Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The financial statements for Floral & Hardy Designs show the following balances as of December 31: . Credit Sales: $9,000,000 Sales Returns and Allowance: $62,000
The financial statements for Floral & Hardy Designs show the following balances as of December 31: . Credit Sales: $9,000,000 Sales Returns and Allowance: $62,000 Sales Discounts: $280,000 Accounts Receivable: $1,880,000 Allowance for Doubtful Accounts: $26,500 (Debit) Notes Receivable: $180,000 QUESTIONS: 1. An aging of accounts receivable indicates that $194,000 is expected to become uncollectible as of December 31. If the percentage of receivables method is used, what is the balance is 2 gnoring your answer to 3. The notes receivable consists o Allowance for Doubtful Accounts after any adjustment is made? (1 point) credit sales method is used, what adjusting entry, if any, should Floral & Hardy Designs make? (2 points) Floral & Hardy Designs make on December 31? (2 points) uestion #1, based on its past history, Floral & Hardy Designs expects 2.5% of its net credit sales will become uncollectible as of December 31 If the percentage of net a single 8-month note, bearing interest at 6%. This note was given FI ra & Har esigns, b, a customer on October ha adjusting en i ny should SPECIFIC INSTRUCTIONS: If a journal entry is required, type your response in the following format DR (account name) $(amount) CR (account name) $(amount) For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following: DR Cash $100 CR Accounts Payable $100 You must show all of your work for each part of this question. If you do not show your work, you will not receive any points for that part of the question, even if you have the correct
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started