Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Feb 2018 My Price 8.00

Lane Company

Reconstructing Accounts Receivable and Expense Journal Entries The 2011 audit of the accounting records of the Lane Company discloses the following information:

Required

1. Reconstruct the journal entries that were made by Lane during 2011 to record changes in the following accounts, assuming sales returns and allowances are estimated in the period of sale and the net price method is used to account for sales discounts.

a. Allowance for doubtful accounts

b. Allowance for sales returns and allowances

c. Accounts receivable

2. What is the 2011 ending balance in each of the accounts in Requirement 1, and how will it be reported on Lane’s 2011 financial statements?

Answers

Maurice Tutor
(5)
Status NEW Posted 16 Feb 2018 05:02 PM My Price 8.00

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