Present the journal entries specified below. Each item should be considered independently. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) If Tamarisk Paints uses the aging method and estimates that $2,376 of receivables will be uncollectible, prepare the A. adjusting entry. If Tamarisk Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $680 credit balance instead of a $680 debit balance, prepare the appropriate adjusting entry. В. Assume that on February 3, 2015, the specific account of George Bush with a balance of $340 is deemed uncollectible. C. Record the write-off. D. Assume that on May 4, 2015, George Bush pays the above balance in full. Record the appropriate entries. Date Account Titles and Explanation Debit Credit A. В. C. (To record writeoff of settlement) B. D.
Present the journal entries specified below. Each item should be considered independently. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) If Tamarisk Paints uses the aging method and estimates that $2,376 of receivables will be uncollectible, prepare the A. adjusting entry. If Tamarisk Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $680 credit balance instead of a $680 debit balance, prepare the appropriate adjusting entry. В. Assume that on February 3, 2015, the specific account of George Bush with a balance of $340 is deemed uncollectible. C. Record the write-off. D. Assume that on May 4, 2015, George Bush pays the above balance in full. Record the appropriate entries. Date Account Titles and Explanation Debit Credit A. В. C. (To record writeoff of settlement) B. D.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Present the journal entries specified below. Each item should be considered independently. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
If Tamarisk Paints uses the aging method and estimates that $2,376 of receivables will be uncollectible, prepare the
adjusting entry.
A.
If Tamarisk Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $680 credit
balance instead of a $680 debit balance, prepare the appropriate adjusting entry.
В.
Assume that on February 3, 2015, the specific account of George Bush with a balance of $340 is deemed uncollectible.
C.
Record the write-off.
D.
Assume that on May 4, 2015, George Bush pays the above balance in full. Record the appropriate entries.
Date Account Titles and Explanation
Debit
Credit
A.
В.
C.
(To record writeoff of settlement)
B.
D.
Transcribed Image Text:The trial balance of Tamarisk Paints at December 31, 2014, includes the following:
Debits
Credits
Accounts Receivable
$89.000
Allowance for Doubtful Accounts
680
$89,680
Sales (all on credit)
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