Question

Jenkins, Inc., which sells household appliances, begins its fiscal year on June 1. A partial balance sheet for Jenkins is given next.
Jenkins, Inc.
Partial Balance Sheet
May 31, 2009
Accounts Receivable..................................................... $35,000
Allowance for Uncollectible Accounts.......................... (3,500)
Net Realizable Value..................................................... $31,500
The following transactions took place during June 2009.
June 1 Cash sales for the day totaled $5,100.
June 4 Sold $2,000 of merchandise to another appliance retailer, JLK Company, with terms of 2/10, n/30.
June 6 Sold $300 of merchandise to Jae Lee, terms n/20.
June 8 Wrote off an uncollectible account receivable from W5 Corp. of $450.
June 12 JLK Company returned $500 of the merchandise purchased on June 4 because the merchandise was defective.
June 14 JLK Company paid Jenkins the amount due for the June 4 transaction.
June 20 Sold $950 of merchandise to Larissa Rodriguez with terms of n/20.
June 26 Received payment from Jae Lee for merchandise sold to him on June 6.
June 29 Received a check for $450 from W5 Corp. whose account balance had been written off on June 8.
Required:
(a) Prepare general journal entries for the June transactions.
(b) Calculate Jenkins’s net sales for June.
(c) Calculate Jenkins’s balance in Accounts Receivable and Allowance for Uncollectible Accounts.
(d) Prepare a partial balance sheet as of June 30, 2009.


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  • CreatedMarch 27, 2015
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