Journal entries for collected the correct balance due

Assignment Help Financial Accounting
Reference no: EM1310915

Journal entries for Collected the correct balance due.

1.(2/23/2009) Collected the correct balance due from the Transaction 4 sale of Merchandise, net of the discount.

Date

Account Titles

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2.(2/24/2009)  Wrote of a $6,320 balance due accounts receivable from Bibby Company as being uncollectible.

Date

Account Titles

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reference no: EM1310915

Questions Cloud

Types of mental shortcuts : Explain two types of mental shortcuts that you make daily that help you to predict human and/or social behavior. Provide examples.
Check two relevant and two non-relevant costs in decision : Identify a decision that has recently been made or will be made in the near future in your organization.  Identify two relevant and two non-relevant costs in this decision.
Federal joint and several liability rules : Can the state revenue agency collect the outstanding payroll tax from greater under the Federal joint and several liability rules for tax obligation of consolidated return affiliates?
Elementary education outreach : Carla, a college junior, is participating in a special "elementary education outreach" project in her local community.
Journal entries for collected the correct balance due : Journal entries for Collected the correct balance due. Collected the correct balance due from the Transaction 4 sale of Merchandise, net of the discount.
Justify effective funding strategies : Please explain, identify, and justify effective funding strategies in the following areas:
Various gender differences in mating behavior : A psychologist is attempting to explain the source of various gender differences in mating behavior.
Journal entrie for purchase on account merchandise inventory : Journal entries for Purchased on account Merchandise Inventory to be held for resale
Evaluate the risk management measures : Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine merchandise inventory

Determine merchandise inventory

  Explain selling and administrative expenses budget

Selling and administrative expenses budget

  Compare the total operating income

Compare the total operating income on the 200 tables for requirements 2 and 3. What do you recommend Pacific do based exclusively on your calculations? Explain fleetingly

  Evaluate the munson''s taxable income for 2011

Evaluate the Munson's taxable income for 2011? What is existing income tax expense for the year ended 12/31/11?

  Find the purchase prices of these materials

Factory X produces a single product which is made from 10 kg of Material A as well as 5 kg of Material B. These quantities allow for waste The purchase prices of these materials

  Evaluation of whether an asset is impaired

What of the subsequent is not a significant difference between IFRS and U. S. GAAP related to recognition and measurement of assets and difference in the evaluation of whether an asset is impaired.

  Advise olsen to make the gift unrestricted or restricted

Do you recommend that the organization advise Mr. Olsen to make the gift unrestricted or restricted? Give your reasons.

  Interest and prepare the journal entry to record the sale

Evaluate the gain of loss on sale of the 20% interest and prepare the journal entry to record the sale. the balance in purple's investment in Silver account as December 31, 2010.

  Explain the double-declining technique

The machine has an evaluated five-year useful life and scrap value of $5,000. This machine is being depreciated using the double-declining technique.

  Evaluate the income taxes

Complete the flexible budget at the 90,000-unit level of activity. Consider that the cost of goods sold and variable operating expenses vary directly with sales and that income taxes remain at 30 % of operating income.

  Make a capital structure decision

What important factors, in addition to quantitative factors, should a firm consider when it is making a capital structure decision? How do these factors play in the decision?

  Evaluate the 2011 year-end debt ratio for the business

Generate balance sheets for the business as of 31 st December, 2010 and 2011.Hint: Report only net equity on the balance sheet and remember that net equity equals the difference between liabilities and assets.)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd