hmwk_ch8 - PRACTICE EXERCISES PE 81A Feb. 12

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Unformatted text preview: PRACTICE EXERCISES PE 81A Feb. 12 Cash...................................................................... 750 Bad Debt Expense............................................... 2,000 Accounts ReceivableManning Wingard. . 2,750 June 30 Accounts ReceivableManning Wingard........ 2,000 Bad Debt Expense......................................... 2,000 30 Cash...................................................................... 2,000 Accounts ReceivableManning Wingard. . 2,000 PE 81B Aug. 7 Cash...................................................................... 175 Bad Debt Expense............................................... 400 Accounts ReceivableRoosevelt McLair... 575 Nov. 23 Accounts ReceivableRoosevelt McLair........ 400 Bad Debt Expense......................................... 400 23 Cash...................................................................... 400 Accounts ReceivableRoosevelt McLair... 400 PE 82A Feb. 12 Cash...................................................................... 750 Allowance for Doubtful Accounts..................... 2,000 Accounts ReceivableManning Wingard. . 2,750 June 30 Accounts ReceivableManning Wingard........ 2,000 Allowance for Doubtful Accounts................ 2,000 30 Cash...................................................................... 2,000 Accounts ReceivableManning Wingard. . 2,000 PE 82B Aug. 7 Cash...................................................................... 175 Allowance for Doubtful Accounts..................... 400 Accounts ReceivableRoosevelt McLair... 575 1 Nov. 23 Accounts ReceivableRoosevelt McLair........ 400 Allowance for Doubtful Accounts................ 400 23 Cash...................................................................... 400 Accounts ReceivableRoosevelt McLair... 400 PE 83A 1. $7,000 ($2,800,000 0.0025) Adjusted Balance 2. Accounts Receivable...................................................... $500,000 Allowance for Doubtful Accounts ($4,000 + $7,000).... 11,000 Bad Debt Expense........................................................... 7,000 3. Net realizable value ($500,000 $11,000)..................... $489,000 PE 83B 1. $31,000 ($6,200,000 0.005) Adjusted Balance 2. Accounts Receivable...................................................... $1,200,000 Allowance for Doubtful Accounts ($31,000 $5,000) 26,000 Bad Debt Expense........................................................... 31,000 3. Net realizable value ($1,200,000 $26,000).................. $1,174,000 PE 84A 1. $12,000 ($16,000 $4,000) Adjusted Balance 2. Accounts Receivable...................................................... $500,000 Allowance for Doubtful Accounts.................................. 16,000 Bad Debt Expense........................................................... 12,000 3. Net realizable value ($500,000 $16,000)..................... $484,000 PE 84B 1. $39,500 ($34,500 + $5,000) 2 Adjusted Balance...
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This note was uploaded on 04/27/2008 for the course ACG 2021 taught by Professor Cobb during the Spring '08 term at Saint Petersburg.

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hmwk_ch8 - PRACTICE EXERCISES PE 81A Feb. 12

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