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How the matching principle relates to uncollectible accounts

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Reference no: EM132477619

Point 1: Sharma Jewellers is a jewellery wholesaler. They mostly sell to retailers. People's Jewllers has an outstanding account with Sharma Jewellers for $9,750 that is several months past due. On April 1, Sharma Jewellers accepts a promissory note for the total amount with 5% annual interest for a term of three months ending June 30, 2015.

Record the following independent journal entries:

Question a) The journal entry to record the acceptance of the note by Sharma Jewellers.

Question b) The journal entry to record the receipt of payment of the note, plus interest on June 30, 2015

Question c) The journal entry to record the failure of Joe's Fine Jewellery to pay their note on July 1, 2015

Question d) Explain how the matching principle relates to uncollectible accounts receivable.

Reference no: EM132477619

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