Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. On February 28, Pharoah Company had accounts receivable in the amount of $393,300 and Allowance for Doubtful Accounts had acredit balance of $1,927 before adjustment. Net credit sales for February amounted to $2,700,000. The credit manager estimatedthat uncollectible accounts would amount to 5% of accounts receivable. On March 10, an accounts receivable from Kathy Black for$5,490 was determined to be uncollectible and written off. However, on March 31, Black received an inheritance and immediatelypaid her past due account in full.Show Transcribed Text(a)Prepare journal entries made by Pharoah Company the ving datespunt titles are automatically indented whenthe amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries beforecredit entries.)1.2.3.DateFeb. 28Mar. 10Mar. 31Your answer is partially correct.(b)February 28March 10March 31Account Titles and ExplanationBad Debt ExpenseAllowance for Doubtful AccountsAllowance for Doubtful AccountsAccounts ReceivableAccounts ReceivableShow Transcribed Text3DebitBalance of Allowance for Doubtful Accounts at March 31 $27000054905490Credit2700005490Assume no other transactions occurred that affected the allowance account during March. Determine the balance of Allowancefor Doubtful Accounts at March 31.

On February 28, Pharoah Company had accounts receivable in the amount of $393,300 and Allowance for Doubtful Accounts had a credit balance of $1,927 before adjustment. Net credit sales for February amounted to $2,700,000. The credit manager estimated that uncollectible accounts would amount to 5% of accounts receivable. On March 10, an accounts receivable from Kathy Black for $5,490 was determined to be uncollectible and written off. However, on March 31, Black received an inheritance and immediately paid her past due account in full. > Show Transcribed Text a) Your answer is partially correct. 3 C

On February 28, Pharoah Company had accounts receivable in the amount of $393,300 and Allowance for Doubtful Accounts had a credit balance of $1,927 before adjustment. Net credit sales for February amounted to $2,700,000. The credit manager estimated that uncollectible accounts would amount to 5% of accounts receivable. On March 10, an accounts receivable from Kathy Black for $5,490 was determined to be uncollectible and written off. However, on March 31, Black received an inheritance and immediately paid her past due account in full. > Show Transcribed Text a) Your answer is partially correct. 3 C

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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