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Guinevere Company has the following data catracted from its Accounts Recolvabla records at June 30,2011 - Guincwere's sales terms are 1,15 m/30 arid it records
Guinevere Company has the following data catracted from its Accounts Recolvabla records at June 30,2011 - Guincwere's sales terms are 1,15 m/30 arid it records sales at the gross amount of the inwaice. - Sulnowors yoar end is June 30 - The unedjusted belance in the Allowance for Doubtful Accounts at June 30 is $8,000de - Guinevere makes average sales of $2,000,000 per year and averages write offs of uncollectible balances of $100,000 per year. - Salns for the yoar ended June 30, 2010 are \$1,400,000 credit sales and \$400,000 cash sales - Guinevere has a vey conservative recelvables manesement strategy. - No adjusting entries have been recorded at Jurne 30 If Guinevere used the Allowance Method (agingl to estimate bed debts and by a detailed review of the above aged trial balance decided t Uncollectible Accourits" of: Multiple Choies $30,000 $38,000 $90,000 $9,000 Same cher amount
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