What are the journal entries for the following? 1) The bank statement as of December 31, 2018
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What are the journal entries for the following?
1) The bank statement as of December 31, 2018 shows service charges of $240 and NSF checks for items recorded as sales in the amount of $3,400. Interest was shown earned in December is $2,420.
2) An aging schedule shows that $25,000 of the Accounts Receivable balance is likely to be uncollected.
3) The end-of-year inventory counts show a final balance of $245,000 in Merchandise Inventory and $14,000 in
Supplies Inventory.
Allowance for Doubtful Accounts: 2500 Dr
Merchandise inventory: 285000 Dr
Supplies inventory: 25000 Dr
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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