Homework 8

# Homework 8 - Jackie Gragnola BUS 214 MW Bissonnette E8-3...

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BUS 214; MW; Bissonnette February 19, 2009 E8-3 AR= 200,000 Allowance for DA = 9000 Net Credit Sales = 800,000 Collections = 743,000 Uncollectible AR = 7,000 a) Cash 743,000 Accounts Receivable 57,000 Sales Revenue 800,000 (to record sales and collections during the period) b) Allowance for DA 7000 Accounts Receivable 7000 (to write-off the uncollectible accounts during the period) c) Accounts Receivable 4000 Allowance for DA 4000 Cash 4000 Accounts Receivable 4000 (to record the recovery of the uncollectible account earlier in the period) d) Bad Debts Expense 25,000 Allowance for DA 25,000 (to record bad debts expense for the period) e) Accounts Receivable Allowance for DA 200,000 7,000 7000 9000 57,000 4,000 4000 4,000 25,000 250,000 31,000 f) The net realizable value of receivables at the end of the period is (AR – Allowance for DA = 250,000 – 31,000) \$219,000. P8-1A a) Total = .01(222,000) + .04(90,000) + .05(38,000) + .06(10,000) + .1(18,000) = 10,120 b) Bad Debts Expense

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Homework 8 - Jackie Gragnola BUS 214 MW Bissonnette E8-3...

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