Journalize the adjusting entry on December 31, 2012, for Bad Debts Expense, which is estimated to be 2% of net sales. The income statement approach is used. The following information isgiven:
Answer to relevant QuestionsAssuming that in Exercise 13B-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,000 balance in the Allowance account will be ...T. J. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2012, Accounts Receivable has a $116,000 balance. Journalize the following transactions for T. J. Race:2012Mar. 13 ...Find the maturity date of the following:a. 120-day note dated May 9.b. 75-day note dated November 9.Calculate the interest for the following:a. $15,000 2% 2 yearsb. $22,000 12% 7 monthsc. $12,000 20% 45 daysJamie Soza negotiated a bank loan for $39,000 for 240 days at a bank rate of 12%. Assuming the interest is deducted in advance prepare the entry for Jamie to record the bank loan.
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