User Account

All Pages

Prepare the necessary journal entry at the end of the year

Assignment Help Accounting Basics
Reference no: EM132852716

Problem - Brown Corp. ended the year with balances in Accounts Receivable of $60,000 and in Allowance for Doubtful Accounts of $800 (credit balance before adjustment). Net sales for the year amounted to $200,000. Prepare the necessary journal entry at the end of the year assuming:

a. Estimated percentage of net sales uncollectible is 1%.

b. Estimated percentage of year-end accounts receivable uncollectible is 4%.

Reference no: EM132852716

Questions Cloud

Prepare any necessary journal entry on December : On November 1, 2016, Gopher received a $50,000, 6%, 90-day promissory note. Prepare any necessary journal entry on December 31
Parasympathetic and sympathetic nervous systems : Compare and contrast the parasympathetic and sympathetic nervous systems. Then, create a scenario whereby the respective activities of the parasympathetic
Artificially prolong life creates new ethical issues : As technology advances, society faces new challenges as the ability to artificially prolong life creates new ethical issues
Compute the company accounts receivable turnover : Accounts receivable amounted to $40,000 at the beginning of the year and $20,000 at the end of the year. Compute the company's accounts receivable turnover
Prepare the necessary journal entry at the end of the year : Net sales for the year amounted to $200,000. Prepare the necessary journal entry at the end of the year
Time spent for meeting during covid : What is the probability that one randomly selected office worker would spend more than 6 hours per week for meetings? Display working.
Influenced perceptions of mental illness-criminal behavior : How do you feel that current events have influenced perceptions of mental illness and criminal behavior? How does this differ from the historical perspective?
Prepare the journal entry at the end of year to record debts : Badger recorded $500,000 of net sales for the year of which 2% is estimated to be uncollectible. Prepare the journal entry at the end of the year
Find the population coefficient of variation : Your final answers should be accurate to 3 places after the decimal point.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the purpose of a payroll register

What is the purpose of a payroll register? Why is it important to pay attention to rounding in completing payroll calculations? Give an example

  Determine the manner of distribution

Determine the manner of distribution of the remaining 720,000 under independent assumptions: Selisana is personally insolvent. He has no personal assets

  Employee benefits al flies for aaa airlines aaa provides

employee benefits. al flies for aaa airlines. aaa provides its employees with several fringe benefits. al and his

  How would you rate the project manager

How would you rate the project manager? What is the basis of your evaluation?

  Prepare necessary entry to record February payroll

The company incurred a salary expense of $50,000 during February. Prepare the necessary entry to record Brookhaven's February payroll that will paid on March

  Weirs trucking inc is considering the purchase4 of a new

weirs trucking inc. is considering the purchase4 of a new production machine for 105000. the purchase of this new

  Acc 204 homework assignment 5 aragon company manufactures

acc 204 homework assignment 5 aragon company manufactures a product and sells it for 120 per unit. the total fixed

  How is ignorance of the law a liability

Knowledge of the law is a business asset. How can you acquire this asset short of becoming a lawyer? How is ignorance of the law a liability?

  Determine the amount of operating cash flows

Eastwood Enterprises offers horseback riding lessons. Determine the amount of operating cash flows Eastwood will report as received from customers in June

  Calculate the overhead rates using the activity-based

wilkins inc. has two types of handbags standard and custom. the controller has decided to use a plantwide overhead rate

  Accounts payable to suppliers of merchandise decreased

Accounts payable to suppliers of merchandise decreased $275,000 during the year.

  How much is the one-time benefit from the proposal

If the wire transfer fee were $30 how much would the NPV for the proposal be? How much is the net present value of the proposal?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd