Question
I hope to answer the question completely, explaining the steps for the solution and putting the question number before the answer, please help me, I
I hope to answer the question completely, explaining the steps for the solution and putting the question number before the answer, please help me, I will not forget please Intermediate Accounting
16. WBN Company reported Accounts Receivable balance of OMR 8,857 as of December 31, 2020. The company has a total sales of OMR 24,000 for the year 2020 of which 1/3 is on credit. The company estimated that 5% of credit sales will become uncollectible. How much is the bad debts expense to be reported on December 31, 2020?
17. WBN Company reported Accounts Receivable balance of OMR 8,857 as of December 31, 2020. The company has a total sales of OMR 24,000 for the year 2020 of which 1/3 is on credit. The company estimated that 5% of credit sales will become uncollectible. How much is the bad debts expense to be reported on December 31, 2020?
18. GBN Company rendered service to a customer on account for OMR 3,857 on August 1, 2020. The company collected 2/3 of its account on September 1, 2020. On December 31, 2020, it was found out that the customer left Oman and that his account is proven to be uncollectible. What is the journal entry December 31, 2020?
19. HBN Company rendered service to Ahmed, a customer on account for OMR 6,857 on August 1, 2020. The company collected 80% of its account on September 1, 2020. On December 31, 2020, it was found out that the customer left Oman and that his account is proven to be uncollectible. On February 5, 2021, the company was able to recover the account of Ahmed and collected the full balance on February 10,2021. What is the journal entry on the date of recovery?
20. HBN Company rendered service to Ahmed, a customer on account for OMR 6,857 on August 1, 2020. The company collected 80% of its account on September 1, 2020. On December 31, 2020, it was found out that the customer left Oman and that his account is proven to be uncollectible. On February 5, 2021, the company was able to recover the account of Ahmed and collected the full balance on February 10,2021. How much is the decrease to accounts receivable on February 10,2021?
Intermediate Accounting
16. WBN Company reported Accounts Receivable balance of OMR 8,857 as of December 31, 2020. The company has a total sales of OMR 24,000 for the year 2020 of which 1/3 is on credit. The company estimated that 5% of credit sales will become uncollectible. How much is the bad debts expense to be reported on December 31, 2020?
17. WBN Company reported Accounts Receivable balance of OMR 8,857 as of December 31, 2020. The company has a total sales of OMR 24,000 for the year 2020 of which 1/3 is on credit. The company estimated that 5% of credit sales will become uncollectible. How much is the bad debts expense to be reported on December 31, 2020?
18. GBN Company rendered service to a customer on account for OMR 3,857 on August 1, 2020. The company collected 2/3 of its account on September 1, 2020. On December 31, 2020, it was found out that the customer left Oman and that his account is proven to be uncollectible. What is the journal entry December 31, 2020?
19. HBN Company rendered service to Ahmed, a customer on account for OMR 6,857 on August 1, 2020. The company collected 80% of its account on September 1, 2020. On December 31, 2020, it was found out that the customer left Oman and that his account is proven to be uncollectible. On February 5, 2021, the company was able to recover the account of Ahmed and collected the full balance on February 10,2021. What is the journal entry on the date of recovery?
20. HBN Company rendered service to Ahmed, a customer on account for OMR 6,857 on August 1, 2020. The company collected 80% of its account on September 1, 2020. On December 31, 2020, it was found out that the customer left Oman and that his account is proven to be uncollectible. On February 5, 2021, the company was able to recover the account of Ahmed and collected the full balance on February 10,2021. How much is the decrease to accounts receivable on February 10,2021?
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