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

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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 Allowance for Uncollectible Accounts 28,000 94,000 1,600 100,000 1,700 1,700 2,000 32,300 1,900 Net accounts receivable = $30,400 ($32,300 – $1,900) The store expects to collect an amount approximating the net receivable.
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