Upham Company’s June 30, 2016, balance sheet included the following information:
ID: 2518692 • Letter: U
Question
Upham Company’s June 30, 2016, balance sheet included the following information:
Upham Company
Partial Balance Sheet
June 30, 2016
1
Accounts Receivable
$248,000.00
2
Less: Allowance for Doubtful Accounts
(14,400.00)
$233,600.00
3
Notes Receivable
21,400.00
4
Total Receivables
$255,000.00
5
* The company has a recourse liability of $2,450 for notes receivable sold with recourse.
During the company’s fiscal year ending June 30, 2017, the following transactions occurred:
CHART OF ACCOUNTSUpham CompanyGeneral Ledger
Prepare the journal entries necessary for Upham to record the transactions for fiscal year ended June 30, 2017. Additional Information
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GENERAL JOURNAL
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Complete the schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Upham’s June 30, 2017, balance sheet. Additional Information
Upham Company
Partial Balance Sheet
June 30, 2017
1
Accounts Receivable
2
Less: Allowance for Doubtful Accounts
3
Notes Receivable
4
Notes Receivable Dishonored
5
Total Receivables
Upham Company
Partial Balance Sheet
June 30, 2016
Explanation / Answer
Account Title Debit Credit 1 Accounts Receivable $ 870,400.00 To Sales Revenue $ 870,400.00 2 Cash $ 842,800.00 To Accounts Receivable $ 842,800.00 3 Allowance for Doubtful Accounts $ 13,500.00 Accounts Receivable $ 13,500.00 4 Notes Receivable $ 71,500.00 Accounts Receivable $ 71,500.00 5 Cash $ 26,500.00 To Notes Receivable $ 26,500.00 6 Loss from Sale of Receivables $ 650.00 To Recourse Liability $ 650.00 7 Notes Receivable Dishonored $ 2,025.00 To Notes Receivable $ 2,025.00 8 Accounts Receivable $ 400.00 To Allowance for Doubtful Accounts $ 400.00 9 Cash $ 400.00 ToAccounts Receivable $ 400.00 10 Bad Debt Expense $ 11,756.00 To Allowance for Doubtful Accounts $ 11,756.00 1 Accounts Receivable $ 190,600.00 2 Less: Allowance for Doubtful Accounts $ (11,756.00) $ 178,844.00 3 Notes Receivable $ 64,375.00 3 Notes Receivable Dishonored $ 2,025.00 3 Total Receivables $ 245,244.00
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