Reference no: EM132563248
Question - On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST.
During June, the following transactions occurred:
1. Revenue earned on credit, $1,195,000.
2. Sales returns, $24,100.
3. Accounts receivable collected, $1,400,000.
4. Accounts written off as uncollectable, $15,851.
Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST.
Required -
1. Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account.
2. Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June.
3. On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection.
|
Identify emerging crime issue in your community
: Identify an emerging crime issue in your community using data available from sources such as local newspapers, online police reporting,
|
|
Show how the van would appear in the balance sheet
: Assume the van was purchased on 1 July 2019 and that the accounting period ends on 30 June. Show how the van would appear in the balance sheet
|
|
Policy and modeling in complex world
: Identify the main point (as in "What's your point?"), thesis, or conclusion of the key ideas presented in the chapter.
|
|
MP4702 Advanced Materials and Materials Selection Assignment
: MP4702 Advanced Materials and Materials Selection Assignment Help and Solution, University Of Central Lancashire - Assessment Writing Service
|
|
Prepare journal entries to record the collection
: On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record collection
|
|
Responsibility for brian medical expenses
: Lastovica Construction is insured under a commercial general liability (CGL) policy. The firm agreed to build a new manufacturing
|
|
Analytics follies
: Discuss at least two factors that could lead to error in statistical analysis. These should be general, and there are many to choose from.
|
|
Give the entries to reflect the transactions
: Under the accrual method, give the entries to reflect the above transactions for 2019 and 2020. Which method is more appropriate? Explain
|
|
Plan for business data and analytics
: Distinguish how organizational data can be used in the most effective way through developing a database.
|