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Category > Management Posted 15 Feb 2018 My Price 6.00

Ruth Allen Co

The Ruth Allen Co. had these account balances at the end of the calendar year: accounts receivable, SS4t.300; allowance for bad debts, StO,912. Make entries in general journal form, and post to the Allowance for Dad Debts "T" account only, for the following transactions for the new year:

 

1. Sales made on credit amounted to 55,456,575.

2. Cash sales made during the year amounted to SI21,214.

3. Collections of accounts during the year: actual cash collected, S5,381 ,642; sales discount. allowed, 5130,004.

4. Wrote off uncollectible accounts amounting to S9,280.

5. Collected S2,340 for an Recount that had previously been written off.

6. Made the adjusting entry to recognise bad debts based on 1% of net credit sales for the year.

 

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Maurice Tutor
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Status NEW Posted 15 Feb 2018 10:02 PM My Price 6.00

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