At the end of October, Fanny Company’s management estimates the uncollectible accounts expense to be 1 percent of net sales of $750,000. Prepare a journal entry to record the uncollectible accounts expense, assuming Allowance for Uncollectible Accounts has a debit balance of $3,500.
Answer to relevant QuestionsAn aging analysis on September 30 of the accounts receivable of Kukiz Corporation indicates that uncollectible accounts amount to $129,000. Prepare a journal entry to record uncollectible accounts expense under each of the ...At year end, Allel Company had currency and coins in cash registers of $5,600, money orders from customers of $10,000, deposits in checking accounts of $64,000, U.S. Treasury bills due in 80 days of $180,000, certificates of ...Determine the maturity date, interest in 2011 and 2012, and maturity value for a 90-day, 12 percent, $15,000 note from a customer dated December 1, 2011, assuming a December 31 year-end.Abraham Motor Company performed the following transactions involving promissory notes:Mar. 3 Sold machines to Anton Company for $60,000 in exchange for a 90-day, 10 percent promissory note.16 Sold machines to Yu Company for ...In 2010, Ronaldo Company had current assets of $620,000 and current liabilities of $400,000, of which accounts payable were $260,000. Cost of goods sold was $1,700,000, merchandise inventory increased by $160,000, and ...
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