2. Music Express is a company that sells both car and home stereos. A. Jornalize the transactions...
Question:
2. Music Express is a company that sells both car and home stereos.
A. Jornalize the transactions using the (direct write off method).
b. Journalizes the transactions using the (allowance method) assuming the account's credit balance started at $ 28,000 on February 1 and the company uses the accounts receivable method analysis.
3. Transactions from Music Express Records as of December 31:
-April 10. Account canceled (wrote off account) of Mario Guzmán for $ 6,400. Journalizes the transactions using the allowance method assuming the account's credit balance started at $ 28,000 on February 1 and the company uses the accounts receivable method analysis.
- June 12. A partial payment of $ 1,500 was received from Margarita Rodríguez's $10,000 credit account . The remaining balance is written off as uncollectible.
- August 20. The amount of $ 6,400 was received from Mario Guzmán account that was canceled on April 10. Reinstall the account and record the cash receipt.
- December 31. Write off the following accounts as uncollectible and journalize the entries
Ricardo Vega | $3,200 |
Mariela Gutiérrez | 2,440 |
Manuel Rosario | 6,200 |
Jorge Camacho | 1,800 |
Linda Ocasio | 5,330 |