exam 2 Aug 2007

exam 2 Aug 2007 - Record in journal and post to Allowance...

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Record in journal and post to Allowance Account following 3 entries using allowance method 1 11/30/2005 Monthly allowance 2% of credit sale of $150,000.00 2 12/15/2005 Charge off customer J Smith $4,500.00 3 12/31/2005 year end allowance based on aging of accounts receivable End of Period Aging of Acct Receivable 0-30 31-60 61-90 >90 days 100,000 40,000 20,000 10,000 Estimate Uncollectable 1.00% 2.00% 3.00% 50.00% Total Date Journal Entry Debit Credit 11/30/2006 12/15/2006 12/31/2006 Allowance for Uncollectable Accounts Date Balance Debit Credit Debit Credit 11/1/2006 Balance 5,000 11/30/2006 12/15/2006
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12/31/2006
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a. b 1 2 3 4 a. b. c. d. e. 5 6 7 8 9 10
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Matching For the following items, indicate whether each is treated as a capital expenditure revenue expenditure Costs incurred after putting an asset into service which extend the asset's useful life Select the account to which each of the following costs would be debited Land Land Improvements Buildings Machinery and Equipment An expense account Transportation charges related to the acquisition costs of a new piece of machinery
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This note was uploaded on 04/13/2008 for the course ACCT 201 taught by Professor Scconline during the Summer '07 term at UNL.

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exam 2 Aug 2007 - Record in journal and post to Allowance...

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