NEW JOURNAL ENTRIES - NEW JOURNAL ENTRIES 1. Accounts...

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NEW JOURNAL ENTRIES 1. Accounts Revievable 950 Salse 950 To record credit sales 2. Cash 720 Accounts Receivable 720 To record collection of credit sales 3. Cash 96 Credit Card expense 4 Sales 100 To record credit card sales less a 4% credit card expense 4. Accounts Recievable 96 Credit card expense 4 Sales 100 To record credit card sales less 4% credit card expense 5. Cash 96 Accounts Receivable 96 To record cash receipt (Direct Write-Off method) 6. Bad debts expense 520 Accounts Receivable 520 To write off an uncollectible account 7. Accounts Receivable 520 Bad debts expense 520 To reinstate account previously written off 8. Cash 520 Accounts Receivable 520 To record full payment of account (Allowance Method) 9. Bad Debts Expense 1,500 Allowance for doubltful accounts 1,500 10. Allowance for Doubtful Accounts 520 Accounts Reveivable 520 To write off an uncollectible account 11. Accounts Receivable 520
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Allowance for doubtful accounts 520 To reinstate account previously written off Cash 520 Accounts Receivable 520 To record full payment of account (Estimating Bad Debts Expense, .6% of sales uncollectible, $400,000 of sales) 12. Bad Debts expense 2,400 Allowance for Doubtful Allowance 2,400 To record estimated bad debts ( Accounts Receivable, credit balance, $2000 13. Bad debts expense 2,300 Allowance for doubtful accounts
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This note was uploaded on 04/10/2008 for the course ACCOUNTING 201 taught by Professor Mccaffrey during the Spring '08 term at University of Mississippi School of Law.

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NEW JOURNAL ENTRIES - NEW JOURNAL ENTRIES 1. Accounts...

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