HOMEWORK ACG2011 WEEK 1 FEB 2012

HOMEWORK ACG2011 WEEK 1 FEB 2012 - HOMEWORK FOR ACG2011...

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HOMEWORK FOR ACG2011 WEEK 1 FEB 2012 DUE MONDAY FEB 6 2012 PLEASE BRING A HARDCOPY OF YOUR WORK TO HAND IN AT CLASS. DO ANY SIX QUESTIONS ANSWERS MUST BE NEATLY TYPED IN WORD OR EXCEL WITH YOUR NAME AND DATE AT THE TOP. USE THE EXAMPLES IN THE RELEVANT CHAPTERS OF YOUR TEXT!! Chapter 09: Accounting for Receivables 1 . Loma Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. a. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $550 credit. c. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $300 debit. 2 . On May 31, Rayco has $375,800 of accounts receivable. Rayco uses the allowance method of accounting for bad debts and has an existing credit balance in the allowance for doubtful accounts of $14,250. 1. Prepare journal entries to record the following selected May transactions. The company uses the perpetual
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HOMEWORK ACG2011 WEEK 1 FEB 2012 - HOMEWORK FOR ACG2011...

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