I have trouble solving this wiley plus accounting problem do any know how to solve this problem? - accounting plus
P8-2A collection of daily operations.
At the beginning of the current period, Mr. Fassi Corp. sale of receivables and $ 400,000 allowance for doubtful receivables of $ 22,000 (Credit). During the reporting period, net revenue was $ 880.000 credit and collections of $ 951,000. A written-off debts of $ 20,000. However, a report on $ 4000 written off as uncollectible again before the deadline. Bad debt has estimated that $ 23,000 at the end of the period.
Instructions
1. Prepare the entry to sales and collections recorded in the period.
2. Prepare the entry to the deletion of a record of bad debts during the period.
3. Prepare entries to record the recovery of bad debts during the period.
4. Prepare the entry to record bad debts for the period.
5. Determine the purpose of claims and $ Provision for credit losses. $
General Journal
Date of debt claims and statements
(per 880,000)
880,000
951,000
951,000
(b) Provision for doubtful debts
Debtor
(c) Receivables
Provisions for doubtful debts
4,000
4,000
(d) bad debts
Provisions for doubtful debts
Thank you for your help
Saturday, January 2, 2010
Accounting Plus I Have Trouble Solving This Wiley Plus Accounting Problem Do Any Know How To Solve This Problem?
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1 comments:
1) the record: DR Accounts Receivable, Sales $ 880,000 CR
1) Collection of discs: DR Cash CR Receivables $ 951.000
2) record the cancellation: allowance DR, CR $ 20,000 Receivables
3) registration of recovery: DR CR Cash $ 4,000 depreciation (Even if you credit the allowance for doubtful receivables)
4) Record for Bad Debts Bad Debts DR, CR Provision for credit losses $ 22,000
5) a definitive statement of the demands RD $ 329,000, net of allowance for doubtful receivables of $ 23,000 CR
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