Academic Dishonesty Investigations Ltd. operates a plagiarism detection service for universities and colleges. Required: 1. Prepare journal
Question:
Required:
1. Prepare journal entries for each transaction below.
a. On March 31, 10 customers were billed for detection services totalling $25,000.
b. On October 31, a customer balance of $1,500 from a prior year was determined to be uncollectable and was written off. c. On December 15, a customer paid an old balance of $900, which had been written off in a prior year. d. On December 31, $500 of bad debts were estimated and recorded for the year.
2. Complete the following table, indicating the amount and effect (+ for increase, for decrease, and NE for no effect) of each transaction. Ignore income taxes.
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Related Book For
Fundamentals Of Financial Accounting
ISBN: 9780073527109
3rd Edition
Authors: Fred Phillips, Robert Libby, Patricia A Libby
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