2018, assuming Lima uses the allowance method.