ProblemSet4 - Chapter 5 Short-Term Investments and...

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Chapter 5 Short-Term Investments and Receivables (15 min.) E 5-21 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 × .02)……………………………. . 2,000 Allowance for Uncollectible Accounts 2,000 Req. 2 Accounts Receivable Allowance for Uncollectible Accounts 40,000 94,000 3,000 100,000 1,700 1,700 2,000 44,300 3,300 Net accounts receivable = $41,000 ($44,300 $3,300) Google expects to collect the net receivable amount. Chapter 5 Short-Term Investments and Receivables 25
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Req. 3 BALANCE SHEET Current assets: Accounts receivable, net of allowance for uncollectible accounts of $3,300………………… $41,000 Financial Accounting 7/e Solutions Manual 26
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(10-15 min.) E 5-22
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This note was uploaded on 04/22/2011 for the course ECON 1001 taught by Professor Puller during the Spring '11 term at Georgia Institute of Technology.

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ProblemSet4 - Chapter 5 Short-Term Investments and...

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