Reference no: EM132713035

1. sales $50,000,000 of which 90% were on account, terms net 30.

2. sales returns and allowances, 500,000-10% related to cash sales, and 90% related to sales on account.

3. Cash collection's of 42,000,000 from trade receivable's customers.

4. write offs of trade recivable deemed uncollectible, $380,000.

5. Cash recoveries of trade recivable previously wrtittn off, 60,000.

Problem 1: What are all the journal entries needed.

Problem 2: show how trade recivables would be shown in the companys compartive statment as decemeber 31 2010.

Problem 3: Prepare djusting journal entry to recored bad depts