Sunland Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 11% of accounts receivable. Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Beg. bal. (a) End. bal. (c) (d) Accounts Receivable 16,900 Sale Allowance for Doubtful Accounts 600 Beg. bal. (b) Bad Debt Expense (d) End. bal. (e) 36,800 46,100 1,051
Sunland Company reported the following information in its general ledger at December 31. All sales were on account. At the end of the year, uncollectible accounts were estimated to be 11% of accounts receivable. Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.) Beg. bal. (a) End. bal. (c) (d) Accounts Receivable 16,900 Sale Allowance for Doubtful Accounts 600 Beg. bal. (b) Bad Debt Expense (d) End. bal. (e) 36,800 46,100 1,051
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Sunland Company reported the following information in its general ledger at December 31.
All sales were on account. At the end of the year, uncollectible accounts were estimated to be 11% of accounts receivable.
Using your knowledge of receivables transactions, determine the missing amounts. Ignore any inventory, cost of goods sold, and
refund liabilities for the purposes of this question. (Hint: You may find it helpful to reconstruct the journal entries.)
Beg. bal.
(a)
End. bal. (c)
(d)
Accounts Receivable
16,900
Sale
Allowance for Doubtful Accounts
600
Beg. bal.
(b)
Bad Debt Expense
(d)
End. bal. (e)
36,800
46,100
1,051
Transcribed Image Text:Prepare the summary journal entries for Sunland Company. (Credit account titles are automatically indented when the amount
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
(To record sales on account for the year.)
(To record write off of accounts receivable.)
(To record estimate of uncollectible accounts.)
Cash collected
Debit
What is the amount of cash collected?
$
00
Credit
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