Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method I added more imformation in the image for the background data and imformation. Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) -attached is an image to the context the journal entries should be placed in
Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method I added more imformation in the image for the background data and imformation. Transactions for 2024 1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold). 2-Collections on account, $92,895 3-Write-offs of uncollectibles, $760. 4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable. a Journalize the issuance of the note. b Journalize the collection of the principal and interest at maturity. (use 360 days) 5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off) -attached is an image to the context the journal entries should be placed in
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.1C
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Journalize this transactions for 2024, before starting the company for the journal entries uses the allowance method
I added more imformation in the image for the background data and imformation.
Transactions for 2024
1-Sales revenue on account, $113,600 (ignore Cost of Goods Sold).
2-Collections on account, $92,895
3-Write-offs of uncollectibles, $760.
4- The Company accepted a 90-day, 9%, $13,500 note receivable from a customer in exchange for 4 his account receivable.
a Journalize the issuance of the note.
b Journalize the collection of the principal and interest at maturity. (use 360 days)
5 Bad debts expense of $?? was recorded. (Refer to requirement 3)(about the write off)
-attached is an image to the context the journal entries should be placed in
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A
Customer Name
Bonneville
Chinook
Duwamish
Foss
Nisqually
Worden
B
Customer Name
Bonneville
Chinook
Duwamish
Foss
Nisqually
Worden
Totals
C
mations.
Minimum Days Maximum Days
1
30
31
60
61
90
91
365
$
$
$
$
S
$
$
Estimated % uncollectible
Estimated total uncollectible $
Amount
980
1,010
510
450
3,145
350
1040
1-30 Days
510
$
D
$
510 $
1.5%
8 $
DATA
DATA
Today's Date
7/31/2024
7/31/2024
7/31/2024
7/31/2024
7/31/2024
7/31/2024
Schedule of Accounts Receivable
31-60 Days
1,010
% Uncollectible
0.0
0.0
0.1
0.7.
3,145
E
4,155 $
3.5%
145 $
Invoice Date
5/26/2024
6/30/2024
7/12/2024
4/15/2024
6/18/2024
5/10/2024
61-90 Days
980
Balances on July 31, 2024
F
Days
Outstanding
66
31
19
107
43
82
350
1,330 $
12.0%
160 $
91-365 Days
450
G
450 S
70.0%
315 $
Uncollectible %
12.0%
3.5%
1.5%
70.0%
3.5%
12.0%
Total Balance
$
980
1,010
510
450
3,145
350
6,445
628
H
J
K
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