Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following selected transactions were taken from the records of Rustic Tables Company for the yeer ending December 31 June 8. Wrote off account of

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

The following selected transactions were taken from the records of Rustic Tables Company for the yeer ending December 31 June 8. Wrote off account of Kathy Quantel, 55,810. Received f4, 130 as partial payment on the 10,400 account of Rosalie Oakes, wrote off the remaining balance as uncollectible. Received the $5,810 from Kathy Quantel, which had been written off on June 8. Reinstated the account and recorded the cash receipt. Oct. 16. Dec. 31. Wrote off tha folloning accounts as uncollactible (record as one journal antry) Wade Dolan Grag Gagne Amber Kisko Shannon Poole Niki Spence $1.680 1,050 4.010 2,320 640 Dec. 31 If necessary, record the yeor-end adjusting entry for the uncollectble accounts The company propared the following aging schedule for its accounts receivable Estimated Percent of Aging Class (Number of Days Past Due) on December 31 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total racaivabla: 3 96 $279.000 105,o00 33,000 12,000 17,000 $446,000 25 50 80 Check My Work Previous Next All work saved Save and Exit Submit t for Grading

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

Evaluating The Effectiveness On Internal Audit Departments

Authors: W. Steve Albrecht, Keith R. Howe, Dennis R. Schueler, Kevin D. Stocks

1st Edition

ISBN: 089413177X, 978-0894131776

More Books

Students also viewed these Accounting questions

Question

Explain how cultural differences affect business communication.

Answered: 1 week ago

Question

List and explain the goals of business communication.

Answered: 1 week ago