Reference no: EM131262323
The balance sheet of Bonita Company at December 31, 2016, includes the following. Notes receivable $36,200 Accounts receivable 195,800 Less: Allowance for doubtful accounts 20,700 $211,300 Transactions in 2017 include the following. 1. Accounts receivable of $142,700 were collected including accounts of $69,300 on which 3% sales discounts were allowed. 2. $5,920 was received in payment of an account which was written off the books as worthless in 2016. 3. Customer accounts of $20,900 were written off during the year. 4. At year-end, Allowance for Doubtful Accounts was estimated to need a balance of $23,200. This estimate is based on an analysis of aged accounts receivable. Prepare all journal entries necessary to reflect the transactions above
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Prepare the stockholders equity section of balance sheet
: Pringle Corporation has been authorized to issue 21,000 shares of $100 par value, 7%, noncumulative preferred stock and 1,071,000 shares of no-par common stock. The corporation assigned a $5 stated value to the common stock. Prepare the stockholders’..
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Prepare all journal entries necessary to reflect transaction
: The balance sheet of Bonita Company at December 31, 2016, includes the following. Notes receivable $36,200 Accounts receivable 195,800 Less: Allowance for doubtful accounts 20,700 $211,300 Transactions in 2017 include the following. Accounts receivab..
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