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Can someone help me out with this Instructions Submit the following items in an Excel spreadsheet, labeling each as 1 2 3 and 4 The four journal entries 1 to 4 above with a one-sentence

Can someone help me out with this.

Instructions:

Submit the following items in an Excel spreadsheet, labeling each as 1, 2, 3, and 4:

The four journal entries (1 to 4 above) with a one-sentence description.

The allowance for doubtful accounts T-account The journal entry to record bad debt expense.

The balance sheet presentation of net realizable value, including gross accounts receivables of $42,000.

Percentage of Sales Method: The Miko Company Case

On January 1, 2014, the Miko Company had the following accounts on its books:

Accounts Receivable: $120,000 (debit)

Allowance for Uncollectable Accounts: $4,200 (credit)

During the year 2014, credit sales were $260,000 and collections on accounts were $220,000.

The following transactions occurred during 2014:

1. January 11, 2014: Wrote off MoraAc€?cs account, $1,200.

2. August 30, 2014: Wrote off MyLineAc€?cs account, $250.

3. November 20, 2014: Sophy pays $600 of her $1,600 account receivables due.

4. December 1, 2014: Received $3,000 payment on SmithAc€?cs accounts receivable, which was previously written off and needs to be restated.

December 31, 2014: In an adjusting entry, Miko Company recorded the provision for uncollectable accounts at 1.5% of credit sales for the year.

Jun 22 2020 View more View Less

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