Question: ice 9... I NEED 1A 2A and 3A solved EE8-1 p 368 PE8-1A Direct write-off method OBJ.3 Journalize the following transactions, using the direct write-off
ice 9... I NEED 1A 2A and 3A solved
EE8-1 p 368 PE8-1A Direct write-off method OBJ.3 Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of Oct. 9. Reinstated the account of Melissa Crone and received $4,000 cash in full payment $4,000 as uncollectible. EE 8-2 p.371 PE 8-2A Allowance method OBJ.4 Journalize the following transactions, using the allowance method of accounting for un collectible receivables: June 2. Received $1,200 from Melissa Crone and wrote off the remainder owed of Oct. 9. Reinstated the account of Melissa Crone and received $4,000 cash in full payment. $4,000 as uncollectible. EE 8-2 p. 371 PE 8-2B Allowance method OBJ.4 Journalize the following transactions, using the allowance method of accounting for u collectible receivables: Oct. 2. Received $600 from Rachel Elpel and wrote off the remainder owed of $1,350 as Dec. 20. Reinstated the account of Rachel Elpel and received $1,350 cash in full payment. uncollectible. Percent of sales method EE 8-3 p.372 PE 8-3A At the end of the current year, Accounts Receivable has a balance of $1,975,000; Allow- ance for Doubtful Accounts has a credit balance of S19,670; and sales for the year total $28,550,000. Bad debt expense is estimated at of 1% of sales. OBJ.4 Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
