Blossom Company reported the following information in its general ledger at December 31. All sales were...
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Blossom Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 10% of accounts receivable. Your answer is partially correct. Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Accounts Receivable Beg. bal. 15,500 35,600 (a) 46,100 (b) 600 End. bal. (c) Sale 46,100 Allowance for Doubtful Accounts Beg. "bal. 1,043 600 (d) End. bal. (e) Bad Debt Expense (d) Prepare the summary journal entries for Blossom Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 46,100 46,100 Sales (To record sales on account for the year.) Allowance for Doubtful Accounts 600 Accounts Receivable 600 (To record write off of accounts receivable.) Bad Debt Expense 1988 Allowance for Doubtful Accounts 1988 (To record estimate of uncollectible accounts.) * Your answer is incorrect. What is the amount of cash collected? Cash collected 36.p0 eTextbook and Media List of Accounts Blossom Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 10% of accounts receivable. Your answer is partially correct. Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Accounts Receivable Beg. bal. 15,500 35,600 (a) 46,100 (b) 600 End. bal. (c) Sale 46,100 Allowance for Doubtful Accounts Beg. "bal. 1,043 600 (d) End. bal. (e) Bad Debt Expense (d) Prepare the summary journal entries for Blossom Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 46,100 46,100 Sales (To record sales on account for the year.) Allowance for Doubtful Accounts 600 Accounts Receivable 600 (To record write off of accounts receivable.) Bad Debt Expense 1988 Allowance for Doubtful Accounts 1988 (To record estimate of uncollectible accounts.) * Your answer is incorrect. What is the amount of cash collected? Cash collected 36.p0 eTextbook and Media List of Accounts
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Answer rating: 100% (QA)
Requirement Accounts receivable Beg bal Endbal Sales Allowance for doubtful accounts Allowance ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
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