Prepare journal entries to recognize bad debts

Assignment Help Financial Accounting

Reference no: EM131288639

At the beginning of 2016, Miyazaki Company’s Accounts Receivable balance was $105,000, and the balance in Allowance for Doubtful Accounts was $1,950. Miyazaki’s sales in 2016 were $787,500, 80% of which were on credit. Collections on account during the year were $502,500. The company wrote off $3,000 of uncollectible accounts during the year.

Prepare journal entries to recognize bad debts assuming that (a) bad debts expense is 3% of credit sales and (b) amounts expected to be uncollectible are 6% of the year-end accounts receivable.

Reference no: EM131288639

Questions Cloud

What is a cryogenic bolt material : Which definition of strength are we most often concerned about when selecting a joint configuration or material? Name the two committees who manage ASTM bolting standards.

How has oxo modified its marketing mix : What is OXO's mission?- What are some of the market conditions that have led OXO to reevaluate its marketing strategy?

Explain what qualifies the agency to create specific program : Identify the target population and developmental stage of the population, as well as the intended program track. These will be elaborated upon further in the Program Narrative and Procedures section of the proposal.

Caused and triggered the recessions : Name 3 major recessions in the last 20 years in the U.S and other countries. What caused and triggered the recessions?

Prepare journal entries to recognize bad debts : At the beginning of 2016, Miyazaki Company’s Accounts Receivable balance was $105,000, and the balance in Allowance for Doubtful Accounts was $1,950. Miyazaki’s sales in 2016 were $787,500, 80% of which were on credit. Prepare journal entries to reco..

Define stress relaxation of bolts : Define nut dilation. Why can it be a problem? Compute the approximate thermal expansion of a 1=2-13 2, SAE J429 GR 8 bolt when it is subjected to a temperature rise of 1508F (e.g., from 708F to 2208F) ? Define stress relaxation of bolts. Under wh..

How many units will this firm produce and how can you tell : How many units will this firm produce? How can you tell? What price will this firm charge? How can you tell? What is the maximum amount of profit this firm will earn? How can you tell?

Sources of information need to be provided : Submit a copy of your written project report (not more than 1500 words) and oral presentation materials (in soft and hard copy) to the lecturer before the presentation. References: A Reference List is to be supplied as appendix. Details of all sou..

Textbook on spreadsheet applications for business : Eastman Publishing Company is considering publishing an electronic textbook on spreadsheet applications for business. The fixed cost of manucript preparation, textbook design, and Web site construction is estimated to be $160,000. Build a spreadsheet..

User Account

All Pages