Problems Week 4 - Tim Gillespie Week 4 Homework MBAA 603...

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Tim Gillespie Week 4 Homework MBAA 603 E7-7 Dr. Cr. A/R $160,000.00 Allowance for Doubtful Accounts $2,000.00 Sales (all on credit) $800,000.00 Sales Returns and Allowances $50,000.00 A. Prepare journal entry to record bad debt expense 1% of net sales $7,500.00 Dr. Cr. B. Prepare a journal entry to record bad expense 5% of A/R Dr. Cr.
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Week 4 Homework MBAA 603 E7-8 A. Prepare the journal entry for Sorter Company to write off the Ordonez receivable. Dr. Cr. B. What is the net realizable value of Sorter Company's accounts receivable before the write-off of the Ordonez receivable? The net realizable value of the accounts receivable is C. What is the net realizable value of Sorter Company's accounts receivable after the write-off of the Ordonez receivable? The net realizable value after write of is: At the end of 2010 Sorter Company has accounts receivable of $900,000 and an allowance for doubtful accounts of $40,000. On January 16, 2011, Sorter Company determined that its receivable from Ordonez Company of $8,000 will not be collected, and management authorized its write-off.
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This note was uploaded on 02/25/2012 for the course ACCOUNTING 401 taught by Professor Johnson during the Spring '12 term at Regis University.

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Problems Week 4 - Tim Gillespie Week 4 Homework MBAA 603...

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