Chapter (10) practices Q1: The following information is extracted from Basra Company. 1- Balances on 1/1/2007: balances of accounts receivables ID 13000, allowance for doubtful accounts ID 1000. 2- On 1/5/2007 sold goods for ID 6000 on account. 3- On 1/7/2007 collected ID 5000 from customers. 4- On 31/12/2007 write-off uncollectible accounts receivable for ID 2500. 5- On 1/10/2007 estimated that bad-debts of ID 2000 Required: 1- Record the journal entries for the above transaction. 2- Post the entries to the general ledger. 3- Show the details of accounts receivables at the end of period and the partial balance sheet.
Chapter (10) practices Q1: The following information is extracted from Basra Company. 1- Balances on 1/1/2007: balances of accounts receivables ID 13000, allowance for doubtful accounts ID 1000. 2- On 1/5/2007 sold goods for ID 6000 on account. 3- On 1/7/2007 collected ID 5000 from customers. 4- On 31/12/2007 write-off uncollectible accounts receivable for ID 2500. 5- On 1/10/2007 estimated that bad-debts of ID 2000 Required: 1- Record the journal entries for the above transaction. 2- Post the entries to the general ledger. 3- Show the details of accounts receivables at the end of period and the partial balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i need the answer quickly
Transcribed Image Text:Chapter (10) practices
Q1: The following information is extracted
from Basra Company.
1- Balances on 1/1/2007: balances of
accounts receivables ID 13000, allowance
for doubtful accounts ID 1000.
2- On 1/5/2007 sold goods for ID 6000 on
account.
3- On 1/7/2007 collected ID 5000 from
customers.
4- On 31/12/2007 write-off uncollectible
accounts receivable for ID 2500.
5- On 1/10/2007 estimated that bad-debts of
ID 2000
Required:
1- Record the journal entries for the above
transaction.
2- Post the entries to the general ledger.
3- Show the details of accounts receivables
at the end of period and the partial balance
sheet.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education