Question
BLEM 13 (18 pts.) s batallo ned ad ysM aninud 012 1ot zen bns EEE2 10) e#,082 101 se# 919 x Ginger, Inc. currently
BLEM 13 (18 pts.) s batallo ned ad ysM aninud 012 1ot zen bns EEE2 10) e#,082 101 se# 919 x Ginger, Inc. currently has a $1,400 credit balance in Allowance for Doubtful Accounts. It created an aging schedule of its Accounts Receivable, Shown below are the column headings and the totals of each age group. Account 0-30 days 31-60 days 61-90 days over 90 days KAYTIR OLE Totals % uncollectible $ 60,000 1% $ 10,000 5% It ve bas 3,000$ 15% 500 30% 012 a) Complete the aging schedule above. b) Based on the aging schedule, prepare the journal entry to recognize uncollectible accounts. 222 1412 OAS 005 021 1018 2012 012 ense c) Based on your aging schedule, prepare the journal entry for uncollectible accounts if the unadjusted balance in the allowance account had been a $300 debit balance. PROBLEM 14 (12 pts.) On October 1, Thomas-Scott Watercraft sold a yacht to a young businessman for $800,000. At the time of the sale Thomas- Scott was given a $800,000 note receivable. The note was for 8 months and included an interest rate of 6%. Prepare general journal entries to record (1) the accrual of interest on December 31, and (2) the collection of the note and interest on June 1.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started