Can the following tables be filled out using the information in the second paragraph? (1) Construct the

Can the following tables be filled out using the information in the second paragraph?   

Transcribed Image Text:

(1) Construct the following table. Allowance for uncollectible accounts Desired ending balance Asset Inventory-estimated returns Net Inventory Beginning balance Change made during the year Change to be made year end (2) Prepare journal entries for 2021-2023 (3) Determine the year-end balances of Net inventory, net accounts receivable, and refund liability for 2021 2022 using the following template. Balance Sheet Acct Balances Inventory Accounts Receivable less: Allowance for uncollectible accounts Net Accounts Receivable Refund Liability 2021 Sales Revenue (Less) Sales discount (Less) Sales returns Net Sales Revenue (Less) Cost of goods sold 2022 Liability (4) Calculate income statement effects using the following template. Income Statement Effect 2021 2022 Gross profit (Less) bad debt expense Income from operation 2023 2021 2022 2023 2023 (1) Construct the following table. Allowance for uncollectible accounts Desired ending balance Asset Inventory-estimated returns Net Inventory Beginning balance Change made during the year Change to be made year end (2) Prepare journal entries for 2021-2023 (3) Determine the year-end balances of Net inventory, net accounts receivable, and refund liability for 2021 2022 using the following template. Balance Sheet Acct Balances Inventory Accounts Receivable less: Allowance for uncollectible accounts Net Accounts Receivable Refund Liability 2021 Sales Revenue (Less) Sales discount (Less) Sales returns Net Sales Revenue (Less) Cost of goods sold 2022 Liability (4) Calculate income statement effects using the following template. Income Statement Effect 2021 2022 Gross profit (Less) bad debt expense Income from operation 2023 2021 2022 2023 2023

Answer rating: 100% (QA)

Answer 1 Construct the following table Allowance for uncollectible accounts 2021 2022 2023 Desired ending balance 90000 90000 90000 Beginning balance ... View the full answer