Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,200 tires to the Nixon Car Company for $45 each. The terms of the sale were 2/20, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 [ignore cost of goods) and collection on July 23, 2021. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 30 under Record the sale of 1,200 tires for $45 each with a term of 2/20, the gross method of accounting for cash discounts Note Enter debts before credits Dobilt Credit General Journal Date July 15, 2021 Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1200 tires to the Nixon Car Company for $45 each. The terms of the sale were 2/20, 1/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the sale of 1,200 tires for $45 each with a term of 2/20, 1/30 under the gross method of accounting for cash discounts. Note: Enter debits before credits Date General Journal Debit Cream July 15, 2021 Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2021, accounts receivable totaled $680,000. The allowance method is used to account for uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $43,000 at the beginning of 2021 and $26,500 in receivables were written off during the year as uncollectible. Also, $2,300 in cash was received in December from a customer whose account previously had been written off. The company estimates bad debts by applying a percentage of 10% to accounts receivable at the end of the year. Required: 1. Prepare journal entries to record the write-off of receivables, the collection of $2,300 for previously written off receivables, and the year-end adjusting entry for bad debt expense. 2. How would accounts receivable be shown in the 2021 year-end balance sheet? - Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries to record the write-off of receivables, the collection of $2.300 for previously written off receivables, and the year end adjusting entry for bad debt expense. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet
