Ch 7 ACCOUNTS REC

Ch 7 ACCOUNTS REC - $5,000.00 12/8/2008 23 $2,650.00...

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General Journal 7-28 Date Description Debit Credit 1 Uncollectible amount of sales is $25,800 1 2 Bad Debt Expense 25,800 2 3 Allowance for Bad Debts 25,800 3 4 4 5 5 6 Of AR 3% are doubtful, $13,500 6 7 Bad Debt Expense 11,255 7 8 Allowance for Bad Debts 11,255 8 9 (3%*450000-3600) 9 10 10 11 Aging schedule shows $12,300 of AR oustanding is doubtful 11 12 Bad Debt Expense 10,055 12 13 Allowance for Bad Debt 10,055 13 14 (12,300-3600) 14 Post Ref.
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7-30 Date 12/31/2008 Customer name 0–30 days 31–60 days 61–90 days 91–120 days 121+ days Invoice Date Days Late Uncollectible % 0.7% 1.4% 3.5% 10.2% 60.0% Allison, Inc $3,500.00 $3,500.00 12/6/2008 25 $5,295.00 $5,295.00 11/29/2008 32 Banks Bros $3,000.00 $3,000.00 9/27/2008 95 $2,230.00 $2,230.00 8/20/2008 133 $5,000.00
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Unformatted text preview: $5,000.00 12/8/2008 23 $2,650.00 $2,650.00 10/25/2008 67 Marrin Co $5,785.00 $5,785.00 11/17/2008 44 $5,500.00 $5,500.00 10/9/2008 83 Ring, Inc $4,800.00 $4,800.00 12/12/2008 19 $3,100.00 $3,100.00 12/2/2008 29 West Corp $1,350.00 $1,350.00 9/12/2008 110 TOTALS $16,400.00 $11,080.00 $8,150.00 $4,350.00 $2,230.00 $42,210.00 Amount uncollectible $114.80 $155.12 $285.25 $443.70 $1,338.00 Total Allowance for bad debts $2,336.87 Adjustment $91.87 GENERAL JOURNAL 2 Dec 31 Bad Debt Expense $91.87 2 3 Allowance for Bad Debts $91.87 3 Allowance for Bad Debts Actual Est 2,245 2,245 Allocated days to pay Customer totals...
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Ch 7 ACCOUNTS REC - $5,000.00 12/8/2008 23 $2,650.00...

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