a.
The closing balance required in the allowance for uncollectible accounts at year-end.
Given Information:
Credit sale is $45,000,000.
Closing accounts receivables $3,189,000.
Unadjusted balance in allowance for uncollectible accounts is $348,810.
b.
To prepare: The
Given Information:
Credit sale is $45,000,000.
Closing accounts receivables $3,189,000.
Unadjusted balance in allowance for uncollectible accounts is $348,810.
c.
To prepare: Journal entry to record bad debt expense.
Given Information:
Credit sale is $45,000,000.
Closing accounts receivables $3,189,000.
Unadjusted balance in allowance for uncollectible accounts is $331,000 Debit.
d.
To prepare: The journal entry to record the bad debt provision.
Given information:
Net credit sale is $45,000,000.
e.
To prepare: The Journal entry to write off accounts.
Given information:
Accounts receivables of over 90 days past due are $808,412.
Accounts recovered subsequently are $789,412.
f.
To prepare: The Journal entry to record the recovery of accounts subsequently.
Given information:
Accounts receivables of over 90 days past due are $808,412.
Accounts recovered subsequently are $789,412.
Want to see the full answer?
Check out a sample textbook solutionChapter 9 Solutions
Intermediate Accounting - Myaccountinglab - Pearson Etext Access Card Student Value Edition
- Kindly help me with accounting questionsarrow_forwardPlease given answer general Accountingarrow_forwardQuestions:-General Account - On March 1, 2019, Alpha Company's beginning work-in-process inventory had 8,000 units. This is its only production department. Beginning WIP units were 50% completed to conversion costs. Alpha introduces direct materials at the beginning of the production process. During March, a total of 15,000 units were started and a total of 20,000 units were completed. Alpha's ending WIP inventory had 3,000 units which were 70% completed to conversion costs. Alpha uses the weighted average method. Use this information to determine for March 2019 the equivalent units of production for conversion costsarrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education