Question : 55) Journalize the following transactions for The Computer Store. The : 1230162

Accounting

55) Journalize the following transactions for The Computer Store. The Computer Store uses the allowance method of accounting for uncollectible receivables.

April 5The Computer Store sells $3,200 of computer equipment on account to Jane Doe.

June 5Jane Doe pays The Computer Store $2,000 of the amount she owes.

July 7After repeated attempts to collect the balance due from Jane Doe fail, The Computer Store writes-off the remainder of the amount she owes.

56) At the end of the current year, Accounts Receivable has a balance of $700,000, the Allowance for Uncollectible Accounts has a credit balance of $10,000 and net sales for the year are $2,000,000. Using the aging method, the balance of Allowance for Uncollectible Accounts is estimated at $30,000.

Required:

1.Prepare the adjusting journal entry at the end of the year

2.Determine the adjusted balances for Accounts Receivable and the Allowance for Uncollectible Accounts.

3.Determine the net realizable value of accounts receivable at the end of the year.

57) At the end of the current year, Accounts Receivable has a balance of $1,910,000, the Allowance for Uncollectible Accounts has a credit balance of $46,104 and net credit sales for the year are $2,535,000. Using the percent-of -sales method, the company determines that uncollectibles will amount to 3% of net credit sales.

Required:

1.Prepare the adjusting journal entry at the end of the year

2.Determine the adjusted balances for Accounts Receivable and the Allowance for Uncollectible Accounts.

3.Determine the net realizable value of accounts receivable at the end of the year.

58) Info Times Inc. had service revenue on account for the year of $300,000 and cash collections of $130,000. During the year, uncollectible accounts receivable of $700 were written off. At December 31, an aging of accounts receivable indicated that Info Times Inc. will not collect $4,500 of its accounts receivable. Info Times Inc. had a $2,100 credit balance in the Allowance for Uncollectible Accounts at the beginning of the year.

1.Journalize the entries to record (1) the service revenue, (2) the cash collections, (3) the write-off of the uncollectible receivable and (4) the year end entry to record uncollectible account expense.

59) During its first year of operations, Credit Company had the following transactions. The company uses the percent-of-sales method to estimate uncollectible accounts.

Credit sales$500,000

Collections on account$380,000

Write-offs of uncollectible accounts$7,500

Uncollectible-account expense2.5% of credit sales

Journalize the above transactions (explanations are not required.)

60) During its first year of operations, Credit Company had the following transactions. The company uses the percent-of-sales method to estimate uncollectible accounts.

Credit sales$500,000

Collections on account$380,000

Write-offs of uncollectible accounts$7,500

Uncollectible-account expense2.5% of credit sales

Create T accounts for accounts receivable, allowance for uncollectible accounts, and uncollectible accounts expense. Post the journal entries, calculate ending account balances, and answer the following questions.

1.How much do customers owe the company?

2.What is the net realizable value of the company’s accounts receivable?

3.What is the amount of expense reported on the income statement related to uncollectible accounts?

Continue to order Get a quote

July 1, 2023

9.1 The United States in the International Economy

1) Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in

A) China retaliating by raising tariffs on some U.S. exports.

B) China halting the sale of all products in the United States.

C) U.S. firms never being able to meet the demand for U.S.-produced tires.

D) the government demanding price cuts from U.S. tire manufacturers.

2) Workers in industries protected by tariffs and quotas are likely to support these trade restrictions because

A) they do not want to offend their employers who want them.

B) politicians lobby to convince workers the restrictions will make them better off.

C) they believe the restrictions will protect their jobs.

D) they don't understand that the restrictions will threaten their jobs.

3) The intention of the U.S. tariff on Chinese tires was to

A) protect jobs in the U. S. tire industry.

B) protect infant industries in tire U.S. tire market.

C) insure that Chinese tires meet U.S. quality and safety standards.

D) save the government money by restricting the sale of more expensive Chinese-made tires.

4) In the 1930s, the United States charged an average tariff rate ________. Today, the rate is ________.

A) of 100 percent; 20 percent

B) above 50 percent; less than 1.5 percent

C) of less than 10 percent; over 40 percent

D) of 17 percent; 33 percent

5) A tariff is a tax imposed by a government on

A) exports.

B) services.

C) imports.

D) luxury items.

6) Goods and services bought domestically but produced in other countries are referred to as

A) exports.

B) imports.

C) transfer payments.

D) foreign consumption.

7) Exports are domestically produced goods and services

A) sold to other countries.

B) sold to the government.

C) sold at home.

D) which are used to produce other goods and services.

8) When Roxanne, a U.S. citizen, purchases a designer dress from Barneys of New York that was made in Milan, the purchase is

A) both a U.S. and an Italian import.

B) a U.S. import and an Italian export.

C) a U.S. export and an Italian import.

D) neither an export nor an import for either country.

9) When BMW, a German company, purchases a welding machine that was made in Toronto, the purchase is

A) both a German and a Canadian import.

B) a German import and a Canadian export.

C) a German export and a Canadian import.

D) neither an export nor an import for either country.

10) Which of the following statements about the importance of trade to the U.S. economy is true?

A) Since 1950, both exports and imports have steadily decreased as a fraction of U.S. gross domestic product.

B) Overall, about 80 percent of U.S. manufacturing jobs depend directly or indirectly on exports.

C) The United States is the second largest exporter in the world.

D) The U.S. economy is highly dependent on international trade for growth in its gross domestic product.