AutoSave DET A2 AR Aasignment-Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Tell me Share Comments Liberation. 11 AA - A an Aa A A ABCEDE Headings been AaBbcco ABECEDDE Heading easing2 PRECEDIR AaBb and LADA de A. Sabi Evet Erpheus | Anttrcurs| ins B! xx NE Na Spass Hed Distate 4 Styles Parn Editor EEEE Chapter AR Arrignment 1. The December 31, 2019 balance sheet of Barone Canspory hol Accounts Receivable of $400,000 and credit babence in Alwice for Double Account of $32030. During 2002 in locuing tradina stundada on suurt $1,500,000 kama and warn $50.000, collectors from somers, 81,250,000 na willen of $30,000 presudy wants of 2.000 were colded Instructions 1) Journal 2020 naciers the company was the percentage-o-sals basis is that has dobt Nens and anticipate of two lo be uncoded, with the adjusting endry December 31 2020 11 the many as the parts of receiving back to white bad debt passard determines that needilo secours are expected to be of accounts receivable, what is the adjusting enly December 31, 20207 14) Whicht be would produces highernet income for 2030 and by how much? 2. Para lant Company can marcadoria e pranuary master or credit purch Jourrellatokwing India to Paracat Company Pol. 12 ogled a $30,000 45,-dyna from Yancy Blair for 24-torobou bukle . April 14 Recetas notion from Yancy Birthe washi to honor his promissary to but he esprek pay mulowed in May. May 26 Racatanda check from Yancy for the total antond June 10 Received notason by the benk that Yarcy Blair check was being resumed NSP" and that Mr. Berhad declared perral banksky. Page 1 of 1 254 wordt Tk Frolish (United St Focus -- 00% Safari 8:37 AM Wed 16 Dec 14% ARAVO QOQ B Home Insert Draw Layout Review View Laboration Sans B This account does not allow editing on your device. For an account with full access, contact your organization about your subscription Sign in plan S Chapter 9-A/R Assignment 1. The December 31, 2019 balance sheet of Barone Company had Accounts Receivable of $400,000 and a credit balance in Allowance for Doubtful Accounts of $32,000. During 2020, the following transactions occurred: sales on account $1,500,000: sales returns and allowances, $50,000; collections from customers, $1,250,000 accounts written off $36,000; previously written off accounts of $6,000 were collected. Instructions (a) Journalize the 2020 transactions (b) If the company uses the percentage-of-sales basis to estimate bad debt expense and anticipates 3% of net sales to be uncollectible, what is the adjusting entry at December 31, 2020? (c) of the company uses the percentage of receivables basis to estimate bad debt expense and determines that uncollectible accounts are expected to be 8% of accounts receivable, what is the adjusting entry at December 31, 2020? (d) Which basis would produce a higher net income for 2020 and by how much? 2. Para Float Company often requires customers to sign promissory notes for major credit purchases. Journalize the following transactions for Para Float Company. Feb. 12 Accepted a $30,000,4%, 60-day note from Yancy Blair for a 24-foot motorboat built to his specifications April 14 Received notification from Yancy Blair that he was unable to honor his promissory note but that he expects to pay the amount owed in May. May 26 Received a check from Yancy Blair for the total amount owed. June 10 Received notification by the bank that Yancy Blair check was being returned "NSF" and that Mr. Blair had declared personal bankruptcy. Taft 254 Words