Act_7_081 - Activity #7 1. The allowance for doubtful...

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 DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Activity #7 1. The allowance for doubtful accounts has a $500 credit balance. The company's controller wants this account to have a $5000 credit balance after adjustments. Write the journal entry to record bad debt expense and adjust the allowance for doubtful accounts to its desired balance. 12/31 2. Assume the same facts as question #1 above, except the allowance for doubtful accounts has a $200 debit balance because of excessive uncollectible accounts. Write the journal entry to record bad debt expense and adjust the allowance account to its desired balance. 12/31 How does this journal entry impact the Accounting equation? 3. Leonardi & Sons are notified that a customer has declared bankruptcy and $500 owed to the company will not be paid. What is the journal entry to record this uncollectible account, using the allowance method? 4/5 XX 4. Nevaeh LLC is a successful interior design company which has collected $70,000 of their Accounts Receivable during the month of June. What is the journal entry to record this collection? 6/30 PLEASE PRINT (CLEARLY) THE NAME OF EACH MEMBER OF TODAY'S GROUP ______________________________ _______________________________ ______________________________ _______________________________ ...
View Full Document

This note was uploaded on 04/07/2008 for the course ACCT 200 taught by Professor Cohen during the Spring '07 term at Arizona.

Page1 / 2

Act_7_081 - Activity #7 1. The allowance for doubtful...

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