Prepare the following journal entries. On March 1, suppose the Flora's Company made a credit sale for
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Question:
Prepare the following journal entries.
On March 1, suppose the Flora's Company made a credit sale for $3,000 on account to the Maryland Company.
On March 15, Floral Company received the amount of $1,500 from sales on credit
On March 30, the Maryland Company is experiencing cash flow problems and Flora's Company estimates that $1,500 is uncollectible.
On April 5, Flora's Company wrote off a bad debt account for $1,500
On April 30, recovering a bad account under the allocation method, if the Maryland Company pays the $1,500 that was written off, prepare the journal entry or entries.
Expert Answer:
Transaction 1 On March 1 Floras Company made a credit sale for 3000 on account to the Maryland Compa... View the full answer
Related Book For 
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
