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Bài-tập Chapter-7 Receivables Solution

The document provides examples of journal entries related to accounts receivable, allowance for doubtful accounts, bad debt expense and interest revenue. It includes adjusting entries, collections, write-offs and reinstatements of receivables. Calculations for interest and adjustments to allowance accounts are also demonstrated.

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19 views9 pages

Bài-tập Chapter-7 Receivables Solution

The document provides examples of journal entries related to accounts receivable, allowance for doubtful accounts, bad debt expense and interest revenue. It includes adjusting entries, collections, write-offs and reinstatements of receivables. Calculations for interest and adjustments to allowance accounts are also demonstrated.

Uploaded by

Lê Ngọc Vân Nhi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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KẾ TOÁN QUỐC TẾ 1

PRACTICE CHAPTER 7_RECEIVABLES

E9-2
Req. 1

Journal
POST.
DATE ACCOUNTS AND EXPLANATIONS REF. DEBIT CREDIT
Oct. Cash 20 000
Accounts Receivable 160 000
Sales Revenue 180 000

Oct. Cash 130 000


Accounts Receivable 130 000

Oct. Bad Debts Expense


($160 000 × .02) 3 200
Allowance for Bad
Debts 3 200
Oct. Allowance for Doubtful Debts
Debts 2 400
Accounts Receivable 2 400

Req. 2

Accounts Receivable Allowance for Doubtful Debts


28 000 130 000 2 400 1 000
160 000 2 400 3 200
55 600 1 800

Net accounts receivable = $53 800 ($55 600 − $1 800)


Kangaroo Mountain expects to collect the net receivable of $53 800.

E9-3

Req. 1

Journal
POST.
DATE ACCOUNTS AND EXPLANATIONS REF. DEBIT CREDIT
Oct. Bad Debts Expense 2 400
Accounts Receivable 2 400

Req. 2

The business would report accounts receivable of $55 600, the balance in Accounts
Receivable, computed as follows:

Accounts Receivable
Beg. Bal. 28 000 Collections 130 000
Cr. sales 160 000 Write-offs 2 400
End. bal. 55 600

The business does not expect to collect the full $55 600 because some credit
customers are likely not to pay their accounts. However, the financial statements imply
that the business expects to collect all $55 600.
E9-4
Req. 1

Allowance for Doubtful Debts:


Credit balance needed
($140 000 × .005)………………… $ 700
($80 000 × .020)…………………. 1 600
($70 000 × .060)…………………. 4 200
($10 000 × .500)…………………. 5 000
11 500
Unadjusted balance…………………. 8 900
Adjusting entry amount………….…… $ 2 600

Journal
POST.
DATE ACCOUNTS AND EXPLANATIONS REF. DEBIT CREDIT
Adjusting Entry:
Bad Debts Expense 2,600
Allowance for Doubtful Debts 2,600

Allowance for Doubtful Debts


Bal. before adj. 8 900
Adj. entry 2 600
Bal. after adj. 11 500

Req. 2

BALANCE SHEET:
Current assets:
Accounts receivable, net of allowance
for doubtful debts of $11 500…………….. $288 500*

*Another way to report accounts receivable is


Accounts receivable………………………… $300000
Less allowance for doubtful debts….…….. (11500)$288 500
P9-5
Reqs. 1 and 2

General Ledger

ACCOUNT ALLOWANCE FOR DOUBTFUL DEBTS


JRNL. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
Dec. 31 Adjusting 4 000 4 000
2014
June 29 Write-off 600 3 400
Aug. 6 Reinstate 600 4 000
Dec. 31 Write-off 3 000 1 000
31 Adjusting 4 800 5 800

ACCOUNT BAD DEBTS EXPENSE


JRNL. BALANCE
DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT
2013
Dec. 31 Adjusting 4 000 4 000
31 Closing 4 000 —
2014
Dec. 31 Adjusting 4 800 4 800
31 Closing 4 800 —

Req. 2

Journal
POST.
DATE ACCOUNTS AND EXPLANATIONS REF. DEBIT CREDIT
2013
Dec. 31 Bad Debts Expense
($400 000 × .01) 4 000
Allowance for Doubtful Debts 4 000

31 Income Summary 4 000


Bad Debts Expense 4 000
2014
Jan. 17 Accounts Receivable—Mitch Johnson 600
Sales Revenue 600

June 29 Allowance for Doubtful Debts 600


Accounts Receivable—Mitch Johnson 600

Aug. 6 Accounts Receivable—Mitch Johnson 600


Allowance for Doubtful Debts 600

6 Cash 600
Accounts Receivable—Mitch Johnson 600
Dec. 31 Allowance for Doubtful Debts 3 000
Accounts Receivable—Bernard Klaus 1 700
Accounts Receivable—Marie Monet 1 300

31 Bad Debts Expense


($480 000 × .01) 4 800
Allowance for Doubtful Debts 4 800

31 Income Summary 4 800


Bad Debts Expense 4 800

Req. 3

Balance sheet at 31 December 2014


Current assets:
Accounts receivable $139 000
Less: Allowance for Doubtful Debts (5 800)
Accounts receivable, net $133 200
P9-8

Journal
POST.
DATE ACCOUNTS AND EXPLANATIONS REF. DEBIT CREDIT
2013
July 1 Bill Receivable—Kmart 40 000
Sales Revenue 40 000

Dec. 31 Interest Receivable


($40 000 × .09 × 6/12) 1 800
Interest Revenue 1 800

31 Bad Debts Expense


($14 400 – $11 300) 3 100
Allowance for Doubtful Debts 3 100

2014
Apr. 1 Cash 42 700
Bill Receivable—Kmart 40 000
Interest Receivable 1 800
Interest Revenue
($40 000 × .09 × 3/12) 900

June 23 Bill Receivable—Artesian Supplies 9 000


Sales Revenue 9 000

Aug. 22 Accounts Receivable – Artesian Supplies


[$9 000 + ($9 000 × .10 × 60/360)] 9 150
Bill Receivable—Artesian Supplies 9 000
Interest Revenue ($9 000 × .10 × 150
60/360)

Nov. 16 Bill Receivable—Crane & Co. 20 000


Cash 20 000

Dec. 5 Cash 9 150


Accounts Receivable—
Artesian Supplies 9 150
31 Interest Receivable 300
Interest Revenue
($20 000 × .12 × 45/360) 300

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