Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Of Sport Management

Authors: John Beech, Simon Chadwick

2nd Edition

027372133X, 9780273721338

More Books

Students also viewed these Accounting questions