Question: how would I put this in a general journal? 950 c QS 8-5 Adjusting entry to estimate bad debts-percentage of sales LO2, 3 Lexton Company

how would I put this in a general journal? 950 c

how would I put this in a general journal?

950 c QS 8-5 Adjusting entry to estimate bad debts-percentage of sales LO2, 3 Lexton Company uses the allowance method to account for uncollectible accounts receivable. At year-end, October 31, it was estimated that 0.6% of net credit sales were uncollectible based on past experience. Net sales were $690,000, of which 2/3 were on credit. Record the entry at year-end to estimate uncollectible receivables. 288-6 Adjusting entry to estimate bad debts-aging of receivables LO2,3 Dim Sum Foods hango

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Can you help me understand quick study 8-3, 8-4, 8-5, 8-6 please and thank you QS 8-3 Bad debts, write-off, recovery LO2 Record the following selected transactions for Allistar Company during its...

Accounts Receivable Bad Debts Recording Bad Debt Percentage of sales Aging of receivables Write off Bad Debt Recovery of Bad Debt QS 8-1Entries for sale on credit and subsequent collection LO1...

Accounts Receivable Bad Debts Recording Bad Debt Percentage of sales Aging of receivables Write off Bad Debt . Recovery of Bad Debt QS 8-1 Entries for sale on credit and subsequent collection LO1...

Percent of Sales Approach Example: Music Land has credit sales of $400,000 and estimates 0.6% of those sales will not be collectible. Estimated Bad Debts Expense is calculated as $2,400 ($400,000...

ASSIGNMENT #4 Chapter 9 from Hermanson Book (?Receivables and Payables?) & Chapter 8 (? Cash, Petty Cash, Bank Reconciliations, Internal Control?) from the Edwards textbook The cash account in the...

QS 8-5 Adjusting entry to estimate bad debts-percentage of sales LO2,3 Lexton Company uses the allowance method to account for uncollectible accounts receivable. At year- end, October 31, it was...

Multiple Choice Topic: COSO Framework LO: 2 Level of Difficulty: EASY 1. Which of the following is not an internal control component identified in the COSO framework: A) Risk assessment B) Monitoring...

Required information Use the following information for the Exercises 13-14 below. (Static) [The following information applies to the questions displayed below.] Daley Company prepared the following...

Required information [The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Accounts...

ACCT 1005: Assignment 4 P5.1 (LO2) Presented below in managing cheile farscamote AG 6 Number of Days Past Due Not Customer Total 1-30 31-60 61-90 Over 90 Anders 22000 10.000 12.000 5 Blake 40.000...

The total factory overhead for Continental Styles, Inc., is budgeted for the year at $360,000, divided into four activity pools: cutting, $120,000; sewing, $60,000; setup, $100,000; and inspection,...

A processor is multiplexed at infinite speed among all processes present in a ready queue with no overhead. Show that for Poisson input from an infinite source with exponential service times, the...

what are the financial implications of accessibly points of care?

The first scenario will be a Verbal Judo scenario in which your scenario follows the standard Verbal Judo interaction: You need to ask somebody to modify their behavior either to do something or to...

C Construct a conversation that allows for relationship repair (based on the decision that you make regarding your independence). What might that conversation be like? What communication skills could...

Have you ever been able to restore a relationship that you thought was irreparably damaged? Have you ever ended a relationship but secretly believed that you would repair it at some point in the...

Do you post any personal information on social networking sites? What kind of information are you willing to reveal? What kind of information do you consider too private to share in mediated contexts?