Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Blue Skies Equment Company uses the aging proach to estimate bed expense at the end of each counting year Credit sales occurrently on om GO

image text in transcribed
image text in transcribed
image text in transcribed
Blue Skies Equment Company uses the aging proach to estimate bed expense at the end of each counting year Credit sales occurrently on om GO The balance of each account receivable aged on the basis of the time per as follow not yet de 2 to one year past due, and more than one year past de Eperience he shown that for each age group the average loss rate on the amount of the receivable year end due to collectibility is (8 percent. (8 percent and a 30 percent, respectively Al December 31 2019 end of the current accounting year the Accu Rocelable balance was $5.600 and the Alowance for our Account balance was 5940 credio determining which accounts lave been paid, the company apples collections to the oldest first to simply only become acts are wed the details of each an December 31, 2019, fotow 8. He Data Explanati Obit 3/11/2018 Sate Cerit 13,20 13.20 06/30/2010 Collection 3. 01/31/2019 Collection B. 3.000 3,500 Date 02/21/2010 04/15/2019 1138/2019 D. Dicevate Explanation Debit Credit Sale 21.00 Collection Collection 4.400 Balance 21.600 13.10 11.00 Date 11/30/2010 12/15/2019 Narer Account cate tot Debit Sale Credit 8.50 Collection Sauce 2.500 7,102 5. Strothers Rece Eesti Debat Collection Sale 9,20 Collection 23, Collection Date 03/02/2012 1/15/2017 09/01/2018 to//2015 02/03/2014 1/2019 100 1.500 6.000 4.98 a 9.200 5,700 27,200 20.900 11/30/2019 Collection Help Save & E Submit 8.900 Date 11/30/2019 12/15/2019 N. Napier-Account Receivable Explanation Debit Sale Credit 8,500 Collection 1,400 Balance 8,500 7.100 Date 03/02/2017 04/15/2017 09/01/2018 10/15/2018 02/01/2019 23/01/2019 12/31/2019 5. Strothers-Account Receivable Explanation Debit Credit Sale 4,900 Collection 4,900 Sale 9,200 Collection 3,500 22,600 Collection 6,800 Sale 3,600 Sale Balance 4,900 @ 9,200 5.700 27.700 20,900 24,500 Date 12/30/2019 T. Thomas-Account Receivable Explanation Debit Credit Sale 5,600 Balance 5,600 P6-3 Part 3 Mequired information Journal entry required in the first account field) View transactionist Journal entry worksheet Record the adjusting entry for bad debt expenses December 31, 2019 Trance A General Journal De Credit Record entry Clear entry View general Journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foreign Corrupt Practices Act Compliance Guidebook Protecting Your Organization From Bribery And Corruption

Authors: Martin T. Biegelman, Daniel R. Biegelman

1st Edition

0470527935, 978-0470527931

More Books

Students also viewed these Accounting questions

Question

3. Outline the four major approaches to informative speeches

Answered: 1 week ago

Question

4. Employ strategies to make your audience hungry for information

Answered: 1 week ago