An inexperienced accountant made the following entries. In each case, the explanation to the entry is correct.
Question:
An inexperienced accountant made the following entries. In each case, the explanation to the entry is correct.
Instructions:
Prepare the correctingentries.
Transcribed Image Text:
Dec 17 Cash 2,940 Sales Discounts Accounts Receivable 3.000 (To record collection of 12/4 sales, t erms 2/10, n/30) 20 Cash 18,360 Notes Receivable Interest Revenue 18.000 360 (Collection of $18,000. 896. 90 day note dated Sept. 21 Interest had been accrued through Nov. 30 27 Cash 1000 Bad Debts E 1.000 Collection of account previously written off as uncollectible under allowance 31Bad Debts E Allowance for Doubtful Accounts o recognize estimated bad debts based on 1% of net sales of S600,000)
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Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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