Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 03 Nov 2017 My Price 10.00

Sperling Corp.

The following balances are taken from the unadjusted trial balance of Sperling Corp. at its year-end, December 31, 2015:

The balance for J. Nelson of $2,000 is over 90 days past due. It is included in the ageing of accounts receivable chart and has not yet been written off.

 

Part A: 2015

Required:

Prepare journal entries to record:

1. The write-off of J. Nelson’s account on December 31, 2015

2. The appropriate adjusting entry to set up the required balance in the Allowance for Doubtful Accounts general ledger account at December 31, 2015.

Part B: 2016

The following transactions were made in 2016:

a. Sales on account were $1,400,000.

b. Collections of accounts receivable amounted to $1,198,000.

c. Sperling wrote off $20,000 of accounts receivable.

d. An ageing of accounts receivable at December 31, 2016 revealed the following information:

Required: Prepare the journal entries required for parts

a. through

d. and the entry necessary to adjust the Allowance for Doubtful Accounts general ledger account balance at December 31, 2016

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Nov 2017 05:11 PM My Price 10.00

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