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Category > Accounting Posted 28 Jul 2017 My Price 12.00

Puff Adder Corp.

11. Puff Adder Corp. had the following situations during the last four years of operation:
a. The Allowance for Uncollectible Accounts has a $1,700 credit balance prior to adjustment. Net credit sales during 2006 are $600,000 and 3% are estimated to be uncollectible. Accounts Receivable has a balance of $110,000 on Dec 31, 2006.

b. The Allowance for Uncollectible Accounts has a $900 debit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2007, $17,900 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $104,000 on Dec 31, 2007.

c. The Allowance for Uncollectible Accounts has a $1,100 credit balance prior to adjustment. Based on an aging schedule of accounts receivable prepared on December 31, 2008, $20,000 of accounts receivable are estimated to be uncollectible. Accounts Receivable has a balance of $87,000 on Dec 31, 2008.

d. The Allowance for Uncollectible Accounts has a $500 debit balance prior to adjustment. Net credit sales during 2009 are $900,000 and 2% are estimated to be uncollectible. Accounts Receivable has a balance of $125,000 on Dec 31, 2009.

Prepare the adjusting journal entries needed for these years.

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Maurice Tutor
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Status NEW Posted 28 Jul 2017 09:07 PM My Price 12.00

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