A. Journalize the transactions. The company uses the periodic method. B. Post to Allowance for Doubtful...
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A. Journalize the transactions. The company uses the periodic method. B. Post to Allowance for Doubtful Accounts, Income Summary, and Bad Debts Expense accounts as needed. (Be sure to record the beginning balance in the Allowance account in the working papers that accompany this text.) c. Prepare a current assets section of the balance sheet. Ending balances needed are as follows: Cash, $12,500; Accounts Receivable, $175,000; Office Supplies, $2,150; Merchandise bventory, $107,000; Prepaid Rent, $1,150. 2015 Jan. Sold merchandise on account to Rick's Supply, $1,600. Set-B Jan. Wrote off the account of Pete Redding as uncollectible because of his death, $1,000. 15 138-1 nceeet Received $550 from Romo Co., whose account had been written off in 2014. The account was reinstated and the collection recorded. Mar. 17 Received 18% of the $4,400 owed by Lane Davis. The remainder was written off as uncollectible. Aprг. 138-2 The account for Mac's Garage was reinstated for $1,100. The account was written off 3 years ago and collected in full today. June 15 Prepared a compound entry to write the following accounts off as uncollectible: Jim's Diner, $200; Kailey Auto, $420; Ralph's Hardware, $700. Oct. 18 Nov. 12 Sold merchandise on account to J.B. Rug, $1,700. Based on an aging of Accounts Receivable, it was estimated that $7,400 will be uncollectible out of a total of $175,000 in Accounts Receivable. Dec. 31 b Dec. 31 Closed Bad Debts Expense to Income Summary. 000 9, A. Journalize the transactions. The company uses the periodic method. B. Post to Allowance for Doubtful Accounts, Income Summary, and Bad Debts Expense accounts as needed. (Be sure to record the beginning balance in the Allowance account in the working papers that accompany this text.) c. Prepare a current assets section of the balance sheet. Ending balances needed are as follows: Cash, $12,500; Accounts Receivable, $175,000; Office Supplies, $2,150; Merchandise bventory, $107,000; Prepaid Rent, $1,150. 2015 Jan. Sold merchandise on account to Rick's Supply, $1,600. Set-B Jan. Wrote off the account of Pete Redding as uncollectible because of his death, $1,000. 15 138-1 nceeet Received $550 from Romo Co., whose account had been written off in 2014. The account was reinstated and the collection recorded. Mar. 17 Received 18% of the $4,400 owed by Lane Davis. The remainder was written off as uncollectible. Aprг. 138-2 The account for Mac's Garage was reinstated for $1,100. The account was written off 3 years ago and collected in full today. June 15 Prepared a compound entry to write the following accounts off as uncollectible: Jim's Diner, $200; Kailey Auto, $420; Ralph's Hardware, $700. Oct. 18 Nov. 12 Sold merchandise on account to J.B. Rug, $1,700. Based on an aging of Accounts Receivable, it was estimated that $7,400 will be uncollectible out of a total of $175,000 in Accounts Receivable. Dec. 31 b Dec. 31 Closed Bad Debts Expense to Income Summary. 000 9,
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AJournal Entries Date Acc Titles Debit Credit 9Jan Acc Rece 1600 Sales revenue 1600 sold merchandise ... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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