Provide Journal Entries for the Following: 7. A local business made an advance payment of $3,500 to

Provide Journal Entries for the Following:

 

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7. A local business made an advance payment of $3,500 to CBCS on December 15, 2022 for an event to be held in March 2023. This amount was credited to Service Revenue at the time of receipt. 8. CBCS delivered meals worth $1,800 to a customer in October 2022, but has not received the payment and all methods of contacting the customer have been exhausted and the amount has been deemed uncollectible. Chloe has reviewed the accounts receivable balance and notes that 60% of accounts receivable balance relates to corporate events, and the rest relates to non-corporate events. Normally CBCS collects all of its outstanding receivables. Due to the unusual economic conditions during the year, Chloe fears this year might be different. She estimates that 10% of corporate receivables might not be collected and 15% of non-corporate receivables might not be collected. 7. A local business made an advance payment of $3,500 to CBCS on December 15, 2022 for an event to be held in March 2023. This amount was credited to Service Revenue at the time of receipt. 8. CBCS delivered meals worth $1,800 to a customer in October 2022, but has not received the payment and all methods of contacting the customer have been exhausted and the amount has been deemed uncollectible. Chloe has reviewed the accounts receivable balance and notes that 60% of accounts receivable balance relates to corporate events, and the rest relates to non-corporate events. Normally CBCS collects all of its outstanding receivables. Due to the unusual economic conditions during the year, Chloe fears this year might be different. She estimates that 10% of corporate receivables might not be collected and 15% of non-corporate receivables might not be collected.

Answer rating: 100% (QA)

7 Journal Entry for the advance payment received Date December 15 2022 Account Debit Cash 3500 Accou... View the full answer