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Category > Accounting Posted 16 May 2017 My Price 8.00

Puff Adder Corp. had the following situations during the last four years of operation

11. Puff Adder Corp. had the following situations during the last four years of operation:
a. The Allowance for Uncollectible Accounts has a $1,700 credit balance prior to adjustment. Net credit sales during 2006 are $600,000 and 3% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 on Dec 31, 2006.

b. The Allowance for Uncollectible Accounts has a $900 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2007, $17,900 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 on Dec 31, 2007.

c. The Allowance for Uncollectible Accounts has a $1,100 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2008, $20,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $87,000 on Dec 31, 2008.

d. The Allowance for Uncollectible Accounts has a $500 debit balance prior to adjustment. Net credit sales during 2009 are $900,000 and 2% are estimated to be uncollectible. Accounts Receivable has a balance of $125,000 on Dec 31, 2009.

Prepare the adjusting journal entries needed for these years.

 

Answers

Alpha Geek
(8)
Status NEW Posted 16 May 2017 09:05 AM My Price 8.00

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file 1494927846-Answer.docx preview (273 words )
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