Name:QUIZ 2 - FINANCIAL ACCOUNTINGCode 2 - SNHU 19E2 - 60'CashAcc RecenapleQuestion 1:Journalize the transaction as follow under both direct write-off method and allowance method.1. Received $ 40% as partial payment on the $6,000 account of Park Co. Wrote off theremaining balance as uncollectible.2. Wrote off account of Jenny Co., $9,000.3. Received the amount of money that had been written off from Park Co.Question 2:The following represents selected information taken from a company's aging schedule toestimate uncollectible accounts receivable at year end.Numher of Days OutstandingTotai91-120 Over 12006-19$285,000 $107,000 $60,000 $50,000 $38,00009Accounts rere000'oE$uncollectible7.5%%0%Estimated bad debtsInstructions(a) Calculate the total estimated bad debts based on the above information.(b) Prepare the year-end adjusting journal entry to record the bad debts using the allowancemethod and the aged uncollectible accounts receivable determined in (a). Assume theunadjusted balance in the Allowance for Doubtful Accounts account is a $10,000 credit.Question 3.On January 1, 2020, Sands Company had Accounts Receivable of $54,200 and Allowance for

Since we only one question and answer up to 3 sub-parts, we’ll answer the first question with all 3…

Acc Recevaple Acc Question 1: Journalize the transaction as follow under both direct write-off method and allowance method. 1. Received $ 40% as partial payment on the $6,000 account of Park Co. Wrote off the remaining balance as uncollectible. 2. Wrote off account of Jenny Co., $9,000. 3. Received the amount of money that had been written off from Park Co.

Acc Recevaple Acc Question 1: Journalize the transaction as follow under both direct write-off method and allowance method. 1. Received $ 40% as partial payment on the $6,000 account of Park Co. Wrote off the remaining balance as uncollectible. 2. Wrote off account of Jenny Co., $9,000. 3. Received the amount of money that had been written off from Park Co.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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