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Answer question below please Jackson Inc. or the sells auto batteries to wholesalers. The partial Statement of Financial position as 1, 2023, account balances (all
Answer question below please
Jackson Inc. or the sells auto batteries to wholesalers. The partial Statement of Financial position as 1, 2023, account balances (all accounts are in a normal position). Account cash Accounts receivable for aoubtful accounts Balance $10,000 $20,500 $1,875 $22,330 In the company provided the following supporting schedules: 202 . Invento T pe Small size Medium size Industrial Aging as Of June 2023: 0-30 Days (not Customer due) $10,000 Customer A Customer B Customer C Customer D $10,000 Total Accouncing PQlicies: Quanti 25 27 7 61 - 90 Days 31-60 Days $5,000 $5,000 $3,000 $3,000 Cost Per unit $300 395 595 Over 90 Days $2,500 $2,500 Total $10,000 $5,000 $3,000 $2,500 $20,500 All sales are on account and terms are net 30. Management estimate of bad debt loss percentage based on days outstanding is as follows: over 90 Days 61-90 Days 0-30 Days (not 31-60 Days outstanding yet due) Bad debt loss 3% 10% 15% 25% The company uses a perpetual inventory system and a weighted average cost formula. During the month of June, the following transactions took place: Jun 3 Jun 10 Jun 15 Jun 17 Jun 18 Jun 25 Jun 26 Jun 28 Jun 30 Jun 30 Jun 30 Cc,su aujrgdi Received full payment from customer A, for the balance owing. Purchased on account three industrial batteries for $575 per unit. The Company was notified that customer D filed for bankruptcy. Sold 5 medium size batteries for $435 per unit to customer E. Purchased on account 10 small size batteries for a total of $3,500. Customer E returned 3 medium size batteries. Sold 10 small size batteries for 425 per unit to customer A Customer A reported 2 deficiencies in the June 26th sale and was provided a $150 allowance. The net realizable value of the industrial batteries was $585 per unit. Recovered $300 from customer D account which was previously written-off. Received the full remaining balance from customer B, 10 A-VI b. e. f. prepare journal entries for all transactions above (no explanations required). Do not round per calculate the ending inventory balance as at June 30. provide the adjusting entry for inventory at month-end if required. Compute cost of sales for June. calculate the estimated uncollectible receivable balance. provide the bad debt adjusting entry required at month-end.
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