Prepare the current assets section of the balance sheet for Pharoah Company. Assume that in addition...
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Prepare the current assets section of the balance sheet for Pharoah Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $131.100, and prepaid insurance of $9,600. (List Current Assets in order of liquidity.) PHAROAH COMPANY Balance Sheet (Partial) eTextbook and Media $ During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. (a) Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts eTextbook and Media Debit 36100 Credit 36100 Prepare the current assets section of the balance sheet for Pharoah Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $131.100, and prepaid insurance of $9,600. (List Current Assets in order of liquidity.) PHAROAH COMPANY Balance Sheet (Partial) eTextbook and Media $ During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. (a) Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts eTextbook and Media Debit 36100 Credit 36100
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