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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Analyzing Accounts Receivable Upham Company’s June 30, 2019, balance sheet included the following information:

Chapter 6, Problem 14P, Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following

Required:

  1. 1. Prepare the journal entries necessary for Upham to record the preceding transactions.
  2. 2. Prepare an analysis and schedule that shows the amounts of the accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivable dishonored accounts that will be disclosed on Upham’s June 30, 2020, balance sheet.

1.

To determine

Prepare journal entry to record the given transaction.

Explanation

Account receivable:

The amount of money to be received by a company for the sale of goods and services to the customers is referred to as account receivable.

...
Transaction No.Account Titles and explanationDebit ($)Credit ($)
1.Accounts receivable874,600 
      Sales revenue 874,600
 (To record the sale made on credit)  
    
2.Cash 841,000 
      Accounts receivable 841,000
 (To record the collection on the sales made)  
    
3.Allowance for doubtful accounts13,800 
      Accounts receivable 13,800
 (To record the write off the sales that are  uncollectible )  
    
4Notes receivable 72,000 
      Accounts receivable  72,000
 (To  record the customer notes that were received for the payment of accounts receivable)  
    
5Cash 29,000 
      Accounts receivable 29,000
 (To record the  notes receivable collected )  
    
6

2.

To determine

Prepare T-account for accounts receivable, allowance for doubtful accounts, notes receivable, and notes receivables dishonored and also show the manner by which these items will be disclosed in Company U balance sheet as on June 30, 2020.

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