Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The accounts of Polaris Company provided the following 20x5 information at 31 December 20X5 Accounts receivable Allowance for sales discounts Allowance for doubtful accounts Total

image text in transcribed
image text in transcribed
image text in transcribed
The accounts of Polaris Company provided the following 20x5 information at 31 December 20X5 Accounts receivable Allowance for sales discounts Allowance for doubtful accounts Total credit sales revenue during 2axs $ 1,909,000 (dr) 24.500 (c) 148,900 .) 22,614,000 Investigation showed the following: a Examination of an aging of accounts receivable showed that accounts of $107.200 previously provided for should be written oft Of the remaining balance. $226,000 was doubtful at year-end b. Estimated sales discounts inherent in the closing accounts receivable balance were $17700 Terms of 110. n/45 were granted to customers, Accounts receivable were recorded gross and the discounts taken were recorded when taken by the customers in a discounts account, reported contra to the sales account Required: 1. Prepare year-end adjusting entries with respect to accounts receivable and the related allowances. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required: 1. Prepare year-end adjusting entries with respect to accounts receivable and the related allowances (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction line X 1 Record the entry for Uncollectible accounts being written oft. 2. Record the bad debts expenses. 3. Record the adjusting entry related to allowance for sales discount Credit 2. Calculate the net accounts receivable appear on the statement of financial position on 31 December 20X5. Accounts receivable, net

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

Survey Of Accounting

Authors: Carl S. Warren

1st Edition

0538870850, 9780538870856

More Books

Students also viewed these Accounting questions