Solution-Make a ledger accounts for accounts receivable

Make a ledger accounts for accounts receivable

Reference no: EM132570361

Global Advertising Company handles the advertising and promotion of various clients offering a credit term of 90 days. Its unadjusted trial balance on December 31, 2013, end of its first year of operation, showed others: Accounts Receivable, 250,000 and Professional Fees, 550,000.

Among its transactions for the year 2014 are the following:

a. Professional services rendered on account, 600,000.

b. Total collections of previous and current accounts, 500,000.

c. An account of one of its customers who became insolvent was written off amounting to 25,000.

INSTRUCTIONS:

Question a. Make journal entries to record the transactions for the year 2014.

Question b. Record the adjustment for bad debts.

Question c. Make a ledger accounts for Accounts Receivable and Bad Debts Expense. Post the entries made in "a" and starting with the opening balances in "b".

Question d. Present the statement of financial position and income statement.

Reference no: EM132570361

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Make a ledger accounts for accounts receivable

Reference no: EM132570361

Reference no: EM132570361

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