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Fraud Investigators Inc. operates a fraud detection service. Required: 1. Prepare journal entries for each transaction below. a. On March 31, 10 customers were billed
Fraud Investigators Inc. operates a fraud detection service. Required: 1. Prepare journal entries for each transaction below. a. On March 31, 10 customers were billed for detection services totaling $25,000. b. On October 31, a customer balance of $1,500 from a prior year was determined to be uncollectible and was written off. c. On December 15, a customer paid an old balance of $900, which had been written off in a prior year. d. On December 31, $500 of bad debts were estimated and recorded for the year. 2. Complete the following table, indicating the amount and effect (+ for increase, for decrease, and NE for no effect) of each transaction. Net Net Receivables Transaction Sales Income from Operations d. b. C. d
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