Question
Record the following transactions for Heart and Soul Dance Co. in general journal form. 20-x20-y: Dec. 31Net sales on account for the period were $640,000.
Record the following transactions for Heart and Soul Dance Co. in general journal form. 20-x20-y:
Dec. 31Net sales on account for the period were $640,000. Heart and Soul Dance Co. uses the percentage of sales method of estimating uncollectible accounts. Heart and Soul Dance Co. estimates that 3% of net sales are uncollectible. The balance in Allowance for Bad Debts is a $980 credit.
Jan. 6 The accounts receivable of Marissa Marco was determined to be uncollectible and written off, $6,200.
Mar. 8 Notice was received that Paul Dante, a customer, was bankrupt. His balance of $4,200 was written off.
May 28 Reinstated the Shin Yun account that had been written off in the preceding year as uncollectible. Entered the receipt of $5,400 cash as full settlement of Yun's account.
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B Date Particulars Debit Credit Bad debt expenses 3 x 640000 2 31D...
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Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
