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Unformatted text preview: 20. The Connecting Company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transactions occurred: 1. Prepare the general journal entries to record these transactions. 2. If the balance of the allowance for uncollectible accounts was $8,000 on January 1 of the current year, determine the balance of the allowance for uncollectible accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecting the allowance for uncollectible accounts during the year. 184. A company purchased a machine on January 1 of the current year for $750,000. Calculate the annual depreciation expense for each year of the machine's life (estimated at 5 years or 20,000 hours, with a salvage value of $75,000). During the machine's 5-year life its hourly usage was: 3,000; 4,000; 5,000; 5,000; and 3,000 hours. hours....
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This note was uploaded on 02/28/2012 for the course ECO 211 taught by Professor Arafat during the Summer '08 term at Anne Arundel CC.
- Summer '08