Chapter_5 - MGT120 Self- Study Problems Chapter 5 (15-20...

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MGT120 Self- Study Problems Chapter 5 (15-20 min.) E 5-5 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2007 Dec. 31 Year-end entry: Doubtful-Account Expense ($600,000 × 0.01)……………………. .. 6,000 Allowance for Doubtful Accounts. 6,000 BALANCE SHEET Current assets: Accounts receivable, net of allowance for doubtful accounts of $6,9001…………. .. $84,1002 _____ _____ 1$900 + $6,000 = $6,900 2$91,000 – $6,900 = $84,100
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(15 min.) E 5-6 Req. 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Oct. Accounts Receivable……………………. .. 100,000 Sales Revenue…………………………. . 100,000 Oct. Cash…………………………………………. . 94,000 Accounts Receivable…………………. .. 94,000 Oct. Allowance for Uncollectible Accounts… 1,700 Accounts Receivable…………………. .. 1,700 Oct. Uncollectible-Account Expense ($100,000 × 0.02)…………………………… 2,000 Allowance for Uncollectible Accounts 2,000 Req. 2 Accounts Receivable
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This note was uploaded on 01/16/2011 for the course MGT 120 taught by Professor Zuliani during the Winter '08 term at University of Toronto- Toronto.

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Chapter_5 - MGT120 Self- Study Problems Chapter 5 (15-20...

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