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P9-1A At December 31, 2007, Leis Co. reported the following information on its balance sheet. Accounts receivable $960,000 Less: Allowance for doubtful accounts 80,000 During 2008, the company had the following transactions related to receivables. 1. Sales on account $3,200,000 2. Sales returns and allowances 50,000 3. Collections of accounts receivable 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 5. Recovery of bad debts previously written off as uncollectible 24,000 Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. Account / Description Debit Credit 1. $ $ 2. $ $ 3. $ $ 4. $ $ 5. $ $ (To reinstate the account) $ $ (To record the collection) Enter the January 1, 2008, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T accounts), and determine the balances. (Enter the amounts in the same order as the transactions above.) Accounts Receivable Allowance for Doubtful Accounts Bal. $ $ $ Bal. $ Bal. $ Bal. $ Prepare the journal entry to record bad debts expense for 2008, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000. Account / Description Debit Credit $ $ Compute the accounts receivable turnover ratio for 2008. (Round answer to 2 decimal places, e.g. 10.50.) times
Prepare the journal entries to record each of these five transactions 1. Sales on account $3,200,000 Dr Accounts receivable (AR) $3,200,000 Cr Sales $3,200,000 2. Sales returns and allowances 50,000 Dr Sales returns and allowances 50,000 Cr new-jersey 50,000 3. Collections of accounts receivable 2,810,000 Dr Cash 2,810,000 Cr new-jersey 2,810,000 4. Write-offs of accounts receivable deemed uncollectible 90,000 Dr Allowance for Doubtful Accounts (ADA) 90,000 Cr new-jersey 90,000 5. Recovery of bad debts previously written off as uncollectible 24,000 Dr new-jersey 24,000 Cr ADA 24,000 (To reinstate the account) Dr Cash 24,000 Cr new-jersey 24,000 (To record the collection) Can't draw a T-account here, but I'll tell you the entries. Accounts Receivable account On the debit (left) side of the T, enter Bal. b/f $960,000 Sales $3,200,000 Reinstate bad debt $24,000 Total debits $4,184,000 On the credit (right) side of the T, enter Sales returns $50,000 Collections $2,810,000 Written off $90,000 Collected $24,000 Total credits $2,974,000 Bal. in new-jersey account $1,210,000 Dr Allowance for Doubtful Accounts account On the debit side, enter Write offs $90,000 Total debits $90,000 On the credit side, enter Bal. b/f $80,000 Reinstate bad debt $24,000 Total credits $104,000 Bal. in ADA account $14,000 Cr. Prepare the journal entry to record bad debts expense for 2008, assuming that an aging of accounts receivable indicates that expected bad debts are $115,000 Dr Bad debts expense $101,000 Cr ADA $101,000 Compute the accounts receivable turnover ratio for 2008 = Net Credit sales/Ave. net receivables Ave. net receivables = (880,000 + 1,095,000)/2 = 987,500 new-jersey turnover = 3,150,000/987,500 = 3.19 times
I always find good help on accounting problems on the internet tutorial websites. Try this one for Accounts receivable chapter, Or you may even like this one better, I found it pretty useful, Or you can also try in the Financial Accounting book from Mathews. You may get it in the library.