Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
E. 10/1/22: JINX Inc. negotiates the sale and delivery of 10 refrigerators and 10 microwaves to Forest Housing. Forest Housing signs a 4-month, $21,000 note
E. 10/1/22: JINX Inc. negotiates the sale and delivery of 10 refrigerators and 10 microwaves to Forest Housing. Forest Housing signs a 4-month, $21,000 note with 7% interest. Cost of the merchandise is $13,000. FOB destination of $120 was paid in cash. Date Description PR Debit Credit F. 10/30/22:JINX Inc. uses the allowance method and writes off an accounts receivable balance from BB Inc. in the amount of $600. Date Description PR Debit Credit G. 12/31/22: After performing an aging of accounts receivable, JINX Inc estimates that $1,000 of its account receivable will be uncollectible. The allowance for doubtful accounts has a $600 debit balance. Date Description PR Debit Credit H. 12/31/22: JINX Inc. made an adjusting entry to record the interest on the Forest Housing note in transaction E. Date Description PR Debit Credit Forest Housing paid the note and interest from transaction on the due date. Date Description PR Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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