This problem continues the Daniels Consulting situation from Problem P8-41 of Chapter 8. Assume Daniels Consulting had
Question:
Requirements
1. Calculate the amount of depreciation expense for each asset for the year ended December 31, 2016, assuming the computer is depreciated using the straight-line method and the office furniture is depreciated using the double-declining-balance method.
2. Record the entry for the one month's depreciation.
Reference
Accounting for uncollectible accounts using the allowance method
This problem continues the Daniels Consulting situation from Problem P7-33 of Chapter 7 and Problem P6-38 of Chapter 6. Daniels Consulting reviewed the receivables list from the January transactions. Daniels uses the allowance method for receivables, estimating uncollectibles to be 6% of January sales revenue of 58,180. Daniels identified on February 15 that a customer was not going to pay his receivable of $176.
Requirements
1. Journalize the January 31 entry to record and establish the allowance using the percent-of-sales method for January sales revenue.
2. Journalize the entry to record the write-off of the customer's bad debt.
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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