Record the following selected transactions in the general journal of WM Gaming Supplies and show all your
Question:
Record the following selected transactions in the general journal of WM Gaming Supplies and show all your answers to two decimal places. Explanations are not required.
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2022 Nov. 21 30 Dec. 31 31 31 Received an $18,000, 60-day, 4 percent note from Barb Nuefield in settlement of her account. Recorded VISA credit card sales of $26,000. VISA charges 3 percent of sales. Made an adjusting entry to accrue interest on the Nuefield note. Made an adjusting entry to record bad debt expense based on 3 percent of accounts receivable of $1,950,000. Prior to this the balance in Allowance for Doubtful Accounts was zero. Made a compound closing entry for Interest Revenue and Bad Debt Expense (ignore credit card sales and charges).
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Date Account Titles and Explanation Debit Credit Nov 21 Notes Receivable 1800000 Nov 21 Accounts Rec...View the full answer
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Related Book For
Horngrens Accounting Volume 1
ISBN: 9780136889373
12th Canadian Edition
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura
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