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please please help asap During 2020 Toshiba Company had Sales Revenue of $750,000 and Sales Discounts of $50,000, 30% were credit sales. On December 31,
please please help asap
During 2020 Toshiba Company had Sales Revenue of $750,000 and Sales Discounts of $50,000, 30% were credit sales. On December 31, 2020, the credit manager estimates that 2% of net credit sales will be uncollectible, and AFDA balance showed a debit balance of $1,000. The company uses the percentage of sales basis to estimate bad debt expenses. On February 1, 2021, the company wrote-off $500 of a customer account. On June 1, 2021, the company collected $300 that was previously written off. The adjusting entry for the estimated uncollectible will include: Credit AFDA $220,000 Credit AFDA $5,200. Credit AFDA $4,200 Credit AFDA $3,200. None of the above The journal entry to record the write-off of uncollectible accounts on February 1, 2021 is: Debit AFDA $300 and credit Accounts Receivable $300 docs.google.com The journal entry to record the write-off of uncollectible accounts on February 1, 2021 is: Debit AFDA $300 and credit Accounts Receivable $300 Debit AFDA $500 and credit Accounts Receivable $500 Debit Accounts Receivable $500 and credit AFDA $500 Debit Accounts Receivable $300 and credit AFDA $300 None of the above The journal entry to record the recovery of the amounts written- off on June 1, 2021 will include: Debit AFDA $300 and credit Accounts Receivable $300. Debit AFDA $500 and credit Accounts Receivable $500 Debit Accounts Receivable $500 and credit AFDA $500 Debit Accounts Receivable $300 and credit AFDA $300. None of the above. $2,080. $2,000. None of the above. Total amount received is: * $52,000. $50,000 $2,080 $2,000. None of the above. March 1, 2021 record entry will include: Credit Sales Revenue $50,000. Credit Sales Taxes Payable $2,080. Debit Accounts Receivable $50,000 Debit Sales Taxes Payable $2,080. None of the above. On March 1, 2021 Talal Company sold merchandise on account to Madi Inc. for $52,000 including 4% sales taxes. On March 31, Talal Company remits the sales taxes to the government Sales Taxes amount is: $52,000. $52,080 $2,080 $2,000 None of the above. Total amount received is: $52,000 $50,000 $2,080. $2,000. None of the above Step by Step Solution
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