Shamrock Co. had purchased 230 shares of Washington Co. for $37 each this year (Oregon Co. does not have significant influence).Shamrock Co. sold 100 shares of Washington Co. stock for $41 each. At year-end, the price per share of the Washington Co. stock haddropped to $31.Prepare the journal entries for these transactions and any year-end adjustments. (List all debit entries before credit entries. Credit accounttitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter O for the amounts.)No. Account Titles and ExplanationDebitCredit1.2.3.

Step 1:Journal entry as follows : No.Account titles and…

Answered: Shamrock Co. had purchased 230 shares…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet K1 2 4 Reinstated Park's previously written off account. Note: Enter debits before credits. Date General Journal Debit Credit Jun 05
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At year-end (December 31), Chan Company estimates its bad debts as 0.20% of its annual credit sales of $917,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $459 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions.

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