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    Devry University
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    NatSteel Holdings Pte Ltd
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Category > Accounting Posted 08 Dec 2017 My Price 10.00

record the year-end adjusting entry for uncollectible accounts

I need help with the journal to make sure im doing it right

The following selected transactions were taken from the records of Shipway Company for the Frst year of its operations ending December 31: Apr. 13 Wrote o± account of Dean Sheppard, $8,290. May 15 Received $420 as partial payment on the $7,220 account of Dan Pyle. Wrote o± the remaining balance as uncollectible. July 27 Received $8,290 from Dean Sheppard, whose account had been written o± on April 13. Reinstated the account and recorded the cash receipt. Dec . 31 Wrote o± the following accounts as uncollectible (record as one journal entry): Paul Chapman $2,280 Duane DeRosa 3,535 Teresa Galloway 4,625 Ernie Klatt 1,095 Marty Richey 1,800 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Required: A. Journalize the transactions under the direct write-of method. IF no entry is required, simply skip to the next transaction. ReFer to the Chart oF Accounts For exact wording oF account titles. B. Journalize the transactions under the allowance method. Shipway Company uses the percent oF credit sales method oF estimating uncollectible accounts expense. Based on past history and industry averages, 0.75% oF credit sales are expected to be uncollectible. Shipway Company recorded $3,720,000 oF credit sales during the year. IF no entry is required, simply skip to the next transaction. ReFer to the Chart oF Accounts For exact wording oF account titles. C. How much higher (lower) would Shipway Company’s net income have been under the direct write- of method than under the allowance method? X Chart of Accounts CHART OF ACCOUNTSShipway CompanyGeneral Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Paul Chapman 122 Accounts Receivable-Duane DeRosa 123 Accounts Receivable-Teresa Galloway 124 Accounts Receivable-Ernie Klatt
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CourseLover
(12)
Status NEW Posted 08 Dec 2017 01:12 PM My Price 10.00

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