HWK__6 - HOMEWORK#6 DUE FRIDAY OCT 17(5 points Accounts...

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HOMEWORK #6 DUE FRIDAY, OCT. 17 (5 points) Accounts Receivable The following information is available for a company as of 1/1/08: Accounts Receivable $900,000 Allowance for Uncollectible Accounts (50,000) Accounts Receivable (net) $850,000 Record the following events that took place during 2008 in journal entry form, including showing the effect each has on the basic equations, i.e., (+A) or (-L), etc: 1. During the year the company had credit sales of $1,800,000. 2. The company wrote off as uncollectible $48,000 of accounts. 3. The company estimated that their bad debts was 1.8% of credit sales. 4. The company collected $2,400,000 of cash from accounts receivable. Now, determine the Accounts Receivable (net) as of 12/31/08. Show your work. Bank Reconciliation The records of the Tic Toc Shop show the following bank statement information for September: a. Bank Balance, September 30, 2008, $56,530 b. The cash account balance in the general ledger on September 30, 2008, $52,540 c. Note receivables collected by bank on behalf of Tic Toc totaled $9,500 (included in this amount is $500 interest earned).
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