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1 . Prepare the journal entries to record the transactions and events of AC / DC on the transactions tab. Use the JE tab
Prepare the journal entries to record the transactions and events of ACDC on the "transactions" tab. Use the JE tab" to journalize the transactions.
Prepare a yearend adjusting journal entry as of December for each separate situation use the "AJE tab" to journalize the adjustment:
a Bad debts are estimated to be $ by an analysis of the AR aging. The unadjusted balance in the allowance for doubtful accounts is a debit of $
b Bad debts are estimated to be of its credit sales of $ The unadjusted balance in the allowance for doubtful accounts is a credit of $
Nov
Accepted a $ day, note in granting Sam Darnold a time extension on his past due account receivable.
Dec
Made an adjusting entry to record the accrued interest on the Darnold note.
Jan
Received Darnold's payment for principle and interest on the note dated Nov
Feb
Received $ cash and accepted a $ day, note from Leveon Bell in exchange for merchandise that sells for $the cost of sale was $
Mar
Accepted an $ day, note from Adam Gase in exchange for merchandise that sells for $the cost of sale was $
Mar
Completed a $ credit card sale with a fee the cost of sales was $ The cash is transferred immediately from the credit card company
Mar
Leveon Bell dishonored the $ note.
Apr
Received Gase's payment for principle and interest on the note dated Mar
May
Wroteoff a $ account receivable arising from a sale to Woody Johnson that dates months ago. ACDC uses the allowance method.
May
Receives the full amount of $ from Woody Johnson that was previously written off on May Record the bad debts recovery.
Jun
Received a $ day, note from Robbie Anderson in exchange for merchandise that sells for $the cost of sale was $
Sep
Received Anderson's payment for principle and interest on the note dated June
Oct
Completed a $ credit card sale with a fee the cost of sales was $ The cash is transferred immediately from the credit card company
Nov
Wroteoff Bell's account against the allowance for doubtful accounts.
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