Requlred Information [The following information applies to the questions displayed below.] Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment. $ 920,800 10% Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating incone 22,800 (credit) $ 242,000 Willie's compensation contract states that if the company generates operating income of at least $192.000, he will get a salary bonus early next year. Requlred: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 10% of accounts receivable. (If no entry is required for a particular transactionievent, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet A <> Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Requlred Information [The following information applies to the questions displayed below.] Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's accounting manager provides Willie with the following information, before any adjustment. $ 920,800 10% Accounts receivable Estimated percentage uncollectible Allowance for uncollectible accounts Operating incone 22,800 (credit) $ 242,000 Willie's compensation contract states that if the company generates operating income of at least $192.000, he will get a salary bonus early next year. Requlred: 1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 10% of accounts receivable. (If no entry is required for a particular transactionievent, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet A <> Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Requlred Informatlon
[The following information applies to the questions displayed below.]
Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's
accounting manager provides Willie with the following information, before any adjustment.
$ 920, 000
Accounts receivable
Estimated percentage uncollectible
Allowance for uncollectible accounts
18%
22,000 (credit)
$ 242,000
Operating incone
Willie's compensation contract states that if the company generates operating income of at least $192,000, he will get a salary bonus early next year.
Requlred:
1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 10% of accounts receivable. (If no entry Is requlred for a particular transactlon/event,
select "No Journal Entry Requlred" In the first account fleld.)
View transaction list
Journal entry worksheet
A
Record the adjusting entry for Uncollectible Accounts.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5d592a0b-d573-438f-9a00-69d7ef309f31%2F2070d422-52c1-40ce-ab02-0192d9d1a0ce%2Fndrzhis_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Requlred Informatlon
[The following information applies to the questions displayed below.]
Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company's
accounting manager provides Willie with the following information, before any adjustment.
$ 920, 000
Accounts receivable
Estimated percentage uncollectible
Allowance for uncollectible accounts
18%
22,000 (credit)
$ 242,000
Operating incone
Willie's compensation contract states that if the company generates operating income of at least $192,000, he will get a salary bonus early next year.
Requlred:
1. Record the adjusting entry for uncollectible accounts using the accountant's estimate of 10% of accounts receivable. (If no entry Is requlred for a particular transactlon/event,
select "No Journal Entry Requlred" In the first account fleld.)
View transaction list
Journal entry worksheet
A
Record the adjusting entry for Uncollectible Accounts.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
1
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