Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 07 Jul 2017 My Price 11.00

Accounts receivable

Wondra Supplies showed the following selected adjusted balances at its December 31 , 2010,year-end:

Accounts receivable

Debits 490,000

Allowance for doubtful accounts

Credits 12,460

 

During the year 2011 , the following selected transactions occurred:a. Sales totalled $1 ,725,000, of which 85% were credit sales (cost of sales $1 ,207,500).b. Sales returns were $49,000, all regarding credit sales. The returned merchandise was scrapped.c. An account for $29,000 was recovered.d. Several accounts were written off, including one very large account; the total was $1 32,500.e. Collected accounts receivable of $1 ,500,500 (excluding the recovery in (c) above). Salesdiscounts of $26,000 were taken.Part ARequired1 . Journalize transactions (a) through (e). You may find it useful to post your entries toT-accounts for Accounts Receivable and Allowance for Doubtful Accounts.Part BRequired2. Prepare the December 31 , 201 1 , adjusting entry to estimate bad debts, assuming uncol-lectible accounts are estimated to be 8% of net credit sales.3. Show how accounts receivable will appear on the December 31 , 201 1 , balance sheet.4. What will bad debt expense be on the income statement for the year ended December 31 ,201 1 ?Part C (independent of Part B)Required5. Prepare the December 31 , 201 1 , adjusting entry to estimate bad debts, assuming uncol-lectible accounts are estimated to be 4% of outstanding receivables.6. Show how accounts receivable will appear on the December 31 , 201 1 , balance sheet.7. What will bad debt expense be on the income statement for the year ended December 31 ,2011 

Answers

Maurice Tutor
(5)
Status NEW Posted 07 Jul 2017 03:07 PM My Price 11.00

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