{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T17:06:22-04:00", "answer_date": "2024-05-26 17:06:22", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1750405", "url": "\/study-help\/questions\/majestic-equipment-sales-company-which-sells-only-on-account-had-1750405", "question_creation_date_js": "2024-05-26T17:06:22-04:00", "question_creation_date": "May 26, 2024 05:06 PM", "meta_title": "[Solved] Majestic Equipment Sales Company, which s | SolutionInn", "meta_description": "Answer of - Majestic Equipment Sales Company, which sells only on account, had a $129.000 balance in its Accounts Receivable and a | SolutionInn", "meta_keywords": "majestic,equipment,sales,company,sells,account,$129.000,balance,accounts,receivable,$4,300,credit", "question_title_h1": " Majestic Equipment Sales Company, which sells only on account, had a $129.000 balance in its Accounts Receivable and a $4,300 credit balance in its", "question_title": " Majestic Equipment Sales Company, which sells only on account, had a", "question_title_for_js_snippet": "Majestic Equipment Sales Company, which sells only on account, had a $129 000 balance in its Accounts Receivable and a $4,300 credit balance in its Allowance for Doubtful Accounts on December 31, 2019 During 2020, the company's sales of equipment were $827,000 and its total cash collections from customers were $798 000 During the year, the company concluded that customers with accounts totalling $7 600 would be unable to pay, and wrote these receivables off However, one of these customers subsequently made a payment of $850 (Note that this amount is not included in the cash collections noted above ) At the end of 2020, management decided that it would use an estimate for bad debts of 1 of its credit sales Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end (Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter O for the amounts ) Account Titles and Explanation Debit Credit", "question_description": "\"image\"image\"image", "transcribed_text": "Majestic Equipment Sales Company, which sells only on account, had a $129.000 balance in its Accounts Receivable and a $4,300 credit balance in its Allowance for Doubtful Accounts on December 31, 2019. During 2020, the company's sales of equipment were $827,000 and its total cash collections from customers were $798.000. During the year, the company concluded that customers with accounts totalling $7.600 would be unable to pay, and wrote these receivables off. However, one of these customers subsequently made a payment of $850. (Note that this amount is not included in the cash collections noted above.) At the end of 2020, management decided that it would use an estimate for bad debts of 1% of its credit sales. Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit", "related_book": { "title": "Principles Of Cost Accounting", "isbn": "978-0840037039, 0840037031", "edition": "15th Edition", "authors": "Edward J. Vanderbeck", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/81.jpg", "uri": "\/textbooks\/principles-of-cost-accounting-15th-edition-9780840037039", "see_more_uri": "" }, "free_related_book": { "isbn": "1557503540", "uri": "\/textbooks\/the-heavy-cruiser-takao-1st-edition-9781557503541-122437", "name": "The Heavy Cruiser Takao", "edition": "1st Edition" }, "question_posted": "2024-05-26 17:06:22", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/problem-5-a-rrp-polar-robot-is-given-by-1-716556", "description": "Problem 5. 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