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 > Accounting Posted 08 Aug 2017 My Price 8.00

Fargo Company

As of 2009 December 31, Fargo Company"s accounts prior to adjustment show: Allowance for uncollectible accounts (credit balance)

Accounts receivable

$ 40,000

Allowance for uncollectible accounts (credit balance)

750

Sales

250,000

Fargo Company estimates uncollectible accounts at 1 percent of sales. On 2010 February 23, the account of Dan Hall in the amount of USD 300 was considered uncollectible and written off. On 2010 August 12, Hall remitted USD 200 and indicated that he intends to pay the balance due as soon as possible. By 2010 December 31, no further remittance had been received from Hall and no further remittance was expected.

a. Prepare journal entries to record all of these transactions and adjusting entries.

b. Give the entry necessary as of 2009 December 31, if Fargo Company estimated its uncollectible accounts at 8 percent of outstanding receivables rather than at 1 percent of sales.

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Aug 2017 10:08 PM My Price 8.00

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