Reference no: EM13827304
Your company prepares financial statements only once a year. In accounting for uncollectible accounts it uses the allowance method.
For the most recent year give general journal entries for the following.
Beginning of the year balances:(No journal entries needed for beg. Balances)
Accounts Receivable 256,200
Allowance for uncollectible accounts 6,250
Uncollectible Accounts Expense -
1 Sales for the year were 1,585,000. 70% of sales are credit sales
2 Collection on credit sales for the year were 1,070,000
3 Wrote off 10500 of specific customer accounts
4a At year end estimate uncollectible accts to be 1.75% of credit sales
4b Instead of 4a, the company ages it receivables and estimated 7500 as uncollectible
|
Periodic inventory system and the gross price method
: On February at 5th, Felton Industries purchased $10,450 in merchandise from Becker, Inc. with terms 2/10, net/30. Prepare the journal entry to record the transaction using the periodic inventory system and the gross price method
|
|
What are pros and cons of using forecast values of inflation
: The problem is belongs to economics and it is clarify the pros and cons of forecasted values of inflation using Taylor's Rule of monetary policy are discussed in this answer.
|
|
Using the perpetual inventory system and net price method
: On April 4th, Jessica purchased $20,500 of merchandise from Parker Company; terms 2/10, n/30. Prepare the journal entry to record the transaction using the perpetual inventory system and the net price method. On April 8th, Jessica returned $1,200 of ..
|
|
Explains about preparing a memo
: Your CFO was unable to attend the recent monthly chamber of commerce meeting. You learned from some other local CFOs that changing exchange rates had dramatically affected their firm's profitability.
|
|
In accounting for uncollectible accounts-allowance method
: Your company prepares financial statements only once a year. In accounting for uncollectible accounts it uses the allowance method. For the most recent year give general journal entries for the following. Collection on credit sales for the year were ..
|
|
Tag heuer: positioning strategy report
: Tag Heuer: Positioning Strategy Report
|
|
Simplify the form of the continuity equation
: Simplify the form of the continuity equation by removing zero terms and show that one of the following statements is valid: ∂u/∂x + ∂v/∂y + ∂w/∂z = 0
|
|
Perpetual inventory system and the net price method
: On April 4th, Jessica purchases $20,500 of merchandise from Parker Company; terms 2/10, n/30. Prepare the journal entry to record the transaction using the perpetual inventory system and the net price method.
|
|
Currency crisis which results in crisis occurring earlier
: In the 2nd generation model of currency crises which of the following will make the crisis occur earlier than otherwise?
|