WK 5 Accounting

WK 5 Accounting - Tara Anderson Exercise 7-25 - Purchases...

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Tara Anderson Exercise 7-25 Purchases $74,000 - Ending Inventory $31,500 = Cost of Goods Sold $42,500 Sales $25,500 Collections from Customers $48,000 - ending accounts receivalbe $28,300 $19,700
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Tara Anderson 7-30 Uncollectible Accounts Age of Accounts Balace Percentage 0 - 30 days $16,400 0.7% 31-60 days 11,080 1.4% 61-90 days 8,150 3.5% 91-120 days 7,350 10.2% Over 120 days 2,230 60.0% $45,210 Correct Balance: Adjusting Entry Allowance for bad debts 397.87 Bad debt expense 397.87
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Estimated Uncollectible $114.80 $155.12 $285.25 $749.70 $1,338.00 $2,642.87
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7-46 Name: Tara Anderson To enter the journal entries, enter the appropriate account titles in the shaded cells in columns C and D, and the appropriate amounts in the shaded cells in columns G and I. 1) Journal Entries Cash 210,270 Accounts Receivable 380,780 Sales 591,050 Cash 303,800 Sales Discounts 12,658 Accounts Receivable 316,458 Allowance for Bad Debt 5,250 Accounts Receivable 5,250 Sales Returns and Allowances 63,800 Accounts Receivable 63,800 Sales Returns and Allowances 13,318 Cash 13,318 Accounts Receivable 8,290 Allowance for Bad Debt 8,290 Cash 8,290 Accounts Receivable 8,290 2) Adjusting Entry Bad Debt Expense 4,565 Allowance for Bad Debt 4,565
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Accounts Receivable Allowance for Bad Debt Bad Debt Expense Cash Sales Sales Discounts Sales Returns and Allowances
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Tara Anderson Problem 7-48 1 Bad Debt Expense $7,410 Allowance for Bad Debt $7,410
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This note was uploaded on 05/29/2011 for the course EC 2011 taught by Professor Johnson during the Spring '11 term at FIT.

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WK 5 Accounting - Tara Anderson Exercise 7-25 - Purchases...

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