HWK__6 - HOMEWORK #6 DUE FRIDAY, February 18 (6 points)...

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HOMEWORK #6 DUE FRIDAY, February 18 (6 points) Accounts Receivable The following information is available for a company as of 1/1/10: Accounts Receivable $1,700,000 Allowance for Doubtful Accounts (110,000) Accounts Receivable (net) $1,590,000 A) Record the following events that took place during 2010 in journal entry form, including showing the effect each has on the basic equations, i.e., (+A) or (-L), etc: 1. During the year the company had credit sales of $1,800,000 2. The company wrote off as uncollectible $65,000 of accounts. 3. The company estimated that their bad debts was 5% of credit sales. 4. The company collected $1,950,000 of cash from accounts receivable. B) What effect did each of the four transactions have on the net realizable value of accounts receivable? C) Now, determine the Accounts Receivable (net) as of 12/31/10. Show your work. More on Next Page
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Bank Reconciliation The records of Green & White Corporation show the following bank statement information for June: a. Bank Balance, June 30, 2010, $62,700
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HWK__6 - HOMEWORK #6 DUE FRIDAY, February 18 (6 points)...

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