**Exercise 228 (Part Level Submission)**The Oriole Company uses the percentage of receivables approach to estimate bad debts expense. As of February 28 (the fiscal year-end), the firm had accounts receivable amounting to $573,000, and the Allowance for Doubtful Accounts had a credit balance of $1,850 before adjustment. Net credit sales for February totaled $3,480,000. The credit manager estimated that uncollectible accounts would be 6% of accounts receivable. On March 10, an account receivable from Mark Dole for $2,100 was deemed uncollectible and written off. However, on March 31, Dole received an inheritance and paid his past due account in full.### Task (a)Prepare the journal entries made by Oriole Company on the following dates: **(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)**1. **February 28**2. **March 10**3. **March 31**| Date | Account Titles and Explanation | Debit | Credit ||------------|-------------------------------------------------|-------|--------|| | | | || | | | || | | | || | (To reinstate an account previously written off) | | || | | | || | (To record collection of payment) | | |**Note:**There are no graphs or diagrams to describe. The text provides instructions for recording journal entries based on different financial events for Oriole Company within the specified dates.

On February 28th (1) Account receivables Dr. $3480000 Sales Cr. $3480000 ( being sales made on…

Exercise 228 (Part Level Submission) The percentage of receivables approach to estimating bad debts expense is used by Oriole Company. On February 28 (the fiscal yearend), the firm had accounts receivable in the amount of $573,000 and Allowance for Doubtful Accounts had a credit balance of $1,850 before adjustment. Net credit sales for February amounted to $3,480,000. The credit manager estimated that uncollectible accounts would amount to 6% of accounts receivable. On March 10, an accounts receivable from Mark Dole for $2,100 was determined to be uncollectible and written off. However, on March 31, Dole received an inheritance and immediately paid his past due account in full. (a) Prepare the journal entries made by Oriole Company on the below dates: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 1. February 28 2. March 10 3. March 31 Date Account Titles and Explanation Debit Credit (To reinstate an account previously written off) (To record collection of payment) Click if vou wOuld liko to Show Work for this quection

Exercise 228 (Part Level Submission) The percentage of receivables approach to estimating bad debts expense is used by Oriole Company. On February 28 (the fiscal yearend), the firm had accounts receivable in the amount of $573,000 and Allowance for Doubtful Accounts had a credit balance of $1,850 before adjustment. Net credit sales for February amounted to $3,480,000. The credit manager estimated that uncollectible accounts would amount to 6% of accounts receivable. On March 10, an accounts receivable from Mark Dole for $2,100 was determined to be uncollectible and written off. However, on March 31, Dole received an inheritance and immediately paid his past due account in full. (a) Prepare the journal entries made by Oriole Company on the below dates: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 1. February 28 2. March 10 3. March 31 Date Account Titles and Explanation Debit Credit (To reinstate an account previously written off) (To record collection of payment) Click if vou wOuld liko to Show Work for this quection

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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Exercise 228 (Part Level Submission) The percentage of receivables approach to estimating bad debts expense is used by Oriole Company. On February 28 (the fiscal yearend), the firm had accounts receivable in the amount of $573,000 and Allowance for Doubtful Accounts had a credit balance of $1,850 before adjustment. Net credit sales for February amounted to $3,480,000. The credit manager estimated that uncollectible accounts would amount to 6% of accounts receivable. On March 10, an accounts receivable from Mark Dole for $2,100 was determined to be uncollectible and written off. However, on March 31, Dole received an inheritance and immediately paid his past due account in full. (a) Your answer is partially correct. Try again. Prepare the journal entries made by Oriole Company on the below dates: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 1. February 28 2. March 10…
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