During its first year of operations, Cullumber Company had credit sales of $3,701,300; $657,200 remained uncollected at year-end. The credit manager estimates that $40,500 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the balance sheet for Cullumber Company. Assume that in addition to the receivables it has cash of $92,900, inventory of $131,400, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CULLUMBER COMPANYBalance Sheet (Partial) Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity $ $ Add Less : Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owner's Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owner's Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owner's Equity $

During its first year of operations, Cullumber Company had credit sales of $3,701,300; $657,200 remained uncollected at year-end. The credit manager estimates that $40,500 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the current assets section of the balance sheet for Cullumber Company. Assume that in addition to the receivables it has cash of $92,900, inventory of $131,400, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.) CULLUMBER COMPANYBalance Sheet (Partial) Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity $ $ Add Less : Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owner's Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owner's Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owner's Equity $

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PB: Bristax Corporation recorded $1,385,660 in credit sales for the year, and $732,410 in accounts...

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Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Prepare the current assets section of the balance sheet for Cullumber Company. Assume that in addition to the receivables it has cash of $92,900, inventory of $131,400, and prepaid insurance of $8,500. (List Current Assets in order of liquidity.)

CULLUMBER COMPANY Balance Sheet (Partial)
Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwner's EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owner's EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owner's Equity
		$
	$
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Current Assets Current Liabilities Intangible Assets Long-term Investments Long-term Liabilities Property, Plant and Equipment Owner's Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Owner's Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Owner's Equity		$

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