Prepare the necessary journal entries for the following transactions of Almez Co.
1st of December	Almez Co. received a $20,000, 4-month, 6% promissory note from the Drew Company for the swap and
	Accounts receivable.
31st of December	interest accrued
1-Nis	Almez Co. receives full payment with a Drew note.

	Calculate bad debt expense based on the following information and prepare the result
	diary entries.
31st of December	Kerr Company estimates that 6% of accounts receivable will become uncollectible.
	Accounts receivable at year-end $120,000 and doubtful provisions
	accounts have a credit balance of $1,500.
31st of December	Use the same information as above, except assuming no allowance for suspicious accounts.
	He has a $200 debit balance.

Answer rating: 100% (QA)

No Date Accounts and Explanation Debit Credit 1 Dec 01 Notes R... View the full answer