On December 31, 2016, Rusell estimated that 2% of its net sales of RM360,000 will becomeuncollectible. The company recorded this amount as an additional of Allowance for doubtfulaccounts. On May, 11, 2017, Rusell determined that Vetter account was uncollectible andwrote of RM1,100. On June 12, 2017, Vetter paid the amount previously written off.Required:Prepare the journal entries on December 31, 2016, May 11, 2017 and June 12, 2017.

Journal entries refers to the official book of a company which is used to record the day to day…

Answered: Required: Prepare the journal entries…

Business

Accounting

Required: Prepare the journal entries on December 31, 2016, May 11, 2017 and June 12, 2017.

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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On December 31, 2016, Rusell estimated that 2% of its net sales of RM360,000 will become
uncollectible. The company recorded this amount as an additional of Allowance for doubtful
accounts. On May, 11, 2017, Rusell determined that Vetter account was uncollectible and
wrote of RM1,100. On June 12, 2017, Vetter paid the amount previously written off.
Required:
Prepare the journal entries on December 31, 2016, May 11, 2017 and June 12, 2017.

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