Reference no: EM133170429
Questions -
Q1. Allowance for Doubtful Accounts has a credit balance of $10,000 at the end of the year, before adjustments. Sales for the year amounted to $1,500,000, and sales returns and allowances amounted to $50,000. The uncollectible account expense is estimated to be 2% of NET sales.
Write the Journal Entry required at the end of the year.
Again use the table function, 4 columns, and 2 rows.
Q2. Using the allowance method, prepare the journal entries for the following using the proper form:
March 2. Sold merchandise on account to Kline Co., $29,000. The cost of the merchandise sold was $17,500.
May 5. Received $7,500 from Kline Co. and wrote off the remainder owed on the sale of March 2 as uncollectible.
October 15. Reinstated the account of Kline Co. that had been written off on May 5 and received $21,500 cash in full payment.
Q3. Allowance for Doubtful Accounts has a credit balance of $10,000 at the end of the year, before adjustments. Sales for the year amounted to $1,500,000, and sales returns and allowances amounted to $50,000. If the uncollectible account expense is estimated to be 2% of NET sales, the amount of the appropriate adjusting entry will be
Q4. A return of $1,200 has been recorded on a sales invoice for $20,000, terms 1/10, n/30; it is paid within the discount period.
The amount of the discount is?
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