skip to Main Content

The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Allowance method: Income statement and balance sheetapproaches.TempeCompany reported accounts receivable of $300,000 and an allowance foruncollectible accounts of $31,000 (credit) on the December 31, 19X2, balancesheet. The following data pertain to 19X3 activities and operations: Sales on account $2,000,000 Cash collections from credit customers 1,600,000 Sales discounts 50,000 Sales returns & allowances 100,000 Uncollectible accounts written off 29,000 Collections on accounts that were previously written off 2,700InstructionsPrepare journal entries torecord the sales- and receivables-related transactions from 19X3.Prepare the December 31,19X3, adjusting entry for uncollectible accounts assuming that uncollectiblesare estimated to be 2% of net credit sales.Prepare the December 31,19X3, adjusting entry for uncollectible accounts assuming that uncollectiblesare estimated at 1% of year-end accounts receivable.Compute the amount of theadjusting entry in part (c) assuming that $46,000, rather than $29,000, ofaccounts were written off in 19X3. Sales on account $2,000,000 Cash collections from credit customers 1,600,000 Sales discounts 50,000 Sales returns & allowances 100,000 Uncollectible accounts written off 29,000 Collections on accounts that were previously written off 2,700Instructions

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don't hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®