Question: Need it asap please Record the adjusting journal entry for each of the following: a. Allowance for Doubtful Accounts has a credit balance of $426
Record the adjusting journal entry for each of the following: a. Allowance for Doubtful Accounts has a credit balance of $426 prior to adjustment. Aging and Analysis of accounts receivables show doubtful accounts of $16,550. b. Allowance for Doubtful Accounts has a debit balance of $212 prior to adjustment. Aging and Analysis of accounts recelvables show doubtful accounts of $16,550. c. Allowance for Doubtful Accounts has a credit balance of $1,173 prior to adjustment. Uncollectible accounts are estimated to be 0.75% of sales, which totaled $1,500,000 for the year. d. Allowance for Doubtful Accounts has a debit balance of $1,589 prior to adjustment. Uncollectible accounts are estimated to be 0.75% of sales, which totaled $1,500,000 for the yeat. 2) Mankow, Inc, a calendar year company, uses an allowance method to account for its uncollectible accounts. Record the journal entries for the following: 3/1/2021 Mankow sold merchandise for $52,000 to Stork, Inc. on account. Cost of Goods Sold was $27,000. 5/30/2022 Joe Stork, owner of Stork, Inc, skipped town. Mankow wrote off the account as uncollectible. 11/4/2022 Joe came back. He struck it rich and paid Mankow $30,000. 3) Arkana, Inc, has relatively few sales on account and therefore uses the direct write-off method to account for bad debts. Record the journal entries for the following: 2/1/2022 Arkana wrote off the $15,000 Brody account upon recelving notice that Mrs. Brody had flled for total bankruptcy. 6/1/2022 Mr. Alen took a "permanent vacation" to a South Pacific island. Arkana wrote off his account for $1,750, assuming he will never pary. 10/15/2022 Mrs. Brody inherited millions of dollars when a wealthy aunt passed away. She paid Arkana $7,500 cash and said she will never be back
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