Fraud Investigators Incorporated operates a fraud detection service. a. On March 31, 10 customers were billed for
Question:
Fraud Investigators Incorporated operates a fraud detection service.
a. On March 31, 10 customers were billed for detection services totaling $20,00.
b. On October 31, a customer balance of $1.250 from a prior year was determined to be uncollectible and was written off
c. On December 15, a customer paid an old balance of $750, which had been written off in a prior year
d. On December 31, $450 of bed debts were estimated and recorded for the year.
Complete the following table, Indicating the amount and effect (+ for Increase.- for decrease, and NE for no effect) of each transaction ignore income taxes.
The following transactions took place for Parker's Grocery
a. January 1 Loaned $58,eee to cashiers of the company and received back one-year 9 percent notes.
b. June 30 Accrued interest on the notes.
c. December 31 Received interest on the notes. (No interest has been recorded since June 30.)
d. December 31 Received principal on the notes.
Required
Prepare the journal entries that Parker's Grocery would record for the above transactions.
Expert Answer:
1 Transaction Net Receivables Net Sales Income from Operations a 20000 20000 NE b 1250 NE 1250 c 7... View the full answer
