Accounts Receivable Journal Entries 3. On January 1 of the current year, Neptune, Inc. had the following accounts on its books: Accounts Receivable Allowance for Doubtful Accounts $240,000 8,000 (debit) (credit) During this year, credit sales were $1,200,000 and collections on account were $1,160,000. Required: a. Prepare general journal entries for the following transactions that occurred during the year: (1) Wrote off N. Purcell's account, $6,800. (2) Wrote off J. Stein's account, $2,400. (3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction (2). This amount is not included in the $1,160,000 collections. (4) On December 31, estimated the year's bad debts expense at 1% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end b. balance sheet.

Accounts Receivable Journal Entries 3. On January 1 of the current year, Neptune, Inc. had the following accounts on its books: Accounts Receivable Allowance for Doubtful Accounts $240,000 8,000 (debit) (credit) During this year, credit sales were $1,200,000 and collections on account were $1,160,000. Required: a. Prepare general journal entries for the following transactions that occurred during the year: (1) Wrote off N. Purcell's account, $6,800. (2) Wrote off J. Stein's account, $2,400. (3) J. Stein, who is in bankruptcy, paid $800 in final settlement of the account written off in transaction (2). This amount is not included in the $1,160,000 collections. (4) On December 31, estimated the year's bad debts expense at 1% of credit sales. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the year-end b. balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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