The trial balance of Wildhorse Paints at December 31, 2014, includes the following: Debits Credits Accounts Receivable $91,000 Allowance for Doubtful Accounts 720 Sales (all on credit) $91,720 (a) Present the journal entries specified below. Each item should be considered independently. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) If Wildhorse Paints uses the aging method and estimates that $2,464 of receivables will be uncollectible, prepare the adjusting entry. А. If Wildhorse Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $720 credit balance instead of a $720 debit balance, prepare the appropriate adjusting entry. В. Assume that on February 3, 2015, the specific account of George Bush with a balance of $352 is deemed uncollectible. С. Record the write-off. D. Assume that on May 4, 2015, George Bush pays the above balance in full. Record the appropriate entries. Debit Credit Date Account Titles and Explanation А. B.

The trial balance of Wildhorse Paints at December 31, 2014, includes the following: Debits Credits Accounts Receivable $91,000 Allowance for Doubtful Accounts 720 Sales (all on credit) $91,720 (a) Present the journal entries specified below. Each item should be considered independently. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) If Wildhorse Paints uses the aging method and estimates that $2,464 of receivables will be uncollectible, prepare the adjusting entry. А. If Wildhorse Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $720 credit balance instead of a $720 debit balance, prepare the appropriate adjusting entry. В. Assume that on February 3, 2015, the specific account of George Bush with a balance of $352 is deemed uncollectible. С. Record the write-off. D. Assume that on May 4, 2015, George Bush pays the above balance in full. Record the appropriate entries. Debit Credit Date Account Titles and Explanation А. B.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 10RE: Use the information in RE3-6, (a) assuming Ringo Company makes reversing entries, prepare the...

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