Prepare the journal entries required to record the following transactions on the books of Sullivan Stamping Company
Question:
a. Writes off an account from Stewart Foods in the amount of $ 489,000.
b. Records credit sales for the year of $ 6,679,000. Ignore cost of goods sold and the reduction of inventory.
c. Receives $ 107,675 (selling price) of merchandise returned by I- Tel Company that had been purchased on credit and not yet paid for. Ignore cost of goods sold and the increase in inventory.
d. Collects $ 1,283,500 on account.
e. Estimates the bad debt provision at 3% of net credit sales.
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Part Account Current Year a Allowance for Uncollectible Accounts 489000 Accounts Re...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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