Prepare journal entries for each transaction

Assignment Help Financial Accounting

Reference no: EM131291915

Prior to recording the following, Elite Electronics, Inc. had a credit balance of $1,200 in its Allowance for Doubtful Accounts.

Required:

Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

a. On August 31, a customer balance for $220 from a prior year was determined to be uncollectible and was written off.

b. On December 15, the customer balance for $220 written off on August 31 was collected in full.

Reference no: EM131291915

Questions Cloud

What is the adjusted bank balance at november : The ending bank statement balance at November 30 is $6,750. The bank statement shows a service charge of $65?, electronic funds receipts of? $500, and a NSF check for? $350. Deposits in transit total $2,050 and outstanding checks are $1,335. The bala..

Utilizing the five steps for conducting tax research : Since the 1950s, companies have seen the advantage of operating in various countries as multinational corporations (MNCs), and today, almost all large companies are considered to be an MNC. Once again, the MNC is under scrutiny by authorities for try..

Simple uses the percentage of credit sales method : Assume Simple Co. had credit sales of $246,000 and cost of goods sold of $146,000 for the period. Simple uses the percentage of credit sales method and estimates that 1 percent of credit sales would result in uncollectible accounts. What amount of Ba..

The appropriate bad debt adjustment was recorded : Blackhorse Productions, Inc. used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $20,000. The account had an unadjusted credit balance of $12,000 at that time. The appropriate bad debt adjustmen..

Prepare journal entries for each transaction : Prior to recording the following, Elite Electronics, Inc. had a credit balance of $1,200 in its Allowance for Doubtful Accounts. Prepare journal entries for each transaction.

General journal format entry to record issuance of bonds : On September 1, 2014, Universal Coat Company sold at 104 (plus accrued interest) 3,000 of its 8%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Prepare in general journal format the entry to record the issuance of t..

Difference between ideal standard and a practical standard : What is the difference between an ideal standard and a practical standard in the context of standard costing? What would be some examples? Cost variance is the difference between a standard cost and actual cost. When standard cost > actual cost, we c..

What is? debt? ratio : Rosewood Company had current assets of $562?, current liabilities of $393?, total assets of $772?, and? long-term liabilities of $200. What is? Rosewood's debt? ratio?

What is the ending balance in retained earnings : The following accounts and balances are taken from Moore? Company's adjusted trial? balance: What is the ending balance in Retained Earnings after the closing entries are? completed?

User Account

All Pages