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Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31 Jan 29 Apr 18 Aug 9 Nov 7 Received 35% of the

Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Apr. 18 Aug. 9 Nov. 7 Received 35% of the $9,000 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $4.000 cash in full payment of Clark's account. Wrote of the 511,850 balance owed by Iron Horse Co., which has no assets. Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible Journalized the receipt of 57.000 cash in full payment of the account Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $12,100 DeVine Co.. $8, 110; Moser Distributors. $21950; Oceanic Optics, $10,000 Based on an analysis of the $1,450,000 of accounts receivable, it was estimated that $60,000 will be uncollectible lournalized the adjusting entry Dec. 31 Dec 31
Final Questions 3. Determine the expected ne realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receive the adjusting entry on December 31 had been based on an estimated expense of of 1% of the sales of $13,200,000 for the year determine the following A Bad debt expense for the years B. Balance in the allowance account after the adjustment of December 31. S C. Expected net realizable value of the accounts receivable as of December 315

Aug 15 2020 View more View Less

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