The closing balance required in the allowance for uncollectible accounts at year-end. Given Information : Credit sale is $45,000,000. Closing accounts receivables $3,189,000. Unadjusted balance in allowance for uncollectible accounts is $348,810.
The closing balance required in the allowance for uncollectible accounts at year-end. Given Information : Credit sale is $45,000,000. Closing accounts receivables $3,189,000. Unadjusted balance in allowance for uncollectible accounts is $348,810.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
Chapter 9, Problem 9.5P
a.
To determine
The closing balance required in the allowance for uncollectible accounts at year-end.
Given Information:
Credit sale is $45,000,000.
Closing accounts receivables $3,189,000.
Unadjusted balance in allowance for uncollectible accounts is $348,810.
b.
To determine
To prepare: The journal entry for recording bad debt provision.
Given Information:
Credit sale is $45,000,000.
Closing accounts receivables $3,189,000.
Unadjusted balance in allowance for uncollectible accounts is $348,810.
c.
To determine
To prepare: Journal entry to record bad debt expense.
Given Information:
Credit sale is $45,000,000.
Closing accounts receivables $3,189,000.
Unadjusted balance in allowance for uncollectible accounts is $331,000 Debit.
d.
To determine
To prepare: The journal entry to record the bad debt provision.
Given information:
Net credit sale is $45,000,000.
e.
To determine
To prepare: The Journal entry to write off accounts.
Given information:
Accounts receivables of over 90 days past due are $808,412.
Accounts recovered subsequently are $789,412.
f.
To determine
To prepare: The Journal entry to record the recovery of accounts subsequently.
Given information:
Accounts receivables of over 90 days past due are $808,412.