# Period of the note in days 90 gomez corp uses the

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Period of the note in days 90 Gomez Corp. uses the allowance method to account for uncollectibles. On January 31, it wrote off a \$800 account of a customer, C. Green. On March 9, it receives a \$300 payment from Green. 1. Prepare the journal entry for January 31.
2. Prepare the entries for March 9; assume no additional money is expected from Green.
Warner Company’s year-end unadjusted trial balance shows accounts receivable of \$99,000, allowance for doubtful accounts of \$600 (credit), and sales of \$280,000. Uncollectibles are estimated to be 0.5% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles
The following data are taken from the comparative balance sheets of Ruggers Company. 2013 2012 Accounts receivable, net \$153,400 \$138,500 Net sales 861,105 910,600
Complete the below table to calculate the accounts receivable turnover for the year 2013. Accounts receivable turnover Choose Numerator: / Choose Denominator: = Accounts receivable turnover Net sales / Average accounts receivable, net = Accounts receivable turnover \$861,105 / \$145,950 = 5.9times
At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of \$975,000. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the \$580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare the journal entries of Chan to record these transactions and events of December 31, February 1, and June 5.