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 Wildhorse Paints uses the aging method and estimates that $2,464 of receivables will be uncollectible, prepare the A. adjusting entry. If Wildhorse Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $720 credit balance instead of a $720 debit balance, prepare the appropriate adjusting entry. B. Assume that on February 3, 2015, the specific account of George Bush with a balance of $352 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.

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 Wildhorse Paints uses the aging method and estimates that $2,464 of receivables will be uncollectible, prepare the A. adjusting entry. If Wildhorse Paints estimates uncollectibles at 2.2% of accounts receivable and the allowance account had a $720 credit balance instead of a $720 debit balance, prepare the appropriate adjusting entry. B. Assume that on February 3, 2015, the specific account of George Bush with a balance of $352 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.

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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