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Evans Engraving specializes in custom engraved awards, plaques, and trophies. During 2074, it had $420,000 of total gross sales, $360,000 of which we account. Evans
Evans Engraving specializes in custom engraved awards, plaques, and trophies. During 2074, it had $420,000 of total gross sales, $360,000 of which we account. Evans collected $330,000 from its customers during the year, wrote-off $22,000 of uncollectible receivables, and gave $14.000 in sales discou customers. Using the Percentage of Receivables method of determining bad debts, Evans estimates $21,600 of Bad Debt Expense for the year. Using the t-accounts below, prepare the entries for all transactions that occurred for Evans Engraving during 2074. Enter dollar values with no dollar sign and appropriate commas (e.g. 5,000). Every box in each t-account relates to a separate transaction and eve needs an answer. If there is no dollar value for the box, put a "o" in the space provided. ASSETS LIABILITIES EQUITY Cash Sales Revenue Accounts Receivable Sales Discounts 1/1 BAL 180,000 Allowance for Doubtful Accounts Bad Debt Expense 7,200 BAL 1/1
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