Mgmt 200 Assignment Soln 2-14-11

Mgmt 200 Assignment Soln 2-14-11 - Management 200 –...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Management 200 – Introductory Financial Accounting– Spring 2011 Krannert School of Management - Purdue University Solutions to class assignment for February 14, 2011 Problem 5-3A Requirement 1 June 12, 2012 Debit Credit Accounts Receivable 35,000 Service Revenue 35,000 ( Provide services on account ) September 17, 2012 Cash 20,000 Accounts Receivable 20,000 ( Receive cash on account ) December 31, 2012 Bad Debt Expense 6,000 Allowance for Uncollectible Accounts 6,000 ( Estimate future bad debts ) ( $15,000 x 40% = $6,000 ) March 4, 2013 Accounts Receivable 50,000 Service Revenue 50,000 ( Provide services on account ) May 20, 2013 Cash 10,000 Accounts Receivable 10,000 ( Receive cash on account ) July 2, 2013 Allowance for Uncollectible Accounts 5,000 Accounts Receivable 5,000 ( Write off actual bad debts ) October 19, 2013 Cash 40,000 Accounts Receivable 40,000 ( Receive cash on account ) December 31, 2013 Bad Debt Expense 3,000 Allowance for Uncollectible Accounts 3,000 ( Estimate future bad debts ) ( $10,000 x 40% − $1,000 = $3,000 ) Requirement 2...
View Full Document

{[ snackBarMessage ]}

Page1 / 3

Mgmt 200 Assignment Soln 2-14-11 - Management 200 –...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online