{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Selected Answers to Homework for Chapter 8

Selected Answers to Homework for Chapter 8 - Chapter8 BRIEF...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Selected Answers to Homework Assignment  Chapter 8 BRIEF EXERCISE 8-2 (a) Accounts Receivable ................................................. 19,000 Sales ................................................................... 19,000 (c) Cash ($16,600 – $332) ................................................ 16,268 Sales Discounts ($16,600 X 2%) ............................... 332 Accounts Receivable ($19,000 – $2,400) ........ 16,600 BRIEF EXERCISE 8-3 (a) Allowance for Doubtful Accounts ............................ 2,000 Accounts Receivable ........................................ 2,000 (b) (1) Before Write-Off (2) After Write-Off Accounts receivable $700,000 $698,000 Allowance for doubtful accounts 28,000 26,000 Cash realizable value $672,000 $672,000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
BRIEF EXERCISE 8-4 Accounts Receivable ........................................................ 2,000 Allowance for Doubtful Accounts ........................... 2,000 Cash .................................................................................... 2,000 Accounts Receivable ................................................ 2,000 BRIEF EXERCISE 8-5 (a) Bad Debts Expense [($400,000 X 2%) – $1,500] .................................... 6,500 Allowance for Doubtful Accounts ................... 6,500 BRIEF EXERCISE 8-7 Jan. 10 Accounts Receivable ........................................ 6,000 Sales .......................................................... 6,000 Feb. 9 Notes Receivable ............................................... 6,000 Accounts Receivable ............................... 6,000
Background image of page 2
SOLUTIONS TO EXERCISES EXERCISE 8-1 Jan. 6 Accounts Receivable—Colt Inc ....................... 8,000 Sales ............................................................ 8,000 16 Cash ($8,000 – $80) ........................................... 7,920 Sales Discounts (1% X $8,000) ........................ 80 Accounts Receivable—Colt Inc ................ 8,000
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
EXERCISE 8-3 (a) Accounts Receivable ............................................. 800,000 Sales ................................................................... 800,000 Cash ......................................................................... 763,000 Accounts Receivable ........................................
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}