At the end of 2016, Swifty Corporation has accounts receivable of $673,200 and an allowance for doubtful accounts of $24,010. On January 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,147. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value 2$
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- Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03At the end of 2016, Whispering Winds Corp. has accounts receivable of $749,900 and an allowance for doubtful accounts of $23,580. On January 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,564. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value 2$At the end of 2016, Waterway Industries has accounts receivable of $727,400 and an allowance for doubtful accounts of $27,280. On January 24, 2017, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480.(a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $ $
- At the end of 2016, Splish Brothers Inc. has accounts receivable of $675,100 and an allowance for doubtful accounts of $24,370. On January 24, 2017, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,127.(a) Prepare the journal entry to record the write-offAt the end of 2022, Cullumber Co. has accounts receivable of $717,900 and an allowance for doubtful accounts of $63,900. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,900. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation e Textbook and Media Debit CreditAt the end of 2021, Shamrock Co. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Allowance for Doubtful Accounts 4480 Accounts Receivable 4480 (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $ $
- At the end of 2022, Sheridan Co. has accounts receivable of $807,800 and an allowance for doubtful accounts of $58,300. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,000. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditAt the end of 2016, Skysong, Inc. has accounts receivable of $768,300 and an allowance for doubtful accounts of $26,300. 1. On January 24, 2017, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,480. 2. On March 4, 2017, Skysong, Inc. receives payment of $4,480 in full from Madonna Inc. Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. (To record recovery of accounts receivable.) (To record collection of accounts receivable.)At the end of 2021, Kingbird Co. has accounts receivable of $691,500 and an allowance for doubtful accounts of $25,740. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $3,943. (a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amount
- At the end of 2021, Skysong Co. has accounts receivable of $665,400 and an allowance for doubtful accounts of $23,480. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,415. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not in manually.) Account Titles and Explanation Debit Credit (b) What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $ $At the end of 2021, Sage Hill Co. has accounts receivable of $704,700 and an allowance for doubtful accounts of $26,850. On January 24, 2022, it is learned that the company’s receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,384.(a)Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b)What is the cash realizable value of the accounts receivable before the write-off and after the write-off? Before Write-Off After Write-Off Cash realizable value $Enter a dollar amount $Enter a dollar amountAt the end of 2021, Windsor Co. has accounts receivable of $691,000 and an allowance for doubtful accounts of $27,210. On January 24, 2022, it is learned that the company's receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,006. (a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (b) Cash realizable value What is the cash realizable value of the accounts receivable before the write-off and after the write-off? $ Before Write-Off Debit $ Credit After Write-Off