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1.Edition, y & Practice PRINCIPLES OF ACCOUNTING II (AC 121 Assignment Gradebook ORTON Downloadable Textbook Assignment MESSAGE HY INSTRUCTOR FULL SCREEN URCES PRINTER VERSION « BACK NEXT Question 8 Your answer is partially correct. Try again. One-Stop Department Store has a loyalty program where customers are given One-Stop "Money" for cash or debit card purchases. The amount they receive is equal to 2% of the pre-tax sales total. Customers can use the One-Stop Money to pay for part or all of their next purchase at One-Stop Department Store. On July 3, 2021, Judy Wishloff purchases merchandise and uses $125 of One- Stop Department Store money. What entry will One-Stop Department Store record for this transaction? Ignore taxes. (Credit account ttles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit July 3 Tuneared Revenue-Loyalty Revenue from Rewards Pro SHOW LIST OF ACCOUNTS y Study LINK TO TEXT By acoessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor SAVE FOR LATER SUBMIT ANSWER Question Attempts: 2 of 15 used Version 4.24.20.1 of lohn Wiley & Sons, Inc.
2.B AutoSave CH Assignment#3(Ch45) Word Search Fiza Gang (gargt) EG File Home Insert Design Layout References Mailings Review View Help Share Comments Calibri + 2 T X out In Copy Format Painter Clipboard 12 A A A A BIUX, * A-D-A- Aabbceod Aabbccod Aabba Aabbccc AaB AabbCD ABCD 1 No Spac. Heading 1 Heading 2 Subtitle Subtle Em Peste E Nommal Title Find Replace Select Editing Dictate Sensitivity Editor Fort Paragraph Voog Sensbury Editor L 1.2 1.1.5 1.6 1.7.1. 61.7.1.8.1.9. 110 111 Styles 13.1.111.15 16 17 18 19 -12 Q1. The October 1, 2017, records of First Data Communications include these accounts: • Accounts Receivable $230,000 • Allowance for Uncollectible Accounts ($4,500) At year end, the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule. During the last quarter of 2017, the company completed the following selected transactions: • 2017 Nov. 30: Wrate off as uncollectible the $1,100 account receivable from Rainbow Carpels and the $600 account receivable from Show-N-Tell Antiques. • 2017 Dec 31: One of its customers, Peplar Ltd., agreed to sign a 60 day not receivable to replace the $1,500 accounts receivable due on that day. • 2017 Dec 31: Adjusted the Allowance for Uncollectible Accounts, and recorded Bad Debt Expense at year-end, based on the aging of receivables, which follows. Accounts receivable balance Estimated uncollectible 0 - 30 Days 150,000 0.29 Age of Accounts 31-60 Days 61-90 Days 35,000 14,000 0.5% 5.06 Over 90 Days 25,000 30.0% Requirements: 1. Record the transactions in the journal. Explanations are not required. 2. Prepare a l-account for Accounts Receivable and the Allowance for Uncollectible Accounts, and post to those accounts, 3. Show how First Data would report its accounts receivable on a comparative balance sheet for 2016 and 2017. At December 31, 2016, the company's Accounts Receivable balance was $212,000 and the Allowance for Uncollectible Accounts stood at $4,200. T........................................... ------ .............10 Page 1 of 3 786 word: English (Unted States) D. Focus BG 008 Type here to search O AT 4 (0) ENG 12:17 AM 2020-09-21.
3.Which of the following accurately describes an executive director of a company?
| Regarded as being more independent with respect to the audit |
| May be more likely to cover up problems than a non-executive member |
| Have little responsibility for the operations of the company |
| Employees of the company who are also board members |
1.please see the attached file.
2.
| 1.Journal Entries | |||
| Date | Account Titles | Debit | Credit |
| 2017 Nov 30 | Allowance For Uncollectible Accounts | 1100 | |
| Accounts Receivable | 1100 | ||
| 2017 Nov 30 | Allowance For Uncollectible Accounts | 600 | |
| Accounts Receivable | 600 | ||
| 2017 Dec 31 | Note Receivable | 1500 | |
| Accounts Receivable | 1500 | ||
| 2017 Dec 31 | Bad Debts | 8675 | |
| Allowance For Uncollectible Accounts | 8675 | ||
| (150000*0.20%)+(35000*0.50%)+(14000*5%)+(25000*30%) |
2. Ledger Accounts
| Accounts Receivable | ||||||
| Dr | Cr | |||||
| Date | Particulars | Amount | Date | Particulars | Amount | |
| 2017 Oct 1 | Opening Balance | 230000 | 2017 Nov 30 | Allowance For Uncollectible Accounts | 1100 | |
| 2017 Nov 30 | Allowance For Uncollectible Accounts | 600 | ||||
| 2017 Dec 31 | Note Receivable | 1500 | ||||
| 2017 Dec 31 | Closing Balance | 226800 | ||||
| Total | 230000 | Total | 230000 |
| Allowance For Uncollectible Accounts | ||||||
| Dr | Cr | |||||
| Date | Particulars | Amount | Date | Particulars | Amount | |
| 2017 Nov 30 | Accounts Receivable | 1100 | 2017 Oct 1 | Opening Balance | 8500 | |
| 2017 Nov 30 | Accounts Receivable | 600 | 2017 Dec 31 | Bad Debts | 8675 | |
| 2017 Dec 31 | Closing Balance | 15475 | ||||
| Total | 17175 | Total | 17175 |
3. Balance Sheet
| Balance Sheet | 2017 Dec 31 | 2016 Dec 31 |
| Accounts Receivable | 226800 | 212000 |
| Less:- | ||
| Allowance For Uncollectible Accounts | -15475 | -4200 |
| Total | 211325 |
207800 |
3.Executive Directors are full time employees of the company and they are part of board of directors of the company. They are not independent directors since they are employees of the organisation. They have responsibility for day to day operations of the firm and they have many reportees like vice president and general manager. They do not cover up problems since it is ethical issue. So answer is last option.
