Current Attempt in Progress Your a our answer is partially correct. Pina Limited had net sales in 2023 of $1.6 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $234,400 debit: Allowance for Expected Credit Losses $2,500 debit. Assuming Pina has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $30,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Allowance for Expected Credit Losses Debit 28.200 Credit 28.200
Current Attempt in Progress Your a our answer is partially correct. Pina Limited had net sales in 2023 of $1.6 million. At December 31, 2023, before adjusting entries, the balances in selected accounts were as follows: Accounts Receivable $234,400 debit: Allowance for Expected Credit Losses $2,500 debit. Assuming Pina has examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of $30,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Allowance for Expected Credit Losses Debit 28.200 Credit 28.200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Sagar
Transcribed Image Text:Current Attempt in Progress
Your answer is partially correct.
Pina Limited had net sales in 2023 of $1.6 million. At December 31, 2023, before adjusting entries, the balances in selected accounts
were as follows: Accounts Receivable $234,400 debit: Allowance for Expected Credit Losses $2,500 debit. Assuming Pina has
examined the aging of the accounts receivable and has determined the Allowance for Expected Credit Losses should have a balance of
$30,700, prepare the December 31, 2023 journal entry to record the adjustment to Allowance for Expected Credit Losses. (Credit
account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter O for the amounts. List debit entry before credit entry)
Account Titles and Explanation
Allowance for Expected Credit Losses
Debit
28.200
Credit
28.200
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