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Current Attemptin Progress During its first year of operations, Pronghom Corp had credit sales of $2.714,100, of which $429,000 remained uncollected at year-end. The credit
Current Attemptin Progress During its first year of operations, Pronghom Corp had credit sales of $2.714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these receivables will become uncollectible. Prepare the journal entry to record the estimated uncollectibles. Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Prepare the current assets section of the balance sheet for Prongham Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current assets in order of liquidity) Pronghorn Corp Balance Sheet (partial)
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