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Please finish the 3 questions i ve uploaded 2. On June 30th the company has a credit balance of $27,275 in its allowance for doubtful
Please finish the 3 questions i ve uploaded
2. On June 30th the company has a credit balance of $27,275 in its allowance for doubtful accounts. An evaluation of accounts receivable indicates that the proper balance should be $30,025. Journalize this appropriate adjusting entry. Date Account Title Debit Credit 3. Journalize the following transactions of Upton Drugs: Mar. 1 May 30 Dec. 11 Date Mar 1 Received a 90-day, 10% note for $36,000, dated March 1, from Burke Co. on account. The note of March 1 was dishonored. Accepted $33,000 in full settlement of the amount owed on the note dishonored on May 30. Do not record any additional accrued interest. Account Title Debit Credit May 30 Dec 11 4. ABC Company has office furniture that cost $40,000, an estimated life of 10 years and a $4,000 salvage value. As of January 1, 2011, accumulated depreciation on the furniture amounts to $30,600. The straight line depreciation method is used. On April 1, 2011, ABC sold the furniture for $9,000. a) April 1, 2011 - entry to record depreciation for current year: Date Account Title b) Calculate the gain or loss Debit Credit c) Journalize the entry to record the sale. Date Account Title Debit CreditStep by Step Solution
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