Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the pictures are in order. this is all one question. Requirements 1. Journalize Bingham's transactions during August 2024, assuming Bingham uses the direct write-off method

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
the pictures are in order. this is all one question.
Requirements 1. Journalize Bingham's transactions during August 2024, assuming Bingham uses the direct write-off method 2. Journalize Bingham's transactions during August 2024, assuming Bingham uses the allowance method. planation on the last line of the journal entry table. Prepare a single compound journal entry.) During August 2024, Bingham Company recorded the following Sales of $100,600 (S88,000 on account, $12,600 for cash). Ignore Cost of Goods Sold Collections on account, $78,100. Write-offs of uncollectible receivables, $1,760 Recovery of receivable previously written off $300. . Requirement 1. Journalize Bingham's transactions during August 2024, assuming Bingham uses the direct write-off method Sales of $100,600 ($88,000 on account, $12,600 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the Accounts and Explanation Debit Credit Date Aug Collections on account, $78,100. Date Accounts and Explanation Debit Credit Aug Choose from any list or enter any number in the input fields and then continue to the next question Now prepare the entry to show the collection of the previously written off receivable. Date Accounts and Explanation Debit Credit Aug Requirement 2. Journalize Bingham's transactions during August 2024, assuming Bingham uses the allowance method. Sales of $100,600 ($88,000 on account, $12,600 for cash). Ignore Cost of Goods Sold (Record debits first, then credits. Sele Date Accounts and Explanation Credit Aug Debit Choose from any list or enter any number in the input fields and then continue to the next question c Recovery of receivable previously written off, $300. Start by preparing the entry to reinstate the receivable. Date Accounts and Explanation Debit Credit Aug. Now prepare the entry to show the collection of the previously written off receivable Date Accounts and Explanation Debit Credit Aug Choose from any list or enter any number in the input fields and then continue to the next question HE G Now prepare the entry to show the collection of the previously written off receivable. Date Accounts and Explanation Debit Credit Aug Requirement 2. Journalize Bingham's transactions during August 2024, assuming Bingham uses the allowance method Sales of $100,600 ($88,000 on account, $12,600 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Sele Date Accounts and Explanation Debit Credit Aug Choose from any list or enter any number in the input fields and then continue to the next question Now prepare the entry to show the collection of the previously written off receivable. Date Accounts and Explanation Debit Credit Aug Requirement 2. Journalize Bingham's transactions during August 2024, assuming Bingham uses the allowance method Sales of $100,600 ($88,000 on account, 812,600 for cash). Ignore Cost of Goods Sold (Record debits first, then credits. Sele Date Accounts and Explanation Credit Aug Debit Choose from any list or enter any number in the input fields and then continue to the next

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

Independent Review For Banks The Complete BSA AML Audit Workbook

Authors: Howard Steiner, Stephen L. Marini

1st Edition

0615237908, 978-0615237909

More Books

Students also viewed these Accounting questions

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago

Question

a. How do you think these stereotypes developed?

Answered: 1 week ago

Question

a. How many different groups were represented?

Answered: 1 week ago