Entries by Munene david

Alpha Company used the percentage of sales method,

May 7, 2020 in /by

Alpha Company has the following account balances information for fiscal Alpha Company used the percentage of sales method, with an historical rate of 2.5% for determining their bad debt expense. During 2016, sales were $1,500,000, and the January 1 Allowance for Doubtful Accounts had a normal balance of $25,000. $18,600 of accounts were written off during […]

 

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Alpha Company has the following account balances information for fiscal

May 7, 2020 in /by

Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all balances are normal): Alpha Company December 31 Accounts 2016 2015 Accounts Receivable $40,500 $35,500 Merchandise Inventory 57,000 50,000 Office Supplies 25,000 20,000 Credit Sales 960,000 740,000 Interest Income 25,000 20,000 Cost of Goods Sold 460,000 385,000 1. What is the […]

 

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On April 1, 2016, Alpha Company set up a petty cash fund with a balance

May 7, 2020 in /by

On April 1, 2016, Alpha Company set up a petty cash fund with a balance of $500. At the end of the month, the petty cash box contained vouchers of $87 for postage, $173 for supplies, $58 for gasoline, and cash on hand of $177. On April 30, 2016, the petty cash fund was replenished. […]

 

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Alpha Company uses an allowance method for recording bad debts

May 7, 2020 in /by

Alpha Company uses an allowance method for recording bad debts. On July 15, 2016 Alpha Company was advised of the bankruptcy of the Broken Corporation and wrote off their $2,500 of accounts receivable. Suddenly, on August 25, 2016 Broken won the Maryland State Mega Millions. Without warning, on August 26, Alpha Company received half the payment […]

 

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