Can someone help me out with this.
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.
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