Taymon Company has given you the following information from its aging of accounts receivable. Using this information, Fill out the total columns. what is the journal entry to record the periodic adjustment for bad debts? Assume the amount in the allowance for doubtful accounts is $850 credit.

Total

Current $24,400 2% uncollectible = 31-60 days 7,350 8% uncollectible= 61-90 days 3,380 15% uncollectible= 91 and up 1,220 30% uncollectible= Total Make the journal entry here for Question 1 A (3 Marks)

Question 1 - B (12 Marks) Prepare general journal entries without explanations to record the following transactions: Jan 1 Sold merchandise to Hillary Cosmis for $500 on account. The merchandise cost $300 and the company uses a perpetual inventory system.

Feb 1 Received $150 from Cosmis. Jul 1 Wrote off the balance of Cosmis account as uncollectible. Sep 1 Unexpectedly received payment in full from Cosmis. Date Particulars Debit Credit

Post the journal entries here for Question 1 B

DATE PARTICULARS DEBIT CREDIT