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16 9 9 J n 20 23 17 26 27 1 30 33 1 24 18 21 Question 31 (12 points) On July 31, Bristlecone Pine Art Ltd. had a $64,900 balance in Accounts Receivable and a $4,300 credit balance in Allowance for Uncollectible Accounts. During August, Bristlecone Pine Art Ltd. made credit sales of $82,000. August cash collections on account were $67,800; write-offs of uncollectible receivables totalled $2,200; and an account of $800 was recovered. ( Requirement 1: Calculate the updated Accounts Receivable and Allowance for Uncollectible Accounts balances and fill out Blanks 1 and 2. Take notes and upload your rough work to the dropbox after submitting the online exam. Blank #1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Requirement 2: After careful assessment of the updated accounts receivables, Bristlecone Pine Art Ltd. estimates that a total of $3,900 won't be collected. Record the estimated uncollectible amount accordingly and submit the journal entries together with your rough work to the dropbox after submitting the online exam. Fill out Blanks 3-6. Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount DILE JU 18 21 24 the estimated uncollectible amount accordingly and submit the journal entries together with your rough work to the dropbox after submitting the online exam. Fill out Blanks 3-6. Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount Blank #5: Credit account Blank #6: Credit $-amount Required formatting: For $-amounts, only enter the plain number without $-sign, commas etc. Round results to full units (i.e., round to dollar). Blank # 1 Blank #2 Blank #3 Blank #4 Blank # 5 Blank # 6 16 9 9 J n 20 23 17 26 27 1 30 33 1 24 18 21 Question 31 (12 points) On July 31, Bristlecone Pine Art Ltd. had a $64,900 balance in Accounts Receivable and a $4,300 credit balance in Allowance for Uncollectible Accounts. During August, Bristlecone Pine Art Ltd. made credit sales of $82,000. August cash collections on account were $67,800; write-offs of uncollectible receivables totalled $2,200; and an account of $800 was recovered. ( Requirement 1: Calculate the updated Accounts Receivable and Allowance for Uncollectible Accounts balances and fill out Blanks 1 and 2. Take notes and upload your rough work to the dropbox after submitting the online exam. Blank #1: What is the updated Accounts Receivable balance? Blank #2: What is the updated Allowance for Uncollectible Accounts balance? Requirement 2: After careful assessment of the updated accounts receivables, Bristlecone Pine Art Ltd. estimates that a total of $3,900 won't be collected. Record the estimated uncollectible amount accordingly and submit the journal entries together with your rough work to the dropbox after submitting the online exam. Fill out Blanks 3-6. Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount DILE JU 18 21 24 the estimated uncollectible amount accordingly and submit the journal entries together with your rough work to the dropbox after submitting the online exam. Fill out Blanks 3-6. Blanks #3-6: Record the estimated uncollectible amount accordingly. Enter the information in the following order: Blank #3: Debit account Blank #4: Debit $-amount Blank #5: Credit account Blank #6: Credit $-amount Required formatting: For $-amounts, only enter the plain number without $-sign, commas etc. Round results to full units (i.e., round to dollar). Blank # 1 Blank #2 Blank #3 Blank #4 Blank # 5 Blank # 6
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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