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BUAD 305 HW6 - It is not sure and it should satisfies the...

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BUAD 305 Homework6 P 8-1B Number of Day Outstanding Total 0-30 31-60 61-90 91-120 Over 120 Accounts receivable $280,000  $107,000  $60,000  $50,000  $38,000  $25,000  % uncollectible 1% 5% 7.50% 10% 12% Estimated bad debts $14,620  $1,070  $3,000  $3,750  $3,800  $3,000  Debit Credit b.) Bed Debts Expense 4620         Allowance for Doubtful Accounts 4620 C.) Allowance for Douubrful Accounts 2600           Accounts Receivable 2600 d.) Account receivable 1000            Allowance for Doubtful Account 1000      Cash 1000          Account Receivable 1000 e.) Allowance account involves estimating uncollectible account at the end of each period. It is the account we think we are not going to receive it. 
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Unformatted text preview: It is not sure and it should satisfies the matching principle. P8-8B a.) Journalize transaction Date Account Titles Oct 7 Account Receivalbe 5600 Sales 5600 12 Cash 582 Credit card service chare 18 Sales 600 15 Cash 8500 Interest revenue 127.5 Note receiable 8500 Interest receivable 127.5 25 Cash 6000 Interest revenue 70 Note receiable 6000 Interest receivable 70 b.) Balances all receiable account Account Receivable Note receivable Oct 7 5600 Aug 16 8500 Oct 15 8500 Balance 5600 Aug 25 6000 Oct 25 6000 Sep 30 10200 Balance 10200 c.) Total Receivable $5600+$10200 = $15800...
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