Question
On June 30, Premier Party Planners had a $35,000 balance in Accounts Receivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. During
On June 30, Premier Party Planners had a $35,000 balance in Accounts Receivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. During July, Premier made credit sales of $193,000. July collections on account were $164,000, and write-offs of uncollectible receivables totaled $2,870. Uncollectible-accounts expense is estimated as 3% of credit sales. No sales returns are expected. Ignore cost of goods sold. Read the requirements. Requirement 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance method during July. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) (a) Begin by recording the journal entry for July sales. Date (a) Journal Entry Accounts Debit Credit
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