At the beginning of the current period azim enterprises ltd

Reference no: EM13571021

At the beginning of the current period, Azim Enterprises Ltd. had balances in Accounts Receivable of $1,600,000 and in Allowance for Doubtful Accounts of $88,000. During the period, Azim had net credit sales of $3,800,000 and collections of $4,084,000. It wrote off accounts receivable of $116,000. However, an $8,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $72,000 at the end of the period. Instructions

(a)	Prepare the entries to record sales and collections during the period.

(b)	Prepare the entry to record the write-off of uncollectible accounts during the period.

(c)	Prepare the entries to record the recovery of the uncollectible account during the period.

(d)	Prepare the entry to record bad debts expense for the period.

(e)	Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

(f)	Show the statement of financial position presentation of the receivables at the end of the period.

Reference no: EM13571021

Questions Cloud

Eki explain all you konw about the concept of drug : explain all you konw about the concept of drug revolving fund drf in nigeria and how this drug revolving can be

Snoopy co sold equipment to peanut co for a 42000 gain on : peanut company acquired 75 percent of snoopy companys stock at underlying book value on january 1 20x8. at that date

Ssume the real risk-free rate is 3 and inflation is : ssume the real risk-free rate is 3 and inflation is expected to be 2 for the next 3 years. a 3-year security yields

The variable and fixed overhead rates were computed using : nelson co. manufactures a product that requires 3.5 machine hours per unit. the variable and fixed overhead rates were

At the beginning of the current period azim enterprises ltd : at the beginning of the current period azim enterprises ltd. had balances in accounts receivable of 1600000 and in

On august 1 2013 ace corporation accepted a note receivable : on august 1 2013 ace corporation accepted a note receivable in place of an outstanding accounts receivable in the

What is the capital structure of the firm on the basis of : examine the following book-value balance sheet for university products inc. the preferred stock currently sells for 10

Suppose that dow subsequently repurchased 50 million shares : book value of common stockholders equity of dow chemical december 31 2010 figures in billions. common shares 2.5

Assume that naylor company sells the same number of units : naylor company has 210000 of net income in 2013 when the selling price per units was 150 the variable costs per unit

User Account

All Pages

At the beginning of the current period azim enterprises ltd

Reference no: EM13571021

Reference no: EM13571021

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT