Save Homework: Ch. 5 HW Score: 0 of 1 pt S5-10 (book/static) HW Score: 3.33%, 0.

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Save Homework: Ch. 5 HW Score: 0 of 1 pt S5-10 (book/static) HW Score: 3.33%, 0.33 of 10 pts 4 of 8(1 complete) Question Hep During its first year of operations, Old Tyme Furniture Restoration, Inc. had sales of $461,000, all on account. Industry experience suggests that receivable total $58,000. The company uses the allowance method to account for uncollectibles. (Assume that there are no Old Tym os uno lecstles will amount to 4% of credit sales A, Docen ber 31, 2016, a o une t expected sales refunds or sales retums for this exercise.) 1. Make Old Tyme's jounal entry for uncollectible-account expense using the percent-of-sales method 2. Show how Oid Tyme should report accounts recelivable on its balance sheet at December 31, 2016 for uncollectibleacourt expense using the percent ofsales method. (Reoord debts ist ten credits. Exclude opinonhor" journal entres.) using 1. Make Old Tyme's journal entry for Journal Entry Debit Credit Date Dec 31 Homework: Ch. 5 HW Score: 0 of 1 pt S5-11 (book/static) 5 of 8 (1 complete) Hw Score: 3.33%, 0.33 of 10 pts Question Help At the end of the current year (before adjusting entries), Holiliday Corporation had a balance of $75,000 in Accounts Reoeivable and a credit balance of $4,000 in Allowance for Uncollectible Accounts Service revenue (all on oredit) for the year totaled $450,000 Read the reauirements Requirement 1. Using the penernt sales merod, oakulate the amount of Uno10 tbleAo out Expense if Holday Corporation estirnate. its urealistmaccount exer se usig a rate of 2% of credit sales w is Oo endirg balaroe of e Allowance for Uncollectible Accounts under this scenario? Holliday Corporation has $ balance of the Allowance for Unoollectible Accounts is $ under this scenario Save Homework: Ch. 5 HW Score: 0 of 1 pt S5-13 (similar to) HW Score: 3.33%, 0.33 of 10 pts 6 of 8 (1 complete) Question Help interest rate onthe rote is 9%. ank principal plus interest on August 31, 2017. The money on the note receivable at Auguast 31, 2016, (b) accnual of interest at June 30, 2017, and (o) collection of principal and inlerest at Auguet 31, 2017 Savings State Bank. Thompson signed a note payable, promising to pay the On August 31, 2016, Molina Thompson borrowed $6,000 fronm of Savings State Bank the maturity date of the note. note receivable at ends on June 30, 2017Journalizo Savings State Bank's (a) lending date of the note. (Record debits Journalize Savings State Bank's (a) lending money on the note receivable at August 31, 2016, (b) accrual of interest at June 30, 2017, and (e) collection of principal and interest at August 31,2017, the maturity then credits. Exclude explanations from any journal entries.) (a) Prepare the journal entry for the issuance of the note receivable on August 31, 2016 Journal Entry Debit Credit Date Accounts 2016 Aug 31

Explanation / Answer

10) a) Journal entry :

Balance sheet presentation :

11) Holding company has $9000 of uncollectible account expense using the percent of sales method. The ending balance of allowance for uncollectible account is $13000

13) Journal entry :

Date accounts & explanation debit credit Bad debt expense (461000*4%) 18440 Allowance for doubtful accounts 18440

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