alectible accounts with the estimate based on the aging of accounts receivable method The company had the following account balancesa 695.000 More Info BC 2 Elbow Inc., which owes $56,000, is unable to pay on time and has given a 20-day, 13-percent note in settlement of the account 6 Received from Irene Goodheart the amount owed on a November 7 dishonoured note, plus extra interest for 30 days at 4 percent computed on the maturity value of the note ($18,000). This dishonoured note had been converted to an account receivable on November 7 8 Received notice that a customer (Trevor Gudgeon) has filed for bankruptcy. Gudgeon owes $20,000. The courts will confirm the amount recoverable at a later date 11 Determined the account receivable from Kevin Walton ($10,000) was uncollectible and wrote it off. 18 Received a cheque from the courts in the amount of $19,000 as final settlement of Gudgeon's account 22 Elbow Inc. paid the note received on December 2 24 Determined the account receivable for Delila Cotton ($5,600) was uncollectible and wrote it off 31 Sales for the month totalled $723,000 (of which 90 percent were on account) and collections on account totalled $603 705 31 Eastern Supply did an aging of accounts receivable that indicated that $82,000 is expected to be uncollectible The company recorded the appropriate adjustment Print Done en click Check Answers 33 mit Problem 9-8A (similar to) em Supply uses the alowance method in accounting for un collectible accounts with the estimate based on the root accounts receive the unts Receivable 1 wance for Doubtful Account credit bance) 81,000 allowing transactions took place during the month of December 2020 Click the icon to view the transactions.) HW Accounts 31 Bad Debt Expense Allowance for Doubtful Accounts Debit 17.600 Credit 17.000 ement 2. What would be the adjusting entry required on December 31 if the company used the percent of sales method with an estimate of uncollectibles de contround you are General Journal Accounts Debit Credit 31 e om any list or enter any number in the input fields and then click Check Answer. Clear A hing Type here to search BE ASUS alectible accounts with the estimate based on the aging of accounts receivable method The company had the following account balancesa 695.000 More Info BC 2 Elbow Inc., which owes $56,000, is unable to pay on time and has given a 20-day, 13-percent note in settlement of the account 6 Received from Irene Goodheart the amount owed on a November 7 dishonoured note, plus extra interest for 30 days at 4 percent computed on the maturity value of the note ($18,000). This dishonoured note had been converted to an account receivable on November 7 8 Received notice that a customer (Trevor Gudgeon) has filed for bankruptcy. Gudgeon owes $20,000. The courts will confirm the amount recoverable at a later date 11 Determined the account receivable from Kevin Walton ($10,000) was uncollectible and wrote it off. 18 Received a cheque from the courts in the amount of $19,000 as final settlement of Gudgeon's account 22 Elbow Inc. paid the note received on December 2 24 Determined the account receivable for Delila Cotton ($5,600) was uncollectible and wrote it off 31 Sales for the month totalled $723,000 (of which 90 percent were on account) and collections on account totalled $603 705 31 Eastern Supply did an aging of accounts receivable that indicated that $82,000 is expected to be uncollectible The company recorded the appropriate adjustment Print Done en click Check Answers 33 mit Problem 9-8A (similar to) em Supply uses the alowance method in accounting for un collectible accounts with the estimate based on the root accounts receive the unts Receivable 1 wance for Doubtful Account credit bance) 81,000 allowing transactions took place during the month of December 2020 Click the icon to view the transactions.) HW Accounts 31 Bad Debt Expense Allowance for Doubtful Accounts Debit 17.600 Credit 17.000 ement 2. What would be the adjusting entry required on December 31 if the company used the percent of sales method with an estimate of uncollectibles de contround you are General Journal Accounts Debit Credit 31 e om any list or enter any number in the input fields and then click Check Answer. Clear A hing Type here to search BE ASUS
