Vandolay industries agreed to these terms and reversed 7000

Reference no: EM13571055

Prepare journal entries to record the following transactions:

(1) On December 15, 2008, the company recorded $150,000 sales on credit.

(2) On December 31, 2008, the company estimated bad debt expenses of $15,000.

(3) On January 12, 2009, collect $100,000 worth of accounts receivable.

(4) After many collection attempts, the Company determined on June 15, 2009 that it would not collect $10,000 in accounts receivables from Pendant Publishing. It decided to write-off this account.

(5) On July 15, Pendant Publishing called to say that they have had financial problems but can afford to pay $7,000 to settle their $10,000 debt in full. Vandolay Industries agreed to these terms, and reversed $7,000 of the prior write-off. It received a $7,000 check from Pendant the next day.

Reference no: EM13571055

Questions Cloud

The costs that follow were extracted from the accounting : 1. product costs and period coststhe costs that follow were extracted from the accounting records of several different

Costingvariable costing treats direct materials direct : assuming that direct labor is a variable cost the primary difference between the absorption and variable costing is

Discuss the difference between the multiple-step and : discuss the difference between the multiple-step and single-step forms of the income statement. which form would the

Byrd company produces one product a putter called go-putter : byrd company produces one product a putter called go-putter. byrd uses a standard cost system and determines that it

Vandolay industries agreed to these terms and reversed 7000 : prepare journal entries to record the following transactions1 on december 15 2008 the company recorded 150000 sales on

Compute the total price and quantity variances for : the following direct materials and direct labor data pertain to the operations of laurel company for the month of

Write a 1750- to 2100-word paper that suggests how the : write a 1750- to 2100-word paper that suggests how the evolution of justice and security over the 21st century may best

It is the end of november and natalie has been in touch : it is the end of november and natalie has been in touch with her grandmother. her grandmother asked natalie how well

At that time blaha recorded goodwill of 100000 related to : at that time blaha recorded goodwill of 100000 related to the purchase. since that time the company has not considered

User Account

All Pages