Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. as at 30 june 2019, sycamore imports reported the

As at 30 June 2019, Sycamore Imports reported the following information on its statement of...

50.1K

Verified Solution

Question

Accounting

image
As at 30 June 2019, Sycamore Imports reported the following information on its statement of financial position. Accounts receivable: $1,957,500 Less: Allowance for impairment $137,750 During 2019-20, the business had the following transactions related to receivables. 1. Sales on account Sales returns and allowances Collections of accounts receivable Write-offs of accounts receivable deemed uncollectable 5. Recovery of impaired receivables previously written offas uncollectable $ 2. $ 3. $ 4,241,250 126,150 3,987,500 137,750 50,750 4. $ $ Required (a) Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (5 entries x 1 Mark = 5 Marks) (b) Enter the 1 July 2019 balances in Accounts Receivable and Allowance for Impairment. What are the ending balance in Account Receivable and Allowance for Impairment (5 Marks) (c) Prepare the journal entry to record impaired receivables for 2019- 2020, assuming that objective evidence indicates that estimated impaired receivables are $181,250. (5 Marks) Calculate the accounts receivable turnover ratio for the year 2019-20. (5 Marks) (d)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The FASB defines financial lease as leases that meet the following: The lease agreement transfers ownership to...

Finance
Q

Quantum numbers arise naturally from the mathematics used to describe the possible states of an electron...

Chemistry
Q

9 Which diagram s show XY tangent to circle Z Check all that apply Z...

Geometry
Q

a b c d e f g h i j k a d e f...

Basic Math
Q

1 2 During 2012 Texas had listed on FracFocus an industry fracking disclosure site nearly...

Statistics
Q

Which of the following types of inventory accounts would be used by a wholesaler or...

Accounting
Q

how do you prepare a common sized income statement?

Accounting
Q

XYZ Co. has two classes of stock outstanding; 20,000 shares of $1 par common stock...

Accounting
Q

Ques 5: Explain the impact of inflation rates on the exchange rate between 2 currencies...

Accounting
Q

Based on the preceding information, what amount will be reported as investment in Silver Corporation...

Accounting
Q

Per the rules of Interim Reporting, both U.S GAAP and IFRS state that Income taxes...

Accounting
Q

Income statements for Walton Company for 2018 and 2019 follow: WALTON COMPANY Income Statements 2019...

Accounting