i need answer question 15

seo d tele 65 -15 io,epe , ao 6 Based on the above schedule Joe AIR MIP no S.o00 i50 oro Tu Gepo +3.00 Cost of Goods Sold Gross Profit Make Journal entries for the following transactions for the Hat Store 2 a 31 Hat Store buys hats on account for $4,000 from a distributor with terms FOB shipping point b 3/2 Paid freight on the purchase from 3/1 cash $75 and payment 2/10 net 30 35 sold 20 hats to a baseball team for $500 on account 3/10 net 30. The cost of the hats was $200 c 3/6 Hat store returned 3 damaged hats, related to 3/1 purchase and received a $200 credit Paid the distributor for the purchase in # 1 in full and took the discount. Remember to subtract the discount.. e 38 1 3/8 Hat store bought more hats for $5,000, cash. No freight cost g 3/9 Received payment from the customer for merchandise sold on 3/5. Customer took the discount. h 3/9 Hat store sold 50-hats for 1200 cash. Terms are FOB destination. The cost of the 50 hats was $500 i 3/10 The Hat store paid freight on the 19 sale $100 cash j 3/11 Customer from 3/9 sale returned 5 hats and we gave them cash back of $120. The cost on those hats was $50 DATE Account Debit Credit 44000 A/P ash ke the Journal entry to adjust the allowance account if they have $30,000 CR in the allowance accou ATE Account Debit Credit so Bad deblexpe loco o0o 8 Early the next year they decide to write off the receivable from a customer for $2,000 Describe this with a journal entry DATE Account Debit Credit 20v AIR Bl's Photos buys a truck on 4/1/2000 for the business. The cost is 150,000 and they expect to use it for 6 years and expect a salvage value at that time of $6,000. se straight line depreciation. PAY ATTENTION TO THE DATES line depreciation. sh 94 9. Describe the purchase of the truck with a journal enfy DATE Account truck Credit 0 00o 10. Describe the first MONTHS depreciation with a journal entry: DATE Account Credit 4f 1/ 2000 DE 2000 2000 11 Create the T-accounts for the accounts in #1 and #2 and show the balance at 4302000 truck 150000 i50,g00 GIVEN- required IMG 8148jpeg IMG 8147jpeg DOLL Get Homework Help Witi 0/#sent?projectors] Seo D Tele 65-15 loepe x YouTube 11 Create the T-accounts for the accounts in #1 and #2 and Soome A/P truck 150000 o00 GIVEN required 2000 12 They decide to sell the truck on 10/31 What is the net book value at this time? 13. The truck is sold for 12,000 cash on 10/31/2006. Describe this with a jounal entry. Go back to the original assumptions. Assume they used miles driven as the method of depreciation. They believe it will be used 100,000 miles with the same 6,000 salvage value. 14. Describe the first months depreciation thly drive the truck 3,000 miles. DATE Account Debit Credit 15. If they drive it for 90,000 miles and sell it for 5,000,create the journal entry DATE Account Debit Credit IMG 8148 jpeg Youlube 3 For the above transactions create an income statement for March just down to the ast Gross Proft rol So Sale Revee Sale d Sunts LIS sale Rehns& Allon 20 Net sale 500 00 s ress pt Nel sel lost q goud sold DNet sele -los : 365 ISo 5 ABC Software has revenue of 300,000 in 2002 and estimates they should put 10% of revenue in the Allowance for Doubtful accounts. 4 Make the entry on 12/31/2002 for this below- assume they have not had any entries to the Allowance prior to this. DATE Account Debit Credit %)30000 Allavance j 30,000 duubl Accounts Receivable (gross) at 12/31/2002 is the following aged: Amount s60,000 40,000 $ 30,000 10.000 $ 140,000 Age 1-30 days 31-60 days 61-90 days over 90 days Total A/R 10% s 50% $ 90% $ 4,000 15,000 9,000 31, coo 6 Based on the above schedule, how much should they have in the Allowance for Doubtful accounts? IMG 8148jpeg IMG 8147 jpeg