Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable
Question:
Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On June 11, Olena Mirrors identifies one uncollectible account from Nadia White in the amount of $4,265. On September 14, Nadia Chernoff unexpectedly pays $1,732 toward her account. Record journal entries for the following.
A. Year-end adjusting entry for 2017 bad debt
B. June 11, 2018 identification entry
C. Entry for payment on September 14, 2018
Step by Step Answer:
A The journal entry is as follows i Debits 576930 in credit sales ii Credits 623090 bad debt iii Other 1732 bad debt paid in 2017 iv Closing entries 6...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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