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RECEIVABLES - LEVEL Journalize the following transactions ( note that this is not a comprehensive list of all transactions for the month of February )
RECEIVABLES LEVEL Journalize the following transactions note that this is not a comprehensive list of all transactions for the month of February Their accounting cycle is a calendar year, but adjustments are made monthly, including accrued interest on notes receivable. The cost of merchandise sold is of the selling price. January st At the end of the month period, the Allowance for Doubtful Accounts has a debit balance of $ due to writeoffs within the month. Make the necessary adjusting entry using the Aging schedule provided below. January st At the end of the month period, make the adjusting entries for the accrued interest on the outstanding notes listed below. Feb st You have NOT received the note owed by S O'Donnell on January st You DO expect to receive it at a later date. Feb st Made a $ sale to P Panetta who negotiated a note at owed at the end of this month Feb th Received notice that J Hynek has gone out of business and his is uncollectible. Feb th Sale on account to T Barrett for $ terms net Feb th N Moretti negotiated a note for her outstanding AR with interest due in months. Feb th Sale on Bankissued credit card for $ The credit card charges a processing fee. Feb th Received $ from J Hynek to pay off his account previously written off. Feb th P Panetta paid her note with interest. Feb th ADarroch paid her note with interest. Feb th The company decides to change their method of estimating bad debts and will be disclosing this change in their financial statements. At the end of the month period, make the necessary adjusting entry to update the allowance for doubtful accounts using the percentage of Sales method not an aging schedule, and not the balance sheet method assuming net credit sales totalled $ and you expect to be uncollectible. Accounts Receivable Aging Schedule tableCustomerTotal, days, days, days, daysT Barrett,$$J Medeiros,$$$J Hynek,$$
RECEIVABLES LEVEL
Journalize the following transactions note that this is not a comprehensive list of all transactions for the month of February Their accounting cycle is a calendar year, but adjustments are made monthly, including accrued interest on notes receivable. The cost of merchandise sold is of the selling price.
January st At the end of the month period, the Allowance for Doubtful Accounts has a
debit balance of $ due to writeoffs within the month. Make the necessary adjusting entry using the Aging schedule provided below.
January st At the end of the month period, make the adjusting entries for the accrued interest on the outstanding notes listed below.
Feb st You have NOT received the note owed by S O'Donnell on January st You DO expect to receive it at a later date.
Feb st Made a $ sale to P Panetta who negotiated a note at owed at the end of this month
Feb th Received notice that J Hynek has gone out of business and his is uncollectible.
Feb th Sale on account to T Barrett for $ terms net
Feb th N Moretti negotiated a note for her outstanding AR with interest due in months.
Feb th Sale on Bankissued credit card for $ The credit card charges a processing fee.
Feb th Received $ from J Hynek to pay off his account previously written off.
Feb th P Panetta paid her note with interest.
Feb th ADarroch paid her note with interest.
Feb th The company decides to change their method of estimating bad debts and will be disclosing this change in their financial statements. At the end of the month period, make
the necessary adjusting entry to update the allowance for doubtful accounts using the percentage of Sales method not an aging schedule, and not the balance sheet method assuming net credit sales totalled $ and you expect to be uncollectible.
Accounts Receivable Aging Schedule
tableCustomerTotal, days, days, days, daysT Barrett,$$J Medeiros,$$$J Hynek,$$
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